Sardine, a fraud prevention and compliance platform for fintech companies, has raised $19.5m in a Series A funding round.
The round saw participation from Andreessen Horowitz, NYCA, and Experian Ventures.
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Sardine will use the funds for product development, furthering growth plans and hiring in the coming months.
Currently, Sardine has more than 50 clients including neobanks such as Brex and Chipper Cash, crypto exchanges, NTF and crypto platforms such as MoonPay, Luno and Bakkt.
Developed by a team of Coinbase, Revolut, Google Pay, Bolt, and PayPal veterans, Sardine uses AI to provide a fraud score based on the user identity, device and behaviour patterns at the time of account origination and funding.
The platform also offers continuous monitoring for fraud during account login, deposits, and withdrawals.
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By GlobalDataSardine’s services can be used by integrating its software development kit into customers’ web or mobile apps.
Sardine CEO and co-founder Soups Ranjan said: “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.
“Today, we can eliminate all of the complexity associated with payment fraud by offering indemnification against fraud losses during money load events.”
As per the agreement, Andreessen Horowitz general partner Angela Strange will join the Sardine board of directors.
Angela Strange said: “Every company with a payments component faces the same problem: the momentum-killing wait time between when the customer transfers money to your platform and when they can actually use that money on your service to transact.
“Sardine solves this issue in order to keep financial transactions moving for the good of all. Its value proposition becomes even clearer when you consider that every company is rapidly becoming a fintech company.”
