Goldman Sachs, PayPal Ventures, Amex Ventures, Citi Ventures and other leading financial institutions and their venture capital divisions participated in the financing, supporting TRM’s mission to create a safer blockchain ecosystem

TRM Labs, a leading blockchain intelligence company, has announced a $70 million expansion to the company’s Series B funding round, bringing the raise to $130 million in total. The investment was led by Thoma Bravo, a leading software investment firm, with participation from Goldman Sachs and previous TRM investors including PayPal Ventures, Amex Ventures, Citi Ventures, and others. The expansion follows TRM’s $60 Million Series B raise in December 2021 led by Tiger Global.

TRM’s blockchain intelligence solutions are utilized by law enforcement agencies, regulatory bodies, tax authorities and financial intelligence units worldwide to support investigations and analysis of crypto-related fraud and financial crime.

TRM’s private sector clients include some of the most prominent organizations in the crypto and financial services space, including businesses like Circle, Shopify, MoonPay, OpenSea, Uniswap and others who use TRM’s blockchain intelligence platform to detect illicit or fraudulent financial activity and meet sanctions and anti-money laundering (AML) regulatory requirements.

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“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation”

With this funding round, TRM expects to make additional strategic investments in product development and talent to deliver the most effective, accessible tools to counter illicit finance and fraud in the crypto space and to meet demand for its Incident Response services and training programs.

“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” said Esteban Castaño, co-founder and CEO of TRM. “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.”

“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,” said Christine Kang, a Principal at Thoma Bravo. “In a rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organizations scale and adapt risk management needs. We’re excited to partner with Esteban and his team to support their goal of creating a safer, more inclusive, financial ecosystem.”

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Since launching in 2018, TRM has grown revenue 490% year-over-year and expanded its team from four people to more than 150, with significant growth in teams across the United Kingdom, Singapore, Australia, Brazil and the UAE over the last two quarters. Members of TRM’s team include former law enforcement officers from the UK’s National Crime Agency, INTERPOL, Australian Federal Police, IRS-Criminal Investigation, HSI, FBI, U.S. Secret Service, U.S. Department of Justice, U.S. Department of the Treasury, DEA, and others. Since the initial Series B round in December 2021, the company has also:

• Acquired the UK-based investigations and training firm CSITech, a global leader in crypto and blockchain investigative training founded by Nick Furneaux, an internationally renowned expert in blockchain forensics
• Launched Chainabuse, a free community-powered scam reporting platform that empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it
• Integrated with additional blockchains including Solana, Polygon, and Avalanche to continue providing the industry’s most comprehensive view of blockchain-based activity

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