- Unit21, which offers organizations a no-code rules engine to help detect money laundering and fraud, to add to engineering, research & development teams as client base and use cases expand
- Funding brings valuation of data infrastructure company to $300 million on 12x YoY revenue gains
San Francisco, CA, July 7, 2021 – Unit21, the emerging leader in no-code risk, fraud and compliance software, is pleased to announce the closing of a $34 million Series B round. The financing was led by Tiger Global Management and follows the company’s $13 million Series A, which was announced just seven months ago in October 2020. The new round values Unit21 at $300 million.
ICONIQ Capital and existing investors Gradient Ventures, A.Capital, and South Park Commons also participated in the round.
Unit21 is a data infrastructure company enabling non-technical users to write complex business rules. The company is currently helping organizations meet the ever-changing challenges of detecting suspicious activity, specifically money laundering and fraud. Customers use Unit21’s powerful no-code statistical modeling platform that enable their non-technical fraud and AML operations teams to create, model, and deploy their own data operations rules.
By providing organizations with more control over their data, Unit21’s technology reduces the burden on in-house engineering and compliance teams, and enables businesses to make the most informed compliance and risk management monitoring decisions based on their specific needs. This no-code enterprise platform can also be expanded into other use cases.
“Data is the most important weapon in the fight against fraud and money laundering. Unit21’s no-code statistical modeling toolset solutions, which enable non-technical users to own their data operations and make us an essential partner in this ongoing battle,” said Trisha Kothari, Co-founder and CEO of Unit21. “This funding will support our mission to democratize data and make it more accessible to operations teams. We look to expand our engineering, research & development, and go-to-market teams. It will also help bolster strategic expansion into new industries.”
John Curtius, Partner, Tiger Global, said: “We are excited to support Unit21 as it transforms an organization’s ability to analyze data to its advantage for risk management and compliance. We have confidence in the company’s strategic vision and strong leadership team, and we appreciate how Trisha and Clarence are developing new use cases for their core technology.”
- Unit21 has monitored more than $100B+ in transactions and counting
- Unit21’s technology has saved companies over $100M of fraud loss / suspicious activity
- Through Unit21’s platform, clients have been able to protect more than 20M users from fraudulent activity
- Revenue growing at 12x Y-o-Y
- Post-money valuation of $300M
Rob DeCampos, Head of BSA & AML at Intuit, said: “We looked at a lot of software vendors. There isn’t another product that competes with Unit21. The flexibility and automation of the Unit21 platform renders completely new ways for solving problems at scale.”
The raise comes at a time when fraud and AML prevention remain a top concern for business leaders. ComplianceWeek reports that 198 fines and penalties totaling $10.4 billion were levied in 2020 related to AML, KYC, data privacy and MiFID, a 141% increase from 2019.
Unit21 is a data infrastructure company at the forefront of the no-code enterprise revolution.
It was co-founded in 2018 by Trisha Kothari and Clarence Chio as a way to fight financial crime by providing risk, compliance, and fraud teams with a secure, integrated, no-code platform that enables them to perform highly intelligent customized analysis and tracking of various data. The software provides an integrated, all-in-one system for the foundational aspects of anti-money laundering (AML), combining Know Your Customer (KYC) verification, transaction monitoring detection and suspicious activity report (SAR) case management.
To date, Unit21 has monitored more than $100 billion in activity, enabling its customers to protect more than 20 million users from fraudulent activity.
Head of Marketing
katherine [at] unit21.ai