- Unit21 — a platform of no-code tools for risk and compliance teams — announced it has raised $13 million in funding led by A.Capital Ventures. These are the details.
Unit21 — a platform of no-code tools for risk and compliance teams — announced it has raised $13 million in funding led by A.Capital Ventures. And 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).
With this round of funding, Unit21 will grow its product and distribution-focused management team, increase sales and marketing efforts, and launch in new industries.
Risk and compliance are becoming increasingly expensive departments within companies. And in 2019, institutions were fined $8.14 billion in Anti-Money Laundering (AML) fines, nearly double the number and value of penalties from 2018.
The rapidly-changing vectors of attack and the unique data that companies have required 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 had 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. And 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.
Unit21’s inherent customizability lends itself to a wide variety of use cases such as payment platforms like Gusto and crypto exchanges like Coinbase. And the company’s tools have the capability to handle risk and compliance needs across geographies such as North America, Africa, Europe, and Asia.
“To counter an increasing array of sophisticated fraud vectors that have gone mainstream, risk and compliance teams must build custom detection logic and risk models of dizzying complexity. But now with Unit21, these teams can codify powerful, custom rules on a flexible and easy to use no-code/low-code platform. The dramatic business traction over the past year is evidence of an amazing product with eager customers. Unit21’s technology will become the canonical way to define and codify risk of all types, with wide-ranging applications across verticals and industries. We’re excited to partner with the talented team at Unit21 to bring its product to more customers and markets.”
— Ramu Arunachalam, General Partner at A.Capital
“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.”
— Trisha Kothari, CEO and co-founder of Unit21
“Our integration with Unit21 was easy and the team outperformed against an aggressive integration timeline. We saved months of engineering effort by not building these tools in-house.”
— Unit21 customer Erik Roodsari, Risk Platform Lead with Intuit