Anti-fraud startup Sardine makes a splash with Series B close

Anti-fraud startup Sardine makes a splash with Series B close

Sardine, a provider of fraud, compliance and instant settlement solutions, has closed its Series B round on $51.5m in its Series B.

Andreessen Horowitz’s Growth Fund led the round.

Other commitments came from 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.

With the capital, Sardine plans to accelerate its product development, as well as its marketing and sales efforts.

Sardine’s real-time fraud prevention products help customers reduce fraud with fewer false positives. Its technology combines traditional financial data sets, like bank account history, with identity, behaviour and device intelligence to significantly enhance their customers’ risk capabilities.

Sardine also offers KYC, AML, sanctions and transaction monitoring to reduce fraud during account opening, account funding and ongoing transactions.

It also offers instant ACH and card on-ramp to crypto, enabling its FinTech and crypto customers to instantly purchase over 30 different crypto assets or NFTs. It recently launched a direct fiat to NFT checkout product and their first partner was Autograph for their Tom Brady’s Signature Experience NFT launch.

Sardine CEO Soups Ranjan said, “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.

“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 behaviour at the time of purchase, and combines it with what happens to the funds downstream. That’s exactly what we built at Sardine.”

This Series B comes months after Sardine raised $19.5m in its Series A round.

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