ID verification platform Alloy raises $52m in Series C extension round
ID verification platform Alloy has raised $52 million in an extension to its Series C funding round.
Alloy CEO Tommy Nicholas
Lightspeed Venture Partners and Avenir Growth led the extension round, with existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures also participating.
Last year, Alloy became a unicorn after landing an initial $100 million in Series C funding, which took the firm’s valuation to $1.35 billion.
According to TechCrunch, the latest funding values the company at $1.55 billion.
The fresh capital will support Alloy’s continuing global expansion, with the firm recently announcing its move into 40 countries across North America, EMEA, Latin America and APAC last month.
Announcing the funding, Alloy CEO Tommy Nicholas says: “We’ll be ready to make some bigger investments down the line to support our current and future clients.”
Alloy says it is also developing new features and adding new partners to support its growing client base and to continue helping banks and fintech companies around the world manage their compliance and fraud risk.
“Fraud is one of the silent killers of financial products. The massive impact fraud attacks have on businesses is widely underestimated,” Nicholas says, citing research that shows 64% of financial institutions are being “outmanoeuvred” by fraudulent applications.
