Sandbar, a provider of AML, fraud and counter-terrorism risk detection software, has scored $4.8m in seed funding.
The round was led by Lachy Groom and Abstract Ventures and also saw participation from BoxGroup and 45 other angel investors.
Sandbar recently launched its product to allow organisations to fortify their AML program by identifying risks and providing more effective models to accurately identify suspicious behaviour across products and services.
By offering an API-based plug-and-play solution for financial products and services, Sandbar reduces the need for time-consuming and expensive engineering resources and consolidates multiple compliance products to save organizations time and money – a critical benefit given today’s economic volatility, and buyers’ desire to consolidate vendors and cut costs.
The investment will be used to develop the product further, expand the pipeline, and support customers as Sandbar continues to accelerate growth following the public launch of the product.
Sandbar CEO and co-founder Brock Bontrager said, “Transaction monitoring is tough, but it doesn’t have to be. It’s the foundation of any successful AML program, and it’s most effective for the financial institution and broader ecosystem when it’s easy to integrate, understand, and use. It’s unfortunate to see still so many risk and compliance teams resource-constrained and dependent on manual tools, especially now.
“With limited tools and increased regulations, FinTechs and banks are vulnerable to threats and falling short of their regulatory obligations. With a simple integration, Sandbar provides access to holistic, scalable, and defensible transaction monitoring across financial products and services so organizations can scale their business safely.”
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