TRM Labs Raises $14M Series A

Blockchain intelligence firm TRM Labs has closed a $14 Million Series A funding round led by Bessemer. Additional participants include from PayPal Ventures, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google. Existing investors who re-upped are Y Combinator, Alumni Ventures Group, The MBA Fund, Tapas Capital, and SGH Capital.

“The team at TRM Labs is building an extraordinary company that is going to be critically important in helping financial institutions safely transition to a new financial system for the digital age,” said Ethan Kurzweil, partner at Bessemer Venture Partners. “TRM will also continue to be a strong partner to governments and regulators around the globe as they work to ensure that illicit actors don’t take advantage of this new financial system.”

Kurzweil has joined TRM’s board.

The TRM platform, which links to more than one dozen different blockchains, can detect fraudulent transactions in real-time as it seeks indications of money laundering and other crimes. That capability has attracted a client list from the Americas, Asia and Europe, the company said.

“At TRM we have built the next generation in blockchain intelligence with the mission of building a safer financial system for billions of people. We are thrilled to have the team at Bessemer lead our Series A and support that mission,” said Esteban Castaño, cofounder and CEO of TRM Labs. “This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth.”

In one year, the value of digital assets locked in DeFi smart contracts grew by a factor of 18, from $670 million to $13 billion. The number of associated user wallets grew from 100,000 to 1.2 million. More than 60 central banks have been exploring CBDCs since 2014. Large banks are providing Bitcoin-related services, with Morgan Stanley saying it will soon offer access to three Bitcoin funds for its wealth management clients.

“The team at TRM has built the next generation in blockchain intelligence software. TRM is the trust layer necessary for cryptocurrency to realize its full potential to make financial services more affordable, convenient and secure,” said Peter Sanborn, managing partner at PayPal Ventures. “TRM Labs serves as a critical piece of infrastructure to build a safe and accessible new financial system.”

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