TRM Labs secures $14mn in Series A led by Bessemer Venture Partners

By Pavithra R

TRM Labs, provider of blockchain intelligence solutions to detect, monitor and investigate fraud and financial crime in digital asset, has announced securing $14 mn in Series A funding round led by Bessemer Venture Partners.

The investment round saw 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, Tapas Capital, SGH Capital, and The MBA Fund.

“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. TRM will also continue to be a strong partner to law enforcement and regulators around the globe as they work to ensure that illicit actors don’t take advantage of this new financial system,” said Ethan Kurzweil, Partner at Bessemer Venture Partners, who has joined the TRM board.

The increase in adoption of cryptocurrencies and blockchain technologies worldwide is driving global, FIs including major banks, brokerages, and exchanges across the US, Latin America, Asia, and Europe to turn to TRM for cryptocurrency compliance and risk management solutions. The firm drove 600% revenue growth in the last year and has doubled headcount. TRM’s platform integrates with several blockchains, and analyzes billions of virtual asset transactions to detect in real-time signs of fraud and financial crime like money laundering.

“I could not be more proud of what the team at TRM has built and I am honored to have the extraordinary team at Bessemer lead our Series A. This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth. Our mission at TRM is to build a safer financial system for billions of people and we are so fortunate to have these investors onboard,” said Esteban Castaño, co-founder and CEO of TRM Labs.