US-based fintech firm Alloy, which supports financial institutions with identity compliance, has raised $12m in Series A funding.

The round was led by Bessemer Venture Partners. Existing backers Eniac Ventures and Primary Venture Partners also joined the round.

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With the new funding, Alloy plans to accelerate its growth by increasing its investment in engineering and data science sectors.

Bessemer Venture Partners GP Charles Birnbaum said: “Alloy has many of the same characteristics of Bessemer’s most enduring developer platform businesses over the years and now sits squarely at the heart of the great rebundling that is in full swing in the fintech landscape.

“We couldn’t be more excited to partner with them as they help their clients grow responsibly in the years ahead.”

Alloy assists banks and fintech companies to automate identity verification using a single API service.

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The technology eliminates the need to manually review applications, streamlining customer on-boarding processes. Additionally, the process reduces fraud risks and back-office costs.

In the last one year, Alloy has entered into strategic alliances with data partners and distribution partners to further its growth.

Alloy co-founder and CEO Tommy Nicholas said: “We’ve known Charles since the beginning and couldn’t be more excited to have a friend and mentor join us for the next chapter.

“Charles and the Bessemer team bring a wealth of experience scaling API and vertical SaaS platforms, so we’re eager to enter the next phase of growth at Alloy with them at our side.”