Sardine Raises $70 Million to Enhance AI Fraud Platform

Sardine, an AI risk platform specializing in fraud detection, compliance, and credit underwriting, has secured $70 million in a Series C funding round led by Activant Capital, raising its total funding to $145 million. The company reported a 130% year-over-year growth in annual recurring revenue and nearly doubled its customer base, now serving over 300 enterprises including FIS and GoDaddy. Sardine's platform utilizes device intelligence and machine learning to automate critical compliance processes, enabling financial institutions to streamline operations while reducing manual workloads. The funding will support the expansion of its AI agent capabilities, which include tools for onboarding, sanctions screening, and risk scoring, aimed at alleviating the increasing burden on risk teams. CEO Soups Ranjan highlighted the urgent need for these solutions as alert volumes have surged significantly and compliance hiring struggles to keep pace. Despite a general decline in venture funding for fraud detection startups, Sardine's successful raise marks a significant investment in the sector.