Fintech Insights - Sardine Raises $51.5 Million for Fintech Fraud Platform

Sardine, a behaviour-based fraud and compliance platform for fintechs, has raised $51.5 million in a Series B funding round. The company, created by Coinbase, Revolut and PayPal veterans, raised the money in a funding round led by Andreessen Horowitz’s growth fund. The round was joined by many large investment groups, including Google Ventures, Visa, Activant Capital, Sound Ventures, ING Ventures and more.

This funding round follows the closure of the company’s Series A round in February 2022, in which Sardine raised $19.5 million. Since closing its Series A funding round, the company has seen considerable growth, with its roster of customers growing from 50 customers in February, to around 135 at the time of this latest announcement. The company’s customer base includes crypto exchanges, such as FTX and Blockchain.com, as well as fintechs and neobanks, such as Brex, Wealthsimple and Digit.