SAN FRANCISCO — TRM Labs, a pioneer in blockchain intelligence, has closed a $14 Million Series A funding round. Bessemer led the Series A with additional participation from PayPal Ventures, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google. Other existing investors include Y Combinator, Alumni Ventures Group, The MBA Fund, Tapas Capital, 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, who has joined the TRM board. “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.”
TRM’s platform integrates with more than a dozen blockchains, and analyzes billions of virtual asset transactions to detect in real-time signs of fraud and financial crime like money laundering. The increase in adoption of cryptocurrencies and blockchain technologies worldwide is driving global, financial institutions including major banks, brokerages, and exchanges across US, Latin America, Asia, and Europe to turn to TRM for cryptocurrency compliance and risk management solutions. TRM drove 600 percent revenue growth in the last year and has doubled headcount.
“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, co-founder 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.”