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Unit21 secures $45m Series C to combat fraud and money laundering

By Delisha Fernandes

July 03, 2023

  • Anti - Money Laundering
  • Cryptocurrency
  • Financial Fraud

Unit21Unit21, a risk and compliance infrastructure company, has announced its $45 million Series C funding led by Tiger Global and South Park Commons in 2022.

The funding has supported the growth of the FinTech Fraud DAO consortium, which is experiencing a surge in participation. It covers more than 10% of adult consumer transactions in the US.

Unit21 is developing the risk and compliance infrastructure to empower its partners with the tools to detect, halt, and update their systems to combat fraud and money laundering rapidly and effectively. The additional funding is being used to support the Company’s collaborative approach to address these growing threats.

“Our mission is to champion fraud prevention over detection. The evolution of fraud calls for an evolution in our approach and must be achieved through collaboration,” said Trisha Kothari, Co-founder and CEO of Unit21. “With the unwavering support of our partners and customers and the backing of our investors, we are eager to spearhead the fight against fraud and money laundering, striving to make the financial world a safer place for all through our shared commitment to the cause.”

In 2022, the Company helped clients monitor a total of 4.8 billion transactions, representing $693 billion in value, an increase of 5.2 times from the previous year. Meanwhile, the Company handled 16,000 suspicious activity reports representing $8.9 billion in value.

“In a world where financial fraud poses a significant threat, the Fraud Fighter Manual presented by Unit21 is an indispensable tool for anyone involved in the FinTech, cryptocurrency, and neobank industries. The manual is a testament to the contributors and Unit21’s commitment to fighting fraud and safeguarding financial systems. It strikes the perfect balance between being highly informative and easily accessible, making it a must-read for professionals at all levels of expertise,” said Bill Callahan, Director of Government & Strategic Affairs for Blockchain Intelligence Group.

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