Blockchain intelligence platform TRM Labs has announced a $70m expansion to its Series B funding round from financial services groups such as Goldman Sachs.
Thoma Bravo led the round, which was joined by Brevan Howard, Geodesic Capital, and CMT Digital.
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Along with the venture capital divisions of Citi, PayPal, and American Express, existing investors B Capital, Marshall Wace, DRW Venture Capital, Alumni Ventures, and Bessemer Venture Partners also participated in the round.
In December 2021, TRM Labs raised $60m in the Series B round, which was led by Tiger Global.
TRM Labs offers solutions to detect, investigate, and mitigate financial crimes related to cryptocurrencies.
The technology vendor counts governmental organisations, financial institutions, and cryptocurrency enterprises as its customers.
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By GlobalDataTRM Labs’ products include anti-money laundering (AML) solutions for cryptocurrencies, transaction monitoring, wallet screening, investigative tracing, and entity risk scoring.
The latest funding will be used to accelerate product development, hire talent and meet the demand for incident response services and training programmes.
TRM co-founder and CEO Esteban Castaño said: “Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation.
“As the industry continues to mature, TRM is setting the standard for data, products, and training that equip enterprises and governments to combat fraud and financial crime, even as new threats emerge.”
Thoma Bravo principal Christine Kang said: “TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sector, with a unique breadth of asset coverage, cross-chain analytics, and level of product innovation.
“In a rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organisations scale and adapt risk management needs. We are excited to partner with Esteban and his team to support their goal of creating a safer, more inclusive, financial ecosystem.”
