Anti-fraud company Sardine hooks Series A

Fraud and compliance platform Sardine has closed its Series A funding round on $19.5m to hire more staff.

Andreessen Horowitz, NYCA and Experian Ventures committed capital to the investment round.

With the funds, the FinTech company plans to further its product development and hire more staff.

Sardine launched its services in the Spring of 2021 and since then it has over 50 customers. Its clients include Brex, Chipper Cash, FTX, Luno, Bakkt, Abra, Transak, MoonPay and Candy Digital.

The platform, which was developed by a team of veterans from Coinbase, Revolut, Google Pay, Bolt and PayPal, helps FinTech companies protect themselves from fraud. It claims to be uniquely positioned to offer instant ACH transfers based on its core technology, which leverages AI to provide a real-time fraud score based on a user’s identity, device and behaviour pattern.

Alongside the close of the round, the RegTech company revealed the extension of its fraud prevention platform to enable instant bank ACH transfers for crypto on-ramps. This will remove the three to seven waiting period for consumers to access their funds.

Sardine CEO and co-founder Soups Ranjan said, “It’s an amazing time, as the very concept of money is being reinvented with the rise of fintech and crypto digital wallets. However, it is still a very frustrating experience for customers that expect to instantly move money from legacy banks into their new fintech, crypto, DeFi, or NFT wallets.

It is incredibly hard to establish trust in whether someone is using their own bank account to load money into a wallet or a stolen one. Sardine has built a behaviour-based platform which uses tens of thousands of data points about a user’s behaviour and combines that with dozens of data sources, ranging from phone and email to social media and blockchain analytics, to establish a real-time trust score.”

As part of the funding round, Andreessen Horowitz general partner Angela Strange will join the Sardine board of directors.

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