TRM Labs Doubles Valuation to $2 Billion Amid Rapid Revenue Growth

TRM Labs has doubled its valuation to $2 billion following an expanded Series C funding round led by Blockchain Capital, though the company did not disclose the size of the new investment. The firm said its annual recurring revenue has quadrupled over the past three years as demand grows for its blockchain investigation tools.

Valuation Has Climbed Sharply This Year

The latest round follows a $70 million Series C raised in February, which pushed the company past a $1 billion valuation for the first time with backing from investors including Citi Ventures and Galaxy. TRM’s software is now used by more than 600 government agencies and private institutions across 75 countries to investigate fraud, money laundering and sanctions evasion.

Growth Comes Amid Rising Digital Crime and Contract Dispute

The funding news arrives as reported losses from digital crime climbed to $21 billion in 2025, up significantly from the prior year, while the company said criminal use of AI tools has risen sharply this year. TRM’s growing government footprint includes a roughly $95 million contract with US Immigration and Customs Enforcement for forensic software support, though that deal has drawn a legal challenge from rival firm Chainalysis, which alleges the sole-source award was improperly granted.