TRM Labs Valuation, Funding & Investors
TRM Labs is valued at $2B as of September 2026.
Last TRM Labs valuation
$2B
Series C · Sep 2026
Last TRM Labs funding round
Series C
Amount undisclosed · Sep 2026
Cumulative funding TRM Labs raised
$220M
across 7 funding rounds
Key investors in TRM Labs
Blockchain Capital
Y Combinator
Alumni Ventures
Bessemer Venture Partners
Initialized Capital
Thoma Bravo
About TRM Labs
TRM Labs provides blockchain intelligence tools for financial institutions, crypto firms, and agencies like the FBI and IRS to detect and investigate cryptocurrency crimes. Trusted by clients including PayPal, Visa, FTX, Uniswap, and Anchorage, the company has raised over $79 million from investors such as JPMorgan Chase, Citi, and Tiger Global. Operating remotely with hubs in San Francisco, Washington, DC, and London, TRM employs experts from the U.S. Secret Service, Treasury, and Coinbase.
Founded
2018
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription
Valuation
$2B (Sep 2026)
TRM Labs Valuation
TRM Labs is currently valued at $2B, based on its Series C in September 2026.
The round was led by Blockchain Capital.
TRM Labs' valuation has grown 2.0x from $1B at its Series B in November 2022 to $2B in September 2026, across 3 priced rounds.
TRM Labs valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2026 | Series C | $2B |
| Feb 2026 | Series C | $1B |
| Nov 2022 | Series B | $1B |
TRM Labs Funding History
TRM Labs has raised a total of $220M across 7 funding rounds.
TRM Labs' first fundraising round was a $2M seed round in January 2019. The most recent completed round was a Series C in September 2026.
TRM Labs funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series C | Blockchain Capital (lead) | - | $2B | TRM Labs announced a Series C expansion led by Blockchain Capital in September 2026, valuing the company at $2 billion. The company said this latest investment doubled its valuation from the original Series C raise in February 2026 and came amid a period in which its ARR had quadrupled over the prior three years. The expansion extends TRM’s existing financing relationship with Blockchain Capital, which also led the February 2026 Series C and previously backed the company at earlier stages. The strategic rationale given for the round was continued investment in TRM’s AI investigations platform for fighting modern crime, reflecting growth in demand from public- and private-sector customers focused on crypto crime, financial crime, and national security use cases. TRM Labs is a San Francisco-based blockchain intelligence and AI investigations company used by law enforcement and financial institutions. In February 2026, it closed a $70 million Series C at a $1 billion valuation with participation from returning investors including Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Citi Ventures, Brevan Howard Digital, CMT Digital, Alumni Ventures, and Galaxy Ventures, alongside Blockchain Capital. |
| Feb 2026 | Series C | Blockchain Capital (lead); Galaxy Digital; BH Digital; Y Combinator; DRW Venture Capital; Thoma Bravo; Bessemer Venture Partners; Goldman Sachs; Alumni Ventures; CMT Digital; Citi Ventures | $70M | $1B | TRM Labs, a San Francisco-based blockchain intelligence firm founded in 2018, provides AI-powered analytics and compliance tools to detect, investigate, and disrupt crypto-related fraud and financial crime. Its platform supports transaction monitoring, wallet screening, entity due diligence, and token monitoring across multiple blockchains, serving law enforcement, national security agencies, financial institutions, and crypto businesses in over 50 countries, including clients like Circle, Coinbase, Stripe, and Tether. The company differentiates itself by tracking emerging tokens early and hiring former government investigators, competing in a market led by Chainalysis. On February 4, 2026, TRM Labs closed a $70 million Series C funding round led by seed investor Blockchain Capital, achieving a $1 billion post-money valuation and unicorn status. Participants included returning investors such as Bessemer Venture Partners, Goldman Sachs, Citi Ventures, Thoma Bravo, CMT Digital, DRW Venture Capital, Y Combinator, Alumni Ventures, and Brevan Howard Digital (listed as BH Digital), plus new investor Galaxy Ventures (noted as Galaxy Digital). This follows a $130 million Series B in 2022 led by Thoma Bravo. The funding will expand TRM's team of AI researchers, data scientists, and engineers to scale AI solutions for compliance, investigations, risk assessment, and countering national security threats amid rising illicit crypto activity, which reached $158 billion in 2025 per TRM reports. Blockchain Capital highlighted TRM's revenue growth of around 50% annually for the past four years and over 150% average annual growth over five years, attributing resilience to selling mission-critical software to selective government and regulated finance buyers despite crypto market volatility. |
