New York City-based fintech startup Sandbar has launched its anti-money laundering, fraud and counter-terrorism risk detection software off the back of a $4.8 million seed round.
The round was led by Lachy Groom and Abstract Ventures and joined by BoxGroup and more than 45 angel investors including founders and executives from Ramp, Stripe, OpenAI, Plaid and Square.
Sandbar says its product allows organisations to fortify their AML programme, identifying risks and providing more effective models to accurately identify suspicious behaviour across products and services.
The firm offers an API-based plug-and-play option for financial products and services, cutting the need for engineering resources, and consolidates multiple compliance products to save help time and money.
Brock Bontrager, CEO, Sandbar, says: "Transaction monitoring is tough, but it doesn’t have to be. It’s the foundation of any successful AML program, and it’s most effective for the financial institution and broader ecosystem when it’s easy to integrate, understand, and use.
"It’s unfortunate to see still so many risk and compliance teams resource-constrained and dependent on manual tools, especially now. With limited tools and increased regulations, fintechs and banks are vulnerable to threats and falling short of their regulatory obligations.
"With a simple integration, Sandbar provides access to holistic, scalable, and defensible transaction monitoring across financial products and services so organizations can scale their business safely."