Fraud, compliance, and instant settlement solutions provider Sardine has raised US$51.5 million in Series B financing led by Andreessen Horowitz’s (a16z) Growth Fund to accelerate product and market development.
New and existing investors including XYZ, Nyca Partners, Sound Ventures, Activant Capital, Visa, Google Ventures, The General Partnership, NAventures, ING Ventures, ConsenSys, Cross River Digital Ventures, Alloy Labs, and Uniswap Labs Ventures also participated in the round.
Sardine combines traditional financial data sets with identity, behaviour and device intelligence to enhance their customers’ risk capabilities.
The company also offers KYC, AML, sanctions, and transaction monitoring to reduce fraud during account opening, account funding, and ongoing transactions.
Additionally, it also provides an instant ACH and card on-ramp to crypto, enabling its fintech and crypto customers to purchase over 30 different crypto assets or NFTs.
“Sardine’s fraud-fighting technology helps move money fast and without risk, and their rapid growth is a testament to the criticality and strength of their offering,”
said Alex Immerman, Partner on the a16z Growth Fund.
“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,”
said Soups Ranjan, CEO of Sardine.