| Nov 2022 | Series B | Thoma Bravo (lead) | $70M | $1B | TRM Labs is a San Francisco-based blockchain intelligence company providing AI-powered compliance and investigation tools to detect and disrupt crypto-related financial crime, illicit finance, and national security threats. Its platform offers transaction monitoring, wallet screening, entity due diligence, and token monitoring, serving law enforcement agencies in over 50 countries and private sector clients including Circle, Coinbase, PayPal, Stripe, Visa, Robinhood, and Cross River Bank. The company was founded in 2018 and has positioned itself as a leader in cross-chain analytics and AI solutions for blockchain risk management. In November 2022, TRM Labs announced a $70 million expansion to its Series B round led by Thoma Bravo, bringing the total Series B to $130 million following a prior $60 million raise in December 2021 led by Tiger Global. New investors included Goldman Sachs, Brevan Howard, Geodesic Capital, and CMT Digital, with participation from existing backers like B Capital, PayPal Ventures, Citi Ventures, Marshall Wace, Amex Ventures, DRW Venture Capital, Alumni Ventures, and Bessemer Venture Partners. This round valued the company at $1 billion post-money, though some later reports in 2026 reference a subsequent Series C also raising $70 million at $1B valuation led by Blockchain Capital with Thoma Bravo participation; the specified Thoma Bravo-led round matches the 11/2022 expansion. The funding supported product development, talent acquisition, incident response services, and training programs to meet growing demand for crypto compliance amid regulatory evolution. TRM reported average annual revenue growth exceeding 150% over the past five years (per Series C context) or approximately 50% annually over four years (per other reports), with 40% of customers now in the private sector amid tokenization trends. It has tracked a 500% increase in AI-enabled crypto scams, positioning tools as critical for public safety and financial integrity. Competitively, TRM differentiates through broad asset coverage, innovation, and credibility with government and regulated finance buyers, becoming 'table stakes' for blockchain participants. Total funding raised reached over $220 million across rounds by 2026, with ongoing expansion into AI for emerging threats like scams and fraud. |
| Dec 2021 | Series B | Tiger Global (lead) | $60M | - | TRM Labs, a San Francisco-based blockchain intelligence company founded in 2019 from Y Combinator, provides tools for detecting crypto fraud, financial crime, transaction monitoring, and compliance with AML regulations. Its products like TRM Transaction Monitoring are used by major firms including FTX US, Circle, MoonPay, Coinbase, PayPal, Stripe, Visa, and Robinhood, as well as law enforcement agencies. On December 6, 2021, TRM Labs announced a $60 million Series B funding round led by Tiger Global, with participation from Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square), and PayPal Ventures. The round supported team growth to 60 employees and product development amid rising demand for blockchain risk management. The company reported revenue growth of 600% year-over-year at the time of the announcement. Investors praised TRM's asset coverage, risk engine configurability, and leadership in blockchain intelligence for financial institutions and government entities. This positioned TRM to address maturing crypto markets where DeFi total value exceeded $111 billion in November 2021, increasing needs for compliance tools. The Series B later expanded in November 2022 with a $70 million addition led by Thoma Bravo, bringing total Series B to $130 million, followed by a $70 million Series C in February 2026 at $1 billion valuation led by Blockchain Capital. Recent revenue growth averaged 150% annually over five years and 50% for four years per investor comments, highlighting sustained traction despite crypto market volatility. |
| Jun 2021 | Series A | Bessemer Venture Partners (lead); Salesforce Ventures; SGH CAPITAL; Jump Capital; Y Combinator; Initialized Capital; Blockchain Capital; Alumni Ventures; The MBA Fund; Tapas Capital; Operator Partners | $14M | - | TRM Labs raised $14 million in its Series A round in 2021, supported by investors including PayPal and Salesforce Ventures. The company, founded in 2018, provides a blockchain intelligence platform with AI-powered compliance tools for transaction monitoring, wallet screening, entity due diligence, and combating crypto-related fraud and financial crime across over 50 countries. Clients include major fintechs such as Circle, Coinbase, Stripe, PayPal, Robinhood, and Visa. Bessemer Venture Partners featured TRM Labs in its State of the Cloud 2021 report as a top fintech for compliance and risk management in crypto. TRM Labs continued funding with a $70 million Series B in November 2022 led by Thoma Bravo and a $70 million Series C in early 2026 led by Blockchain Capital, achieving $1 billion valuation. The firm reported average annual revenue growth exceeding 150% over the past five years as of 2026 and around 50% for the past four years. |
| Nov 2019 | Seed | SGH CAPITAL; Y Combinator; Initialized Capital; Seth Weinstein; Blockchain Capital | $4M | - | TRM Labs raised $4.2 million in additional seed funding in November 2019 from Initialized Capital, Blockchain Capital, PayPal Ventures, and Y Combinator, bringing total seed capital to $5.9 million. The company, a cryptocurrency compliance and risk management platform, launched earlier that summer from the Y Combinator accelerator program. Funds were allocated to expand engineering and data science teams, enter new markets, and accelerate product development. TRM Labs serves banks, brokerages, and exchanges across the U.S., Latin America, Europe, and Asia. Earlier in 2019, TRM Labs had secured $1.7 million from Blockchain Capital and other investors. |
| Jan 2019 | Seed | Blockchain Capital (lead); Y Combinator; Alumni Ventures; The MBA Fund; Tapas Capital | $2M | - | - |
Who has invested in TRM Labs?
