The funding will help Unit21 expand into various geographies, including the Asian and European markets. Here are the top-line bullets you need to know.
Unit21, a fraud prevention platform, has raised $34M in Series B. The round drew participation from Tiger Global Management, ICONIQ Capital, Gradient Ventures, A. Capital, and South Park Commons.
HOW’S THE COMPANY PERFORMING?
- California-based Unit21 is a no-code fraud detection software with use cases across transaction monitoring, identity verification, case management, operations management, analytics, and reporting.
- The company has reportedly monitored transactions worth more than $100B while catering to more than 200M users and preventing almost $100M in losses from fraud or suspicious activity since inception. It also caters to 50 enterprises including Chime, Intuit, Coinbase, Flywire, Wyre, and Twitter.
- The company claims to have grown its revenue 12x in 2020 when compared to 2019.
- It has increased its employee count from 12 in June 2020 to 53 in June 2021.
WHY DOES THE MARKET MATTER?
- The global fraud detection and prevention market is projected to grow at a CAGR of 24.4% and reach a value of $106.71B by 2027, according to Fortune Business Insights.
- The growing US e-commerce market is expected to generate more than $700B in sales by 2023. This growth has led to an increase in number of fraudulent activities in the digital space, leading to a higher demand for fraud prevention software.
- The Covid-19 pandemic has led to an increase in the number of digital payments, leading to an increased focus on e-commerce security.