Identity decision platform Alloy launches in the UK
LONDON, 9 February 2023 /PRNewswire/ — American fintech Alloy has launched in the UK, and is strengthening its presence in EMEA with key senior hires and office premises in London.
Alloy’s Identity Decisioning Platform helps banks and fintech companies make smarter and faster decisions about the risk profile of each customer, keeping them safe from financial crime. The platform connects to more than 170 data sources, enabling financial institutions to automate customer approval and account opening, and monitor transactions in real time. Over 350 companies worldwide trust Alloy to help them simplify processes and respond quickly to emerging risks.
Fraud is a more serious threat than ever before: 91% of financial institutions said fraud has increased year-over-year, and 71% increased their spending on fraud prevention, according to recent alloy data*. In the UK alone, bank fraud cost consumers almost £610 million in the first half of 2022**.
With Alloy, customers see an average 48% reduction in fraud. UK fintechs now have access to the company’s full range of products, enabling them to stay ahead of regulatory requirements and scale their business with ease.
Alloy’s former COO Edwina Johnson have moved to London to lead global expansion, while James Baston-Pitt, former Vice President of Onfido, will spearhead commercial initiatives as EMEA Director of Growth. The UK team is currently hiring for roles across sales and partnerships, and will continue to build out its go-to-market and customer service capabilities throughout the year.
Since Alloy was founded in 2015, the firm has helped more than 350 av North America’s most innovative banks and fintech startups prevent fraud and financial crime, including Carta, Ramp and Brex. Alloy has risen above 210 million dollars to date, when a 1.55 billion dollars valuation, and last year announced the expansion into 40 new countries. The company has doubled its commitment to EMEA by establishing a physical presence in Londonits first local site outside the United States.
Edwina Johnsonhead of Global on Alloy so: “For financial institutions to remain competitive in today’s market, cross-border functionality is no longer a huge advantage – it’s a must. Fintech startups are now building with a global mindset from day one, and are looking for technology partners who can scale with them , adapt to changing business needs, risk appetite and compliance requirements.
“The UK is one of the world’s most powerful fintech hubs and we look forward to helping innovative local firms unlock their potential overseas. For too long, international expansion has involved trade-offs with risk management, but it hasn’t Alloy provides dynamic support to companies that operate across multiple regulatory environments, allowing them to focus on growing their business without worrying about the threat of fraud.”
To learn more, visit Alloy.com.
*Source: Alloy’s Annual State of Fraud Benchmark Report
**Source: Reuters – Bank fraud falls from COVID high but threatens UK security
About Alloy
Alloy helps over 350 banks and fintech companies make secure and seamless fraud, credit and compliance decisions. Founded in 2015, Alloy’s platform is backed by lead investors from Lightspeed Venture Partners, Bessemer Venture Partners and Canapi Ventures. Alloy’s platform connects companies to more than 170 data sources for KYC/KYB, AML, credit and compliance data through a single API to help create a fraud-free future. Learn more at
Contact
Lydia Woodwardconsultant in LMW PR – [email protected]
Kylee Sibilia at Alloy – [email protected]
SOURCE Alloy
