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September 2, 2022

Fintech Alloy garners $52m funding to accelerate international expansion

Alloy, a US-based identity decisioning platform for banks and fintech firms, has secured $52m funding at a valuation of $1.55bn.

The funding round was led by Lightspeed Venture Partners and Avenir Growth. 

The round also saw the participation of Canapi Ventures , Bessemer Venture Partners , Avid Ventures and Felicis Ventures.

The funding will eb used by the company to fund its planned expansion in 40 countries across North America, Latin America, Asia Pacific, Europe, Middle East and Africa.

Alloy’s Application Programming Interface (API) based platform offers identity verification services to banks and fintech firms.

At present, the platform is being used by nearly 300 firms to connect to over 160 data sources and automate identity decisions for account origination.

Alloy CEO Tommy Nicholas said: “We feel incredibly lucky to have partners that not only understand the impact of our investments into our platform and in expanding globally but also proactively come to the table to support them.

“With this newest investment we’ll be able to accelerate our growth and better address the global fraud challenges that companies are facing.”

In October 2021, Alloy raked in $100m in a Series C funding round at a valuation of $1.35bn. 

The firm planned to use the capital to increase its headcount, expand product offerings and functions of the business to increase output and specialisation.

As part of its efforts to strengthen clients’ ability to verify and authenticate customer identities, Alloy collaborated with Prove in March this year.

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