Crypto Compliance Platform Sardine Secures $19.5M in Funding Led by Andreessen Horowitz

Apart from fraud prevention and managing risks, Sardine said that it platform can facilitate instant ACH transfers for on-ramp crypto.

On Thursday, February 10, Sardine, a compliance platform for fraud prevention in fintech announced raising $19.5 million in the Series A funding round. Andreessen Horowitz was leading the funding round around with other key participants like NYCA, and Experian Ventures.

Funding for Sardine

Since its launch last Spring, Sardine has registered strong growth potential. Sardine now successfully serves more than 50 customers in the crypto and the blockchain space. This includes some of the largest neobanks like Brex, fast-growing crypto exchanges like Bakkt, as well as global NFT and crypto platforms.

Sardine said that the recent fundraising will help to fuel its continued growth. It is also planning for further product development and aggressive hiring in the coming months. Speaking of this development, Soups Ranjan, CEO and co-founder of Sardine said:

“It’s an amazing time, as the very concept of money is being reinvented with the rise of fintech and crypto digital wallets. It is incredibly hard to establish trust in whether someone is using their own bank account to load money into a wallet or a stolen one. Sardine has built a behavior-based platform which uses tens of thousands of data points about a user’s behavior 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.”

Sardine Enables Instant ACH Transfers

Sardine announced that it is now extending its industry-leading fraud prevention platform for enabling instant bank ACH transfers for crypto on-ramps. This will help in eliminating the traditional 3-7 days waiting period for consumers to access their funds.

Sardine says that this implementation comes after taking fraud, regulatory compliance, and legal risks into consideration. Sardine said that its platform architecture prevents 3x more fraud in comparison to other legacy e-commerce fraud products.

The Sardine platorm can facilitate instant ACH transfers since its core technology uses AI to provide a real-time fraud score based on the user’s identity, device, and behavior patterns. Besides, it also does real-time monitoring of fraud during account login, deposits, and withdrawals.

Customers just need to integrate the Sardine SDK into their web or mobile apps. The platform will handle the rest of the things seamlessly.

“Our investment in Sardine is perfectly aligned to Experian’s fraud capabilities and our work to stop fraud in digital commerce and payments. Sardine is on the path to being a market leader in preventing financial crime with their talented team and innovative products,” said Kathleen Peters, Chief Innovation Officer, Experian Decision Analytics in North America.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.