Sandbar, a New York-based provider of anti-money laundering, fraud and counter-terrorism risk detection software, raised $4.8M in Seed funding.
The round was led by Lachy Groom and Abstract Ventures with participation from BoxGroup and angel investors
The company intends to use the funds to further develop the product, expand the pipeline, and support customers as Sandbar continues to accelerate growth following the public launch of the product.
Led by CEO Brock Bontrager and CCO Brandon Bontrager, Sandbar is a fintech startup that provides anti-money laundering, fraud, and counter-terrorism risk detection software. Its holistic models and proprietary integrations enable organizations to identify financial behaviors, prioritize alerts, and automate tedious casework so they can scale their business safely.
Sandbar is available now for any B2C or B2B company that moves money directly or indirectly.
Commenting on the news, Brock Bontrager said: “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.”
FinSMEs
24/01/2023