Crypto Risk Management Platform TRM Labs Raises $4.2M USD In Funding

Blockchain, Investing, News | November 20, 2019 By:

Crypto compliance and risk management platform TRM Labs has secured $4.2 million in funding, bringing the total raised in its seed round to $5.9 million. The round was led by PayPal Ventures, with participation from Initialized Capital, Blockchain Capital and Y Combinator.

Founded in 2018, TRM helps financial institutions to measure, monitor, and mitigate their cryptocurrency risk exposure so they can safely embrace cryptocurrency-related transactions, products, and partnerships. The company’s risk management platform includes solutions for cryptocurrency KYC/AML, entity risk scoring, transaction monitoring, threat intelligence, and wallet screening. TRM launched out of the startup accelerator Y Combinator this summer. Since then, it has delivered its cryptocurrency compliance and risk management solutions to global financial institutions including major banks, brokerages, and exchanges across US, Latin America, Asia, and Europe.

The company will use the latest funding to grow its engineering and data science teams, expand into new markets, and accelerate product development.

“At TRM, we are fueled by a fundamental belief that cryptocurrency and blockchain can democratize access to financial services and empower billions of people,” said Esteban CastaƱo, co-founder and CEO of TRM Labs. “By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people.”

Spencer Bogart, General Partner at Blockchain Capital, said that the company’s solution is desperately needed by financial institutions.

“TRM provides a solution that every financial institution needs today because they are either establishing plans to directly engage with crypto or because they inevitably have customers or partnerships that are in some way exposed to cryptocurrency transactions,” said Bogart.