Risk and compliance fintech Unit21 bags $45m Series C
US-based risk and compliance infrastructure provider Unit21 has raised $45 million in a Series C funding round led by Tiger Global and South Park Commons.
Unit21 raises $45m Series C
The company says the funding has fuelled the growth of its Fintech Fraud DAO consortium, which it launched last autumn to enable fintechs to pool and share data and help identify fraud before it proliferates. Unit21 claims the consortium now covers over 10% of adult consumer transactions in the US.
Additionally, it plans to use the funding towards a collective approach to fighting fraud, by developing its infrastructure to help its partners detect, halt, and update systems to fight fraud and money laundering.
“Our mission is to champion fraud prevention over detection,” says Trisha Kothari, co-founder and CEO of Unit21. “The evolution of fraud calls for an evolution in our approach and must be achieved through collaboration.”
Unit21 has also launched Fraud Fighters Manual, a book developed together with senior execs from Brex, Mercury, Lithic, and Treasury Prime, sharing insights to prevent fraud.
Founded in 2018, San Francisco-based Unit21 says it helped clients monitor a total of 4.8 billion transactions, representing $693 billion in value last year. It also handled 16,000 suspicious activity reports representing $8.9 billion in value.
The start-up last raised $34 million in a Series B funding round led by Tiger Global in July 2021 and $13 million in Series A in 2020.
