Blockchain forensics outfit TRM Labs secures $60 million in Series B funding

TRM Labs has raised $60 million in a Series B funding round led by the fintech-focused investment firm Tiger Global.

According to a Tuesday announcement, TRM’s Series B also drew participation from Visa, DRW Venture Capitalist, Marshall Wace, and PayPal Ventures. Other investors included Block (formerly known as Square Inc.), Citi Ventures, and Amex Ventures, the venture capital arm of American Express.

Esteban Castaño, CEO of TRM, said the company will use the newly realized capital to continue offering “the most reliable data and most innovative technological solutions” to its customers.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

As a blockchain intelligence firm, TRM offers crypto forensics services focused on detecting cryptocurrency-related fraud. Blockchain forensics often involves wallet blacklisting, transaction monitoring, and anti-money laundry compliance (AML) protocols among others. Customers of the firm include the DeFi startup Uniswap Labs.

Established in 2018, the company raised $5.9 million from early-stage backers in 2019 before securing a $14 million Series A investment round in June. The announcement also stated that TRM’s revenue has grown 600% year-over-year.

Other crypto surveillance outfits have also recently attracted backing from notable investors. In October, Elliptic completed a $60 million Series C while Solidus Labs secured $15 million from investors in November.

About Author

Osato is a news reporter at The Block as part of the crypto ecosystems team that focuses on DAO governance, staking, blockchain layers, and DeFi. He was previously a news reporter at Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score. Follow him on Twitter at @OsatoNomayo.