Sardine raises $19.5m to help fintechs fight fraud

finextra.com:

Sardine's core technology uses AI to provide a real-time fraud score based on the user’s identity, device, and behaviour patterns at the time of account origination and account funding. It also continuously monitors for fraud during account login, deposits, and withdrawals.The technology is now used by over 50 firms, including neobanks such as Brex and crypto exchanges Bakkt and FTX, which integrate Sardine’s SDK into their web and mobile apps.The startup has also now added instant bank ACH transfers for crypto on-ramps, removing the traditional three to seven day waiting period for consumers before they gain access to their funds.Soups Ranjan, CEO, Sardine, says: "It’s an amazing time, as the very concept of money is being reinvented with the rise of fintech and crypto digital wallets.

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.