Sardine, a San Francisco, CA-based provider of a fraud prevention as a Service (FaaS) for digital businesses, closed $4.6m in seed funding.
The round was led by XYZ Ventures with participation from 11.2 Capital, Village Global, and Coinbase Ventures, after incubating as part of Sweat Equity Ventures, Adam Nash, former CEO and president of WealthFront; John Lilly, partner at Greylock, Dan Romero, former VP of Coinbase; Linda Xie, co-founder & managing director of Scalar Capital, and CEOs and operators of many Silicon Valley startups and early Coinbase, Revolut, Stripe and Google employees.
Led by Soups Ranjan, Co-Founder & CEO, Sardine provides a fraud prevention as a Service (FaaS) for digital businesses designed to detect all types of financial crimes, from identity fraud at account opening through to payment fraud at account funding.
The platform combines millions of data points per customer around browser fingerprinting, mobile device attributes, network traffic, sensor data, and intrinsic user behavior to identify bad actors quickly. Using advanced AI techniques, Sardine aggregates all available data. Within the time it takes to load funds into a digital wallet, it can tell fintech customers whether the user can be trusted.
Its API and SDK make it easy for development teams of all sizes to incorporate Sardine into their platform’s current tech stack and be up and running in less than a day. Sardine combines identity and transaction data for a continuous risk assessment while also allowing digital businesses to have the same millions of data points at their disposal to create transaction monitoring rules.