Sandbar, a company specializing in anti-money laundering (AML) screening solutions, has secured $23.0 million in new investment. This funding round marks a significant milestone for the company, which provides an all-in-one, self-service platform designed to streamline and enhance compliance processes for financial institutions and related service providers.
Sandbar's core offering is an AML screening solution that can function as a complete compliance stack or augment existing internal systems. It provides clean and reliable source information, configurable matching engines, and AI-native alert management interfaces. The platform integrates over 1,000 lists, draws from 60,000 news sources across more than 275 countries, and supports various screening types including sanctions, PEPs, and adverse media. This comprehensive approach allows clients to screen payers and payees at onboarding or on an ongoing, real-time basis, offering a more dynamic and efficient alternative to legacy systems. Sandbar serves fintechs, infrastructure providers, and tangential solutions that require a more adaptable and efficient screening provider.
The newly raised capital will be deployed to accelerate Sandbar's growth initiatives. This includes further enhancing its product development efforts, expanding its team across its current locations in NYC, Buenos Aires, and Austin, and scaling its market reach to serve a broader client base. The investment underscores the growing demand for advanced, flexible AML compliance tools in a rapidly evolving regulatory landscape.
Companies such as Gusto, Papaya, and Salsa already utilize Sandbar for their AML screening needs, highlighting the platform's effectiveness and reliability. This funding round, supported by investors including Lachy Groom, Abstract Ventures, BoxGroup, and NextView, along with numerous founders and executives from prominent technology companies, positions Sandbar to further solidify its presence in the critical AML compliance market. The company aims to continue its trajectory of innovation and expansion, providing essential tools for businesses navigating complex regulatory requirements.
.png&w=3840&q=75)
