Category: FlyWire

Tiger Global leads $34M investment into Unit21, a no-code fraud prevention platform



Unit21, a startup that helps businesses monitor fraudulent activities with its no-code software, announced today it has raised $34 million in a Series B round of funding led by Tiger Global Management.

The round values San Francisco-based Unit21 at $300 million and comes nine months after the startup raised a $13 million Series A that included investments from the founders of Plaid, Chime and Shape Security as well as former Venmo COO Michael Vaughan.

ICONIQ Capital and existing backers Gradient Ventures (Google’s AI venture fund), A.Capital and South Park Commons participated in the latest funding event. 

Former Affirm product manager Trisha Kothari and Clarence Chio founded Unit21 in 2018 with the goal of giving risk, compliance and fraud teams a way to fight financial crime via a “secure, integrated, no-code platform.” 

Image Credits: Unit21

The pair say they started Unit21 based on the belief that the existing model of “black box” machine learning used for fraud prevention and detection was flawed. Their idea was to develop an alternative system to provide risk and compliance teams with more control over their operations.

Unit21 describes its core technology as a “flag-and-review” toolset designed to give non-technical operators and anti-money laundering (AML) teams the ability to “easily” write complex statistical models and deploy customized workflows without having to involve their engineering teams. Unit21 says it provides this toolset to companies with the aim of helping them mitigate fraud and money laundering risks through Know Your Customer (KYC) verification, (Read more...)

Equity Monday: TechCrunch goes Yahoo while welding robots raise $56M



Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here.

This morning was a notable one in the life of TechCrunch the publication, as our parent company’s parent company decided to sell our parent company to a different parent company. And now we’re to have to get new corporate IDs, again, as it appears that our new parent company’s parent company wants to rebrand our parent company. As Yahoo.

Cool.

Anyway, a bunch of other stuff happened as well:

  • Flywire, a Boston-based payments company filed to go public. More on the site about this shortly.
  • Earnings this week are coming from Uber and Lyft and PayPal and Square and more.
  • Dell is offloading Boomi to private equity as it wants to de-lever. Again.
  • Cloud market share numbers are out, but what matters is that the growth of the cloud market helps explain the growth that we’re seeing in the startup game. (Our own Ron Miller dug into some rival cloud metrics here.)
  • The Chinese government’s crackdown on its tech giants continues. And it’s impacting valuations.
  • And Wealthsimple raised an epic CAD$750 million round, while Ohio-based Path (Read more...)