20 investors have backed TRM Labs across its funding rounds, including Blockchain Capital, Y Combinator, Alumni Ventures, Bessemer Venture Partners, Initialized Capital and Thoma Bravo.
Lead investors include Blockchain Capital, Thoma Bravo, Tiger Global and Bessemer Venture Partners.
TRM Labs Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Jan 2019 | |
| San Francisco, CA | 4 | Participant | Jan 2019 | |
| United States | 3 | Participant | Jan 2019 | |
 Luxembourg | 2 | Participant | Nov 2019 | |
| San Francisco, CA | 2 | Participant | Nov 2019 | |
| Chicago, IL | 2 | Lead | Nov 2022 | |
| San Francisco, CA | 2 | Lead | Jun 2021 | |
| San Francisco, CA | 2 | Participant | Jan 2019 | |
| Seattle, WA | 2 | Participant | Jan 2019 | |
| New York City, NY | 1 | Participant | Feb 2026 | |
| San Francisco, CA | 1 | Participant | Jun 2021 | |
| Chicago, IL | 1 | Participant | Jun 2021 | |
 London | 1 | Participant | Feb 2026 | |
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Start Free TrialAcquisitions by TRM Labs
TRM Labs has acquired 2 companies to date.
Last acquisition by TRM Labs was on October 11th 2023. TRM Labs acquired BitcoinAbuse for undisclosed valuation.
Latest Acquisitions by TRM Labs
| Description | BitcoinAbuse is a San Francisco-based database for reporting cryptocurrency scams and illicit addresses. Launched in 2014, it catalogs over 1 million BTC addresses linked to hacks, phishing, and ransomware from incidents like Mt. Gox. The platform shares data with exchanges, law enforcement, and Chainalysis, enabling blacklisting via public API queries. | CSITech is a United Kingdom-based computer forensics and security consultancy offering investigations into digital evidence and cryptocurrencies. The firm develops forensic tools, conducts perimeter testing, and provides training for law enforcement across Europe. |
| HQ Country | | |
| HQ City | San Francisco, CA | Bristol |
| Deal Date | 11 Oct 2023 | 13 Jun 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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TRM Labs Competitors
TRM Labs competitors include listed companies like Sharplink and Servyou Software Group, and private ones like Paxos, Matrixport, Talos and Gauntlet.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | - | - | $2.4B | - | |
 Singapore | Private | - | - | $1.5B | - | |
| New York City, NY | Private | - | - | $1.5B | - | |
| New York City, NY | Private | - | - | $1B | - | |
| United States | Publicly listed | $28M | ($734M) | $1.8B | 39.9x | |
 China | Publicly listed | $306M | $35M | $2.3B | 6.6x |
TRM Labs Public Comps
TRM Labs is still privately-owned, but its public comps include Sharplink, Servyou Software Group, National Securities, Shanghai DZH, Securitize, OSL Group, Hyperliquid Strategies, HashKey Holdings, TP ICAP and BitGo Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $306M | $35M | 7.4x | 6.6x | 64.6x | 44.3x | |||
| $159M | $48M | 9.4x | 8.5x | 31.6x | - | |||
| $123M | ($545K) | 18.1x | - | (4082.3x) | - | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $9M | - | 308.0x | 162.2x | - | - | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
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Common questions about TRM Labs
| When was TRM Labs founded? | TRM Labs was founded in 2018. |
| Where is TRM Labs headquartered? | TRM Labs is headquartered in San Francisco, CA, United States. |
| Is TRM Labs publicly listed? | No, TRM Labs is a private, VC-backed company. |
| What is TRM Labs' valuation? | TRM Labs was last valued at $2B in its Series C in September 2026. |
| How much funding has TRM Labs raised? | TRM Labs has raised $220M across 7 funding rounds. |
| What was TRM Labs' last funding round? | TRM Labs' last funding round was a Series C in September 2026, led by Blockchain Capital. |
| Who are TRM Labs' investors? | TRM Labs' investors include Blockchain Capital, Y Combinator, Alumni Ventures, SGH CAPITAL, Initialized Capital, Thoma Bravo, Bessemer Venture Partners, The MBA Fund, Tapas Capital, Galaxy Digital and 10 others. |
| Which companies are comparable to TRM Labs? | Companies comparable to TRM Labs include Paxos, Matrixport, Talos, Gauntlet, Sharplink and Servyou Software Group. |
| How many companies has TRM Labs acquired? | TRM Labs has acquired 2 companies, including BitcoinAbuse and CSITech. |
See companies similar to TRM Labs
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