Wednesday, April 24 2024

Sardine, the fraud and compliance platform for fintechs, today announced $19.5 million in Series A funding from Andreessen Horowitz, NYCA, and Experian Ventures to enable companies to protect customers from financial fraud. Andreessen Horowitz General Partner Angela Strange joins XYZ’s Ross Fubini on the Sardine board of directors. Funding comes amid strong growth and company momentum. Since its launch last Spring, Sardine now powers over 50 customers, including some of the largest neobanks (Brex and Chipper Cash), fast growing crypto exchanges (FTX, Luno, and Bakkt), and global NFT and crypto platforms (Abra, Transak, MoonPay, and Candy Digital). Funds will be used for continued growth, as well as to further product development and hiring aggressively in the coming months.

Additionally, the company announced that it has extended its industry-leading fraud prevention platform to now enable instant bank ACH transfers for crypto on-ramps. This removes the traditional 3-7 day waiting period for consumers before they gain access to their funds while Sardine assumes all fraud, regulatory compliance, and legal risks. By providing the industry’s most comprehensive fraud prevention in one API, Sardine delivers the fastest and safest way to on-ramp crypto.

Sardine’s platform, developed by a team of Coinbase, Revolut, Google Pay, Bolt, and PayPal veterans who uniquely understand the pain and expenses associated with fintech fraud, has already been proven to stop 3x more fraud than legacy e-commerce fraud products. Sardine is uniquely suited to provide Instant ACH transfers based on its core technology, which uses AI to provide a real-time fraud score based on the user’s identity, device, and behavior patterns at the time of account origination and account funding. It also continuously monitors for fraud during account login, deposits, and withdrawals. Customers simply integrate Sardine’s SDK into their web or mobile apps, and Sardine handles the rest.

“It’s an amazing time, as the very concept of money is being reinvented with the rise of fintech and crypto digital wallets,” said Soups Ranjan, CEO and co-founder of Sardine. “However, it is still a very frustrating experience for customers that expect to instantly move money from legacy banks into their new fintech, crypto, DeFi, or NFT 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,” he added. “Today, we can eliminate all of the complexity associated with payment fraud by offering indemnification against fraud losses during money load events.”

“Our investment in Sardine is perfectly aligned to Experian’s fraud capabilities and our work to stop fraud in digital commerce and payments,” said Kathleen Peters, Chief Innovation Officer, Experian Decision Analytics in North America. “Sardine is on the path to being a market leader in preventing financial crime with their talented team and innovative products. Experian is always looking for new investments and partners that can bring groundbreaking technology and problem-solving solutions to the market.”

Soups Ranjan, chief executive officer and co-founder of Sardine
Previous

Salt Security Raises $140 Million Series D Round

Next

KSOC Raises $6 Million Seed Round to Secure Kubernetes

Check Also

Widget

Don’t Miss

The words Endpoint Detection and Response (EDR) on a green background with lines on the right side of the image

Best Endpoint Detection & Response Platforms

Lara Oporto

Endpoint Detection & Response platforms continuously monitor endpoints for signs of malicious activities, such as unauthorized access or unusual behavior, enabling rapid detection and response to potential cyber threats to safeguard organizational assets. What is Endpoint Detection and Response and how does it work? Endpoint Detection and Response (EDR) is a cornerstone in modern cybersecurity […]

AT&T AlienVault Products Review: OSSIM vs USM

Ellie Buscemi

AlienVault is now the technological basis for AT&T AlienLabs and provides multiple products for different companies’ cybersecurity needs. What AT&T AlienVault Products are Available? In December 2021, CISOstack reported that AT&T intended to acquire AlienVault to expand its cybersecurity offerings to more businesses. Two years later, AlienVault-based offerings make up a large portion of AT&T’s […]

Photo by Simon Kadula on Unsplash.

Navigating Manufacturing IIoT Cybersecurity Challenges

John Powers

Guarding the Gears: Government policy and industry collaboration to mitigate cyberthreats to manufacturers. The smart factory is on the rise. Production lines equipped with advanced sensors can monitor equipment health in real-time and predict potential issues before they disrupt operations. Temperature and humidity sensors can ensure the optimal environment for delicate manufacturing processes. RFID-enabled asset […]

Best Microsegmentation Software

Ellie Buscemi

Microsegmentation allows a company to divide digital assets into smaller, more secure groups, which makes it harder for cybercriminals to take over a company’s data center. What is Microsegmentation? Microsegmentation refers to cyber professionals building layers of cybersecurity protection between groups of digital assets or individual cyber assets. Adding these layers inside instead of only […]

Best Breach and Attack Simulation Platforms

Ellie Buscemi

Breach and attack simulation (BAS) platforms allow companies to see weaknesses in their cyber infrastructures before a malicious hacker can exploit them. What Is BAS – Breach and Attack Simulation? Breach and attack simulation (BAS) is an approach to cybersecurity that uses advanced tools to imitate the attacks used by cybercriminals on companies’ digital infrastructure. […]

Ofer Ben-Noon and Ohad Bobrov

Palo Alto Networks to Acquire Talon

Ellie Buscemi

On Monday, Palo Alto Networks agreed to acquire Israeli startup Talon Cyber Security, an enterprise browser platform. The deal values Talon at between $600 to $700 million, according to The Information. Palo Alto will integrate Talon’s enterprise browser solution into its Prisma SASE product. The acquisition comes among a wave of acquisitions and releases involving […]