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Sardine raises $51.5M to spot suspicious crypto transactions

Sardine cofounder
Image credits: Sardine

Helping fintech companies fight fraud, Alloy raised $52 million a few days back. Close on its heels, San Francisco-based Sardine, a fraud prevention and compliance infrastructure fintech, has now secured $51.5 million in Series B funding.

Andreessen Horowitz’s Growth Fund (that backed OneSignal and Halliday) led the round along with participation from 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.

Product development plans

The investment will be used by Sardine to accelerate product development as well as marketing and sales across the globe.

“We believe Sardine is a key payments infrastructure provider across traditional and decentralised 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.”

Soups Ranjan, CEO of Sardine said, “Secondly, Financial Institutions only know that their customers bought ETH or USDC, not what they do with it afterwards. What is needed is a new way of looking at fraud prevention, one which deeply inspects user behavior at the time of purchase, and combines it with what happens to the funds downstream. That’s exactly what we built at Sardine.”

“Digital assets are creating the future of our financial system – but they require a strong fraud and compliance infrastructure to protect investors. Sardine does precisely this,” said Alfarida Mohammed, Senior Vice President of Compliance at FTX. “Sardine’s expertise and leading fraud-fighting technology ensure that our crypto users enjoy a seamless and safe experience while trading with FTX.”

“It’s shocking that crypto grew to over $3 trillion of market cap last year with such a terrible user experience. Solving onboarding is the biggest unlock the crypto industry has for continued adoption. It needs to be simple, trusted, and safe for both merchants and consumers.” said Maaria Bajwa, at Sound Ventures.

Real-time fraud prevention

Sardine was founded by Soups Ranjan, Zahid Shaikh, and Aditya Goel in 2020 in San Francisco. The team includes industry experts who have scaled fraud, compliance, and payments infrastructure across companies like Coinbase, Revolut, Uber, PayPal & Zelle.

With its industry-leading fraud and compliance platform, Sardine is changing the way companies can move money through its Instant Settlement offering. Its mission is to make payments instant and risk-free so consumers and businesses can move money confidently.

Sardine offers an instant ACH and card on-ramp to crypto, enabling its fintech and crypto customers to instantly purchase over 30 different crypto assets or NFTs. Recently, the company launched its direct fiat to NFT checkout product and their first partner was Autograph for their Tom Brady’s Signature Experience NFT launch.

With over 135 customers, Sardine is growing fast, and is actively hiring for roles across Engineering, Product, Customer Success, Sales, and Operations.

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