US-based blockchain intelligence company TRM Labs announced a $70m expansion to its Series B funding round to take the amount raised to $130m.
The funding round, led by software investment firm Thoma Bravo, is expected to help the company make additional investments in product development and talent.
Goldman Sachs along with TRM Labs’ previous investors including Amex Ventures, PayPal Ventures, Citi Ventures, and others also participated in the funding round.
TRM Labs co-founder and CEO Esteban Castaño said: “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.”
The expansion round is followed by TRM Labs’ $60m Series B raise last December 2021, which was led by Tiger Global.
TRM Labs’ blockchain intelligence solutions are used by tax authorities, law enforcement agencies, regulatory bodies, and financial intelligence units globally to assist investigations and analysis of financial crime and crypto-related fraud.
Crypto and financial services companies such as OpenSea, Uniswap, Circle, Shopify, and MoonPay utilise TRM Labs’ blockchain intelligence platform to identify fraudulent financial activities.
Besides, the blockchain technology of the company is used for adhering to sanctions as well as to anti-money laundering (AML) regulatory requirements.
Thoma Bravo principal Christine Kang said: “TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sector, with a unique breadth of asset coverage, cross-chain analytics, and level of product innovation.”
“In a rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organisations scale and adapt risk management needs.”