Sardine, a San Francisco, CA-based leading provider of fraud, compliance, and instant settlement solutions, announced that it raised $51.5 million in Series B financing to accelerate product development, marketing, and sales across the globe.
Andreessen Horowitz's Growth Fund led the round with participation from new and existing investors, including XYZ, Nyca Partners, Sound Ventures, Activant Capital, Visa, Google Ventures, Eric Schmidt, Vikram Pandit, The General Partnership, NAventures, ING Ventures, ConsenSys, Cross River Digital Ventures, Alloy Labs, and Uniswap Labs Ventures.
The funds will be used to accelerate the development of Sardine's fraud and compliance platform and its card and instant ACH to crypto on-ramp & NFT checkout products.
"Faster payments means faster fraud. As Zelle, RTP and FedNow become increasingly popular, consumers are increasingly vulnerable to social engineering attacks where they are convinced to buy something that never arrives or invest in a scam," said Soups Ranjan, CEO of Sardine. "Secondly, Financial Institutions only know that their customers bought ETH or USDC, not what they do with it afterwards. What is needed is a new way of looking at fraud prevention, one which deeply inspects user behavior at the time of purchase, and combines it with what happens to the funds downstream. That's exactly what we built at Sardine."
Sardine's real-time fraud prevention products help customers reduce fraud with fewer false positives, leading to faster user growth and higher authorization rates. Sardine combines traditional financial data sets, like bank account history, with identity, behavior, and device intelligence to enhance their customers' risk capabilities significantly.
Company: SardineAI Corp.
Round: Series B
Funding Month: September 2022
Lead Investors: Andreessen Horowitz's Growth Fund
Additional Investors: XYZ, Nyca Partners, Sound Ventures, Activant Capital, Visa, Google Ventures, Eric Schmidt, Vikram Pandit, The General Partnership, NAventures, ING Ventures, ConsenSys, Cross River Digital Ventures, Alloy Labs, and Uniswap Labs Ventures
Company Website: https://www.sardine.ai/
Software Category: Fraud prevention and Compliance infrastructure
About the Company: Sardine is led by industry experts who have scaled fraud, compliance, and payments infrastructure across companies like Coinbase, Revolut, Uber, PayPal & Zelle. Sardine provides real-time fraud prevention for growing fintech and web3 customers, including FTX, Blockchain.com, Wealthsimple, Brave, and Digit. Sardine is on a mission to make payments instant and risk-free so consumers and businesses can move money confidently. Sardine enables all companies, whether big or small, to improve risk management by having the world's best API for fraud detection and compliance within financial services. Sardine also offers KYC, AML, sanctions, and transaction monitoring to reduce fraud during account opening, account funding, and ongoing transactions. These added features are essential now as payment fraud in fintech ballooned 70% in 2021 and offer an instant settlement for crypto and NFT transactions. Sardine was recently added to the Breakout List and named one of the top high-growth startups in the United States. With over 135 customers and growing fast, the company is actively hiring for roles across Engineering, Product, Customer Success, Sales, and Operations.