Companies
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Unit21
Cybersecurity
Unit21 is a San Francisco-based fraud and risk management platform that lets businesses build and customize their own fraud detection and anti-money-laundering rules without requiring extensive engineering work.
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Unit21 was founded in 2018 by Trisha Kothari and Clarence Chio, based on the observation that fraud and financial crime patterns evolve constantly and vary significantly across different businesses and industries, but that many fraud detection and compliance software platforms historically offered relatively rigid, pre-built rule sets that were difficult for individual businesses' own risk and compliance teams to customize and adapt to their own specific fraud patterns and business needs without requiring significant engineering resources to build custom modifications, creating a mismatch between how quickly fraud tactics evolve and how quickly non-technical risk and compliance teams could typically adapt their own fraud detection systems in response. Unit21's platform provides a no-code interface that lets risk and compliance professionals, who often have deep domain expertise in fraud and financial crime patterns but may not have software engineering skills, directly build, test, and deploy their own custom fraud detection and anti-money-laundering monitoring rules without needing to route every rule change through a separate engineering team, addressing a common bottleneck where risk and compliance teams' domain expertise about emerging fraud patterns could not be quickly translated into actual system rule changes without engineering involvement, creating delays that fraudsters exploiting known detection gaps and evolving tactics could take advantage of during the time lag between identifying a new fraud pattern and getting a corresponding detection rule actually implemented and deployed. The company's platform addresses several related risk and compliance use cases, including transaction fraud monitoring, anti-money-laundering compliance monitoring required of many financial institutions, and broader trust and safety risk management relevant to various online platforms and marketplaces beyond only traditional financial services companies. Unit21's customers span fintech companies, cryptocurrency exchanges, and other businesses needing flexible, rapidly adaptable fraud and financial crime risk management capability that keeps pace with evolving fraud tactics without requiring extensive ongoing engineering support for every rule adjustment. The company has raised substantial venture funding from investors including Tiger Global, Google Ventures, and ICONIQ Growth, at a valuation reported to exceed $700 million.
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