Alloy, a New York-based Identity Decisioning Platform for banks and fintech companies, has raised an additional $52M at a $1.55B valuation led by Lightspeed Venture Partners and Avenir Growth.
The US fintech company will use the funds to accelerate its growth to address the global demand for fraud prevention tools. The announcement comes a few days after expanding into 40 countries across North America, EMEA, LATAM, and APAC.
“We feel incredibly lucky to have partners that understand the impact of our investments into our platform and in expanding not only globally but also proactively come to the table to support them,” says Tommy Nicholas, co-founder, and CEO of Alloy. “With this newest investment, we’ll be able to accelerate our growth and better address the global fraud challenges that companies are facing.”
Develops identity tools
Founded in 2015, Alloy was built to help connect banks and fintech companies to more sources of KYC, AML and other compliance data. The company has developed identity tools to help companies fight fraud and stay compliant while onboarding new customers in the US and abroad.
Currently, over 300 companies use Alloy’s API-based platform to connect to more than 160 data sources, automate identity decisions during account origination, and monitor them on an ongoing basis.
Over the past 12 months, Alloy has seen revenue more than double. The company currently serves banking and fintech companies, including Ally Bank, HMBradley, Gemini, Ramp, and Evolve Bank & Trust, processing over a million decisions daily.
“With fraud rates on the rise, Alloy plays a critical role in the financial ecosystem by bringing their 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 for new financial technology; leveraging Alloy’s infrastructure gives companies a leg up fighting fraud by giving a uniquely holistic view of each customer from the day they onboard and throughout their entire life cycle as a customer.”
“What makes Alloy unique is that the company hasn’t just built a powerful platform; its team consistently delivers expert guidance to help companies, big and small, navigate risk as well as regulatory requirements,” said Andrew Sugrue, Managing Partner at Avenir.
The post Alloy gets $52M to help fintech companies fight fraud with identity tools appeared first on Tech Funding News.