SAN FRANCISCO, 20th Oct, 2020– Unit21, a platform of no-code tools for risk and compliance teams, today announces $13 million in funding led by A.Capital Ventures.
Additional participation includes investors such as Gradient Ventures (Google’s AI venture fund), Core VC, South Park Commons, Diane Greene (founder of VMWare), William Hockey (founder of Plaid), Chris Britt and Ryan King (founders of Chime), Sumit Agarwal (founder of Shape Security), and Michael Vaughan (former COO of Venmo).
Unit21 will use the new capital to grow its product and distribution-focused management team, increase sales and marketing efforts, and launch in new industries.
Risk and compliance are increasingly expensive departments within companies. In 2019, institutions were fined $8.14 billion in Anti-Money Laundering (AML) fines, nearly double the number and value of penalties from 2018. Rapidly-changing vectors of attack and the unique data that companies have require highly tailored programs for risk and compliance, along with engineering resources to achieve customization for minimal fraud loss and maximum compliance.
Former Affirm and Shape Security employees, Trisha Kothari and Clarence Chio, founded Unit21 in 2018 and work with customers like Intuit, Coinbase, Gusto, and Line to create a powerful & customizable rules engine for risk and compliance teams. Unit21’s highly flexible, customizable, and intelligent cloud-based system provides a configurable engine for transaction monitoring, identity verification, case management, operations management, and analytics and reporting.
“We’ve experienced incredible growth of over 400% this year. Our no-code/low-code approach enables our customers to model risk, instead of struggling to get into engineering roadmaps. We’re excited to have numerous titans of the technology industry support us in this journey,” said Trisha Kothari, CEO and co-founder of Unit21.