Unit21 secures $45m Series C to combat fraud and money laundering

Unit21, a risk and compliance infrastructure company, has announced a $45 million Series C funding led by Tiger Global and the South Park Commons in 2022.

This funding has supported the growth of FinTech group Fraud DAO, which is seeing a spike in the number of participants. It covers more than 10% of adult consumer transactions in the United States.

Unit21 develops compliance and risk infrastructure to provide partners with tools to quickly and efficiently detect, shut down, and update their systems to combat fraud and money laundering. The additional funding is used to support the Company’s collaborative approach to addressing these growing threats.

“Our mission is to champion fraud prevention over detection. The evolution of fraud calls for an evolution in our approach and must be achieved through collaboration,”
“With the unwavering support of our partners and customers and the backing of our investors, we are eager to spearhead the fight against fraud and money laundering, striving to make the financial world a safer place for all through our shared commitment to the cause.”
Trisha Kothari, Co-founder and CEO of Unit21.

In 2022, the company helped clients monitor a total of 4.8 billion transactions worth $693 billion, a 5.2-fold increase from the previous year. During that time, the company handled 16,000 suspicious activity reports worth $8.9 billion.

“In a world where financial fraud poses a significant threat, the Fraud Fighter Manual presented by Unit21 is an indispensable tool for anyone involved in the FinTech, cryptocurrency, and neobank industries. The manual is a testament to the contributors and Unit21’s commitment to fighting fraud and safeguarding financial systems. It strikes the perfect balance between being highly informative and easily accessible, making it a must-read for professionals at all levels of expertise,”
Bill Callahan, Director of Government & Strategic Affairs for Blockchain Intelligence Group.