Alloy raises $12 million led by Bessemer Venture Partners
Alloy , the identity operating system for the financial services industry, today announced it has raised $12 million in Series A funding. Bessemer Venture Partners led the round and was joined by previous investors including Eniac Ventures and Primary Venture Partners.
Alloy helps banks and fintech companies automate their identity compliance and fraud decisions. Financial institutions have traditionally relied on outdated, siloed identity databases. These antiquated systems result in ~50% of applicants being sent to manual review, which leads to high abandonment and huge back-office costs. The first identity orchestration layer of its kind, Alloy’s API and SaaS platform have transformed digital onboarding and identity for financial services.
In the past 12 months alone, Alloy has implemented strategic alliances with data partners, such as Socure and Ekata, as well as distribution partners like account opening software providers and core banking systems. Moreover, Alloy has run over 2 million evaluations in its platform. Fintech companies and digitally-focused retail banks are quickly turning to Alloy to be the engine behind their digital financial services and products, automating 95%+ of onboarding decisions, cutting fraud drastically, and reducing back-office costs.
