The $51.5 million Series B round of funding for Sardine, a real time fraud prevention product for financial technology customers and Web3 customers, was led by Andreessen Horowitz (a16z), a venture capital firm. According to a press release, the capital will be used for product development and marketing and selling efforts.
Alex Immerman, a16z Growth Fund partner, stated that Sardine is “a key payments infrastructure provider across traditional as well as decentralized finance” and that he was proud to support the team in their next stage.
Sardine’s Rapid growth expands out into web3
“Sardine’s fraud fighting technology allows money to move quickly and without risk. Their rapid growth is a testimony to the strength and criticality of their offering.”
A16z had \$9 billion in capital pledged across its Venture, Growth, and Bio Funds. The firm launched its fourth crypto fund four months later with a record \$4.5 billion capital.
San Francisco-based Sardine provides real-time protection. It combines traditional financial data such as bank account history with identity and behavior to identify potential risks.
Sardine’s security features
It includes Know Your Customer (KYC), Anti-Money Laundering verification (AML), which is often required by crypto companies, and sanction and transaction monitoring to prevent fraud during account opening, funding, or ongoing transactions. Its customers are crypto exchanges FTX, Blockchain.com.
Sardine also offers an instant settlement service that allows users to connect their bank accounts and cards to instantly on-ramp crypto. This allows them to purchase more than 30 crypto assets and non-fungible tokens (NFT) and immediately buy them.
In partnership with Tom Brady, the National Football League legend, Sardine launched its fiat-to-NFT checkout product.
The round also included XYZ Ventures and Nyca Partners, Sound Ventures and Activant Capital as well as Eric Schmidt, Vikram Panit, The General Partnership (NAventures), ING Ventures. ConsenSys. Cross River Digital Ventures. Alloy Labs Ventures.
