Fraud prevention platform Alloy hits unicorn status with $100m investment
Banking ID platform Alloy has landed $100 million in a Series C funding round, bringing the firm’s valuation to $1.35 billion.
Alloy CEO, Tommy Nicholas
The cash will be used to build a “continuously evolving identity profile” that reflects the full customer lifecycle, Alloy says, and to invest in its workforce.
Alloy’s API-based platform automates onboarding identity decisions alongside transaction monitoring. The firm says it brings together more than 85 customer data points to help fintechs and banks combat fraud.
It aims to develop customer identity profiles that will incorporate “richer data and risk signals” to give financial institutions a “360-degree” picture of their customers.
This latest funding round was led by Lightspeed Venture Partners, with contributions from Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures.
It brings the total amount raised by Alloy to over $150 million.
Alloy CEO and co-founder, Tommy Nicholas, says: “We want to make building a fintech product as easy as building an ecommerce product.
“Identity and its associated risk isn’t something businesses should be figuring out, it should just be something they install.”
