New York City-based fintech startup Sandbar has launched its anti-money laundering (AML), fraud, and counter-terrorism risk detection software following a successful $4.8 million seed funding round.
The funding was led by Lachy Groom and Abstract Ventures, with participation from BoxGroup and over 45 angel investors, including founders and executives from companies such as Ramp, Stripe, OpenAI, Plaid, and Square.
Sandbar’s software is designed to enhance organizations’ AML programs by accurately identifying risks and suspicious behaviors across various products and services. The firm provides an API-based, plug-and-play solution that streamlines compliance processes, eliminating the need for extensive engineering resources and consolidating multiple compliance tools to save time and reduce costs.
Brock Bontrager, CEO of Sandbar, stated, “Transaction monitoring is tough, but it doesn’t have to be. It’s the foundation of any successful AML program, and its effectiveness improves when it’s easy to integrate, understand, and use.” He added, “It’s unfortunate to see so many risk and compliance teams facing resource constraints while relying on manual tools, especially given the current landscape. With limited tools and increased regulations, fintechs and banks are vulnerable to threats and may struggle to meet their regulatory obligations. With a simple integration, Sandbar provides access to holistic, scalable, and defensible transaction monitoring that allows organizations to grow their businesses safely.”