Unit21 builds risk and compliance infrastructure focused on fraud and anti–money‑laundering detection and response, offering tools and data-sharing capabilities for fintechs and financial-services firms. The company launched the Fintech Fraud DAO in fall 2022 to let fintechs pool and share data to identify fraud before it proliferates; the DAO includes members such as Drivewealth, Uphold, and Gusto and now monitors more than 10% of adult consumer transactions in the U.S. Unit21 also published the "Fraud Fighters Manual", co-authored with fraud and compliance experts from Brex, Mercury, Treasury Prime, Lithic and Unit21, to share practitioner insights. In 2022 Unit21 helped clients monitor 4.8 billion transactions representing $693 billion in value, handled 16,000 suspicious activity reports representing $8.9 billion in value, and helped thwart fraud attempts valued at more than $764 million. The company says these metrics reflect rapid adoption and the growing need for a collaborative approach to fraud prevention. Unit21 is using funding and partnerships to expand its collaborative infrastructure and support industry-wide efforts to prevent financial crime. Unit21 provides a secure, integrated no-code "flag-and-review" toolset that lets non-technical operators and AML teams write statistical models and deploy customized workflows for KYC, transaction monitoring and SAR case management. The platform is delivered via API and dashboard and is used to monitor activity and surface suspicious cases without heavy engineering involvement. The company reports more than 50 enterprise clients, including Chime, Intuit, Coinbase, Gusto, Flywire, Wyre and Twitter, and says it has monitored over $100 billion in activity since 2018. Unit21 also reports it has saved more than 20 million users over $100 million in fraud loss or suspicious-activity costs. The startup declined to disclose hard revenue figures but said revenue grew 12x in 2020 versus 2019. Unit21 plans to use new capital to expand engineering, R&D and go-to-market teams, evolve the platform beyond financial crimes to generalized flag-and-review use cases, and pursue growth in APAC and EMEA; headcount rose to 53 as of late June, up from 12 the prior year. Unit21 provides a highly flexible, customizable no-code/low-code cloud-based system and API for risk and compliance teams, including a configurable rules engine for transaction monitoring, identity verification, case management, operations management, and analytics and reporting. The platform is used by customers such as Intuit, Coinbase, Gusto, and Line. Unit21's approach lets teams codify custom detection logic and risk models without heavy engineering effort; an Intuit customer said integration saved months of engineering work. The company says its product has seen dramatic traction and reports growth of over 400% this year. Unit21 was founded in 2018 and is based in San Francisco. It plans to continue expanding product capabilities and distribution across new industries and geographies.

Total raised

$92M

Funding rounds

3

Latest round

Series C

Latest activity

Jun 2023