Earlier this year, Sardine raised $19.5m in a Series A round. Credit: Gerd Altmann from Pixabay.

Sardine, which offers fraud prevention and compliance solutions to fintech companies, has raised $51.5m in its Series B funding round.

Andreessen Horowitz’s growth fund led the round, which saw participation from new and existing investors including XYZ, Nyca Partners, Sound Ventures, Activant Capital, Visa, Google Ventures, Eric Schmidt, Vikram Pandit and The General Partnership

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NAventures, ING Ventures, ConsenSys, Cross River Digital Ventures, Alloy Labs, and Uniswap Labs Ventures also joined the round.

Sardine will use the proceeds to support product development and marketing besides boosting sales across the globe.

The firm leverages financial data sets such as bank account history in combination with behaviour and device intelligence to enhance fintech and web3 clients’ risk capabilities.

a16z growth fund partner Alex Immerman said: “We believe Sardine is a key payments infrastructure provider across traditional and decentralized finance, and we’re proud to continue to support this team on their next stage of growth.

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“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.”

Sardine co-founder Aditya Goel said: “We are excited to offer instant ACH settlement, once thought to be impossible because the fraud risk was too high.

“Not only does Sardine take on 100% of all the fraud, compliance, and liability associated with instant money movement, but we also offer higher limits than would be available via card payments. We want people to move money online confidently, and this product is critical for payment companies who want to offer a great user experience.”

In February this year, Sardine raised $19.5m in Series A funding from Andreessen Horowitz, NYCA, and Experian Ventures.