Cryptocurrency compliance and risk management platform TRM Labs has closed a $14 Million Series A funding round.
PayPal Ventures, which joined a $4.2 million funding round for the startup in 2019, has re-invested, alongside Bessemer, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google.
TRM Labs aims to help financial institutions embrace the opportunities associated with cryptocurrencies by mitigating the risks.
It integrates with more than a dozen blockchains, and analyses billions of virtual asset transactions to detect signs of fraud and financial crime like money laundering in real-time.
Launched out of the Y Combinator accelerator just last year, TRM drove 600 percent revenue growth in the last year and has doubled headcount.
"TRM is the trust layer necessary for cryptocurrency to realize its full potential to make financial services more affordable, convenient and secure,” says Peter Sanborn, managing partner at PayPal Ventures. “TRM Labs serves as a critical piece of infrastructure to build a safe and accessible new financial system.”