TRM Labs
“Can blockchain intelligence become the default AML/national-security compliance layer for every institution touching crypto?”
Founded2018
HQSan Francisco, CA, United States
FoundersEsteban Castaño, Rahul Raina
Total raised~$150M+
Latest roundSeries C, 2026
Valuation$1B (2026)
IndustryInfrastructure / KYC
The story
Founded 2018 (as Frienli) by ex-Google/Amazon/UBS engineers to build blockchain intelligence and AML tooling for banks and crypto firms. Grew from a compliance-plumbing regtech into a national-security-focused platform serving law enforcement in 50+ countries plus private-sector institutions. 2026 Series C at unicorn valuation reframes the company as an AI-first crime-disruption platform rather than purely crypto compliance.
Last 12 months
Product timeline
2018
Founded (formerly known as Frienli) as blockchain intelligence / crypto compliance platform.· pivot
2019
Raised $4.2M seed with PayPal Ventures, Initialized, Blockchain Capital, YC.· banking
2026
Closed $70M Series C at $1B valuation to scale AI solutions for disrupting criminal networks.· banking
The stack
0 layers disclosed in TRM Labs’s embedded-finance stack
Accounting gap: none