Venture Capital: Identity Decisioning Platform Alloy Lands $52M
The round valued Alloy at $1.55 billion.
As an identity decisioning platform, Alloy helps banks and fintech companies automate their decisions for onboarding, transaction monitoring and credit underwriting of customers. Using the platform, Alloy clients can access customer information, traditional credit bureau data, and other alternative data through a single point of integration, providing a complete picture of their customer. The company raised an additional $52 million led by Lightspeed Venture Partners and Avenir Growth with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures. (CISION PR NEWSWIRE)
Fraud prevention, compliance, and customer onboarding
Amidst rising demand for identity tools that help companies fight fraud and stay compliant while onboarding new customers in the US and abroad, Alloy has amassed a client base of over 300 companies that use its API-based platform to connect to more than 160 data sources, automate identity decisions during account origination, and monitor them on an ongoing basis.
The company has doubled its revenue over the past 12 months, processing over a million decisions a day.
Alloy recently announced a global expansion into 40 countries across North America, EMEA, LATAM, and APAC.
Notably, the company has been able to raise capital and enhance its valuation amidst a difficult economic environment.
“With this newest investment we’ll be able to accelerate our growth and better address the global fraud challenges that companies are facing,” said Tommy Nicholas, co-founder and CEO of Alloy.
“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 unique holistic view of each customer from the day they onboard and throughout their entire life cycle as a customer,” said Justin Overdorff, Partner at Lightspeed Venture Partners.
Related Story: Identity Verifying Platform Socure Reels In $450M Series E
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