Quick take:
- Sardine’s customers include FTX, Blockchain.com, Wealthsimple, Brave, and Digit.
- Funds will be used to accelerate the development of Sardine’s platform.
- Sardine recently launched their direct fiat to NFT checkout product and their first partner was Tom Brady’s Autograph.
Sardine, a fraud prevention company for fintech and Web3 businesses, announced today $51.5M in Series B led by Andreessen Horowitz’s Growth Fund.
New and existing investors, including XYZ, Nyca Partners, Sound Ventures, Activant Capital, Visa, Google Ventures, Eric Schmidt, Vikram Pandit, The General Partnership, NAventures, ING Ventures, ConsenSys, Cross River Digital Ventures, Alloy Labs, and Uniswap Labs Ventures participated in the round.
Funds will be used to accelerate the development of Sardine’s fraud and compliance platform as well as its products. Sardine combines traditional financial data sets, like bank account history, with identity, behaviour and device intelligence to significantly enhance their customers’ risk capabilities.
According to a Sift report, payment fraud attack rates skyrocketed 70% across fintech in 2021. Sardine’s features such as KYC, AML, sanctions, and transaction monitoring are designed to reduce fraud during account opening, account funding, and ongoing transactions.
“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,” said Alex Immerman, partner on the a16z Growth Fund. “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 also offers an instant ACH – also known as an electronic fund transfer made between banks and credit unions – as well as card on-ramp to crypto, enabling its fintech and crypto customers to instantly purchase over 30 different crypto assets or NFTs. The platform recently launched its direct fiat to NFT checkout product and its first partner was Autograph for Tom Brady’s Signature Experience NFT launch.
“We are excited to offer instant ACH settlement, once thought to be impossible because the fraud risk was too high,” said Aditya Goel, Co-Founder of Sardine. “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.”
Sardine previously raised $19.5 million in Series A funding also led by Andreesen Horowitz. The company is powering over 50 fintech and Web platforms including powering over 50 fintechs, including neobanks (Brex and Chipper Cash), crypto exchanges (FTX, Luno, and Bakkt), and global NFT and crypto platforms (Abra, Transak, MoonPay, and Candy Digital).
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