Alloy, the identity decisioning platform for banks and fintech companies, has bagged fresh funding of $52million following its recent global expansion.
The funding, led by Lightspeed Venture Partners and Avenir Growth, with participation also from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures, brings the company’s valuation to $1.55billion.
Back in August, New York-based Alloy extended its platform for fraud and risk decisions to 40 countries across North America, EMEA, LATAM, and APAC. It already had an established presence in EMEA and will use the new funding to help accelerate its growth to address the global demand for fraud prevention tools.
Tommy Nicholas, co-founder and CEO of Alloy, says: “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.”
Alloy provides clients with access to customer information, traditional credit bureau data, and other alternative data through a single point of integration, providing a complete picture of their customer. More than 300 companies, including Ally Bank, HMBradley, Gemini, Ramp and Evolve Bank & Trust, 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.
The company, founded in 2015, says it has helped some of the most innovative banks and fastest growing fintech companies grow and scale operations by allowing them to find more good customers and bring them into their products without increasing their risk of fraud.
“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 unique holistic view of each customer from the day they onboard and throughout their entire life cycle as a customer.”
Image and article originally from thefintechtimes.com. Read the original article here.