Unit21 recognized for achievements in Fintech Risk & Compliance Operations and appoints new COO
“Representing 24 different countries across the globe, this year’s Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more,” said Chris Bendtsen, Lead Fintech Analyst, CB Insights. Together, they are not only increasing the pace of innovation, but launching new products and features to revolutionize the industry as a whole. ”
“Fraud and money laundering continue to become a threat to the trust people have in the financial services industry. At Unit21, our mission is to provide safety and justice to the world by empowering Risk & Compliance teams to win the fight against financial crime,” said Trisha Kothari, Unit21’s Co-Founder and CEO.
Utilizing the CB Insights platform, the research team selected these 100 winners from a pool of over 19,000 private companies, including applicants and nominees. They were chosen based on factors including - including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, proprietary Mosaic scores, and Yardstiq transcripts - and criteria such as tech novelty and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.
“We are very honored and proud to be included in this year’s list. We have been hard at work to help in the fight against financial crimes. We announced our Series C earlier this year, launched our privacy-first fraud data consortium (Fraud DAO), and published the Fraud Fighters Manual. We are excited to announce that our executive team is growing so that we can grow stronger in our fight against bad actors,” noted Kothari.
As a strategic move, Unit21 has appointed Ian Macallister as their new Chief Operating Officer (COO). Ian brings 20+ years of experience in banking and fintech (payments, identity, open banking), including leadership roles at Plaid, Early Warning (Zelle), Trustly, and Wells Fargo. With a passion for building company culture, Ian also brings a wealth of experience in commercializing new products, corporate and business development, risk management, and strategy.
Unit21 believes that combating financial crime demands a unified front. By harnessing the full potential of data, streamlining workflows, and bringing teams together, their Risk & Compliance infrastructure helps teams stop malicious actors with precision.
In 2022, they monitored 4.8 billion transactions at a value of $693 billion, handled over 16,000 suspicious activity reports, and prevented more than $760 million in fraud attempts. In addition, their newest initiative, the Fraud DAO consortium, which enables financial institutions to pool and share data, now monitors more than 12% of consumer transactions in the US, establishing Unit21 as a guardian of the financial ecosystem.
Quick facts on the 2023 Fintech 100:
- Equity funding and deals: The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019.
- Unicorns: There are 31 companies with $1B+ valuations on the list.
- Global Reach: This year’s winners represent 24 different countries across the globe. Forty-three percent of the selected companies are headquartered in the US. The UK comes in second with 12 winners, followed by Singapore with 7. Additionally, some emerging markets stand out with multiple winners this year. For example, India has 3 winners, while Indonesia and Egypt each have 2.
About CB Insights
CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
Unit21 is on a mission to unite the world’s fraud fighters and AML heroes to see the financial ecosystem restored to the pathway of opportunity it was meant to be. Our adaptable risk engine and versatile case manager empower teams to wield expert data analysis without the need for extensive engineering support. This resonates seamlessly with the ever-evolving landscape of financial crime prevention.
Our dedication to collaboration and adaptability defines Unit21’s core. We specialize in delivering solutions that don’t just identify but proactively mitigate risks tied to financial crimes like money laundering, fraud, and other illicit activities. Uniquely positioned to solve the problem of financial crime and well-funded, we have raised close to $100 million from Google, Tiger Global, ICONIQ Capital, Jack Dorsey, Diane Greene, and other leading VCs.
Learn more about our Risk & Compliance infrastructure for Fintechs at Unit21.ai.