TRM Labs, a blockchain intelligence company, announced yesterday that it has raised $14 million in the Series A funding round. The latest investment round was led by Bessemer.
According to the official announcement, PayPal Ventures, Jump Capital and Blockchain Capital participated in the recent round. The San Francisco-based company is facilitating financial firms and public agencies around the world in the detection and prevention of crypto-related fraudulent activities.
TRM Labs mentioned that the company has seen significant growth since the start of this year amid a surge in the adoption of cryptocurrency assets. The company saw a growth of 600% in revenue due to a substantial jump in the demand for crypto-related management and compliance software.
Commenting on the latest announcement, Ethan Kurzweil, Partner at Bessemer Venture Partners, said: “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 governments and regulators around the globe as they work to ensure that illicit actors don’t take advantage of this new financial system.”
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TRM highlighted the importance of an efficient cryptocurrency risk management and compliance solution.
Several companies worldwide have accelerated their efforts to integrate strong crypto-related compliance systems to tackle the potential involvement of digital currencies in money laundering and suspicious activities. TRM mentioned that the company’s risk management platform offers different solutions for cryptocurrency anti-money laundering (AML) and transaction monitoring.
“At TRM we have built the next generation in blockchain intelligence with the mission of building a safer financial system for billions of people. We are thrilled to have the team at Bessemer lead our Series A and support that mission. This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth,” Esteban Castano, Co-Founder and CEO of TRM Labs said.