Goldman Sachs, PayPal, American Express, and Citi have participated in a $70 million funding round for blockchain intelligence company TRM Labs.
This latest investment extends TRM’s $60 million Series B round from December, which was led by Thoma Bravo. New investor Goldman Sachs joined previous investors PayPal Ventures, Amex Ventures, and Citi Ventures.
Significant investors from earlier rounds also include Visa and JPMorgan. TRM Labs’ platform integrates cross-chain data with threat intelligence, advanced analytics, and intuitive visualizations to assist various organizations, such as financial institutions, crypto firms, and regulators, in detecting crypto fraud and financial crimes.
Since its launch in 2018, TRM has seen a 490% increase in revenue year-over-year and has expanded its workforce from four to over 150 employees. The company has notably grown its personnel in the UK, Singapore, Australia, Brazil, and the UAE during the past two quarters.
TRM’s clientele features leading names in the crypto and financial services sector, including Circle, Shopify, MoonPay, OpenSea, and Uniswap. Following the initial Series B round in December 2021, TRM acquired the UK-based investigations and training firm, CSITech, and launched Chainabuse—a free, community-driven scam reporting platform that allows individuals in the crypto space to report scams, hacks, or fraudulent activities they encounter.
Esteban Castaño, co-founder and CEO of TRM, stated, “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.”