Alloy enjoys funding success following recent global expansion
Alloy, identity decision platform for banks and fintech companies, has raised $52 million in new funding following its recent global expansion.
The funding, led by Lightspeed Venture Partners and Avenir growth, with participation also from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures, bringing the company’s valuation to $1.55 billion.
Back in August, New York-based Alloy expanded its fraud and risk decisioning platform to 40 countries across North America, EMEA, LATAM and APAC. It already had an established presence in EMEA and will use the new funding to accelerate growth to meet global demand for fraud prevention tools.
Tommy Nicholas, co-founder and CEO of Alloy, says, “We feel incredibly fortunate to have partners who not only understand the impact of our investments in our platform and expand globally, but who also proactively come to the table to support them. With this latest investment, we will be able to accelerate our growth and better address the global fraud challenges facing companies.”
API-based platform
Alloy gives clients access to customer information, traditional credit bureau data and other alternative data through a single point of integration, providing a complete picture of their customer. More than 300 companies, incl Ally Bank, HMBradley, Gemini, Ramp and Evolve Bank & Trust, use Alloy’s API-based platform to connect to more than 160 data sources, automate identity decisions during account creation and monitor them continuously.
The company, founded in 2015, says it has helped some of the most innovative banks and fastest-growing fintech companies grow and scale their operations by allowing them to find more good customers and bring them into their products without increasing the risk of fraud .
“With fraud rates on the rise, Alloy plays a critical role in the financial ecosystem by bringing its expertise and platform to both emerging fintech companies and established banks,” said Justin Overdorff, partner at Lightspeed Venture Partners.
“Fraud is inevitable and one of the biggest risks of new financial technology; Leveraging Alloy’s infrastructure gives businesses a leg up against fraud by providing a unique holistic view of each customer from the day they are on board and throughout their customer lifecycle.”
