Blockchain Intelligence Firm TRM Labs Secures $60M via Series B Round

TRM Labs, the blockchain intelligence firm, has announced that it secured $60 million via a Series B round.

TRM Labs‘ investment round has been led by Tiger Global along with contributions from financial institutions including American Express’ Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square, Inc.) and PayPal Ventures.

As mentioned in a release shared with CI, TRM developed the first blockchain intelligence platform that “combines cross-chain data with threat intelligence, advanced analytics, and intuitive visualizations to help organizations detect crypto fraud and financial crime.”

Fast-growing crypto firms such as Circle, FTX US and MoonPay “leverage TRM Transaction Monitoring to detect suspicious activity and meet Anti-Money Laundering (AML) regulatory requirements.”

Government agencies are using TRM Forensics to “investigate sophisticated crypto-related crime including scams, hacks and terrorist financing.”

Esteban Castaño, Co-founder and CEO of TRM, stated:

“Crypto is moving faster than any sector in our lifetimes. Organizations need a blockchain intelligence partner that can stay ahead of the evolving risk landscape — from ransomware attacks to DeFi exploits. This round enables TRM to continue to offer the most reliable data and most innovative technology solutions in the market to its customers.”

John Curtius, Partner at Tiger Global, remarked:

“TRM is well-positioned to lead the industry as the premier blockchain intelligence solution. Customers highlight TRM’s breadth of asset coverage and risk engine configurability as dramatic improvements to existing risk management frameworks.”

New and existing venture companies including B Capital Group, Bessemer Venture Partners, Blockchain Capital, Cap Table Coalition, Castle Island Ventures, Initialized Capital and Operator Partners also took part in the funding round.

The round also included investments from 50 major operators such as Emilie Choi, President and COO of Coinbase; Frank Slootman, Chairman and CEO of Snowflake; and Michael Scarpelli, CFO of Snowflake.

Since launching out of Y Combinator in 2019, TRM has “grown revenue 600% year-over-year and expanded its team from 4 to 60.”

The TRM team includes threat finance experts from the FBI, U.S. Secret Service and Europol and data scientists from organizations like Apple, Amazon and Google.

Terry Angelos, Global Head of Crypto and Fintech, said:

“In all of Visa’s undertakings, in digital currency and beyond, we are committed to advancing responsible innovations that maintain the trust and security of the global payments ecosystem. To that end, enhancing trust and security in the crypto ecosystem through sophisticated risk assessment is key to the future of crypto, and we see TRM as a leader in the space.”

Kim Trautmann, Head of DRW Venture Capital, noted:

“With the maturing of the crypto market, there is significant demand for what TRM Labs has created: a transaction monitoring system that works seamlessly with this asset class. Our Cumberland team, which is a leading participant in the crypto market, is especially excited to help TRM Labs bring to market more rigorous platforms and enhanced procedural safeguards.”

Mike Brock, TBD Lead at Block, commented:

“Risk and compliance is a crucial piece of the puzzle as financial institutions, blockchain-based businesses, and government entities look to bring crypto into the world of finance. TRM is already a proven partner to a number of leading organizations, and its newest backers are just one indicator of its growth potential. We’re excited to be part of it.”

Peter Sanborn, Managing Partner at PayPal Ventures, added:

“TRM’s platform continues to be sought after by companies and regulators in the blockchain space. Esteban and team have driven strong growth since we invested in 2019 and we’re excited to support TRM’s next phase.”

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