Sardine Has Received A $19.5 Million Investment In Its Series A Funding
Sardine $19.5M Series-A Fundinga
Sardine, a San Francisco-based fraud and compliance platform for fintechs to protect customers from financial fraud, has raised $19.5m in Series A funding, according to its announcement on February 10.
Sardine have raised $19.5 million in Series-A funding led by Andreessen Horowitz and joined by NYCA and Experian Ventures and over 30 investors who are seasoned operators in fintech and crypto.
The project’s seed investors XYZ, SweatEquity Ventures, 11.2 Capital, and Village Global also participated in this round as well.
What Is This Project?
Sardine, led by CEO and co-founder Soups Ranjan, is a behavior-based fraud and compliance platform for digital wallets and neobanks. Its solutions are used to prevent account opening, funding, and payment fraud by fintech, crypto, and NFT firms. When money is acquired by ACH or card rails, it may also give full fraud assurances.
This blockchain project now serves over 50 clients, including some of the major neobanks (Brex and Chipper Cash), rapidly rising crypto exchanges (FTX, Luno, and Bakkt), and worldwide NFT and crypto platforms (Abra, Transak, MoonPay, and Candy Digital).
Sardine CEO Soups Ranjan previously ran data science and risk at Coinbase. The Sardine team also includes veterans of Google Pay, Revolut, Bolt and PayPal.
“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,” said a16z’s Strange in the press release. “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.”
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