No-code risk and compliance solution Unit21 has closed a funding round on $13m to support the growth of its product.
A.Capital Ventures led the round, with contributions also coming from Gradient Ventures, Core VC, South Park Commons, VMWare founder Diane Greene, Plaid founder William Hockey, Chime founders Chris Britt and Ryan King, Shape Security founder Sumit Agarwal, and former Venmo COO Michael Vaughan.
Funds from the investment will also enable Unit21 to grow its management team, bolster sales and marketing efforts and launch into new industries.
Founded in 2018, Unit21 offers a flexible and customisable cloud-based system that support transaction monitoring, identify verification, case management, operations management and reporting.
Its services can be used to meet risk and compliance needs across North America, Africa, Europe and Asia.
The RegTech platform has experienced 400% growth this year, it claims.
A.Capital general partner Ramu Arunachalam said, “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.”
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