Alloy raises $52M in another Series C following digital ID partnerships

Know-your-customer (KYC) firm Alloy has raised $52m in its Series C funding led by Lightspeed Venture Partners and Avenir Growth, with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures.

According to the company’s CEO and co-founder, Tommy Nicholas, Alloy will use the funding to help more banks and fintech companies around the world manage their compliance and fraud risk.

“To begin with, we will continue to invest in our global expansion. We announced our move to 40 countries last month and continue to invest in our team and our presence abroad,” says Nicholas.

“We are also working hard to create new features and add new partners to support our growing customer base. We will be ready to make greater investments down the line to support our current and future customers. Stay tuned for more In the meantime, we are also hiring.

The new funds, which bring Alloy’s Series C to $152 million and the company’s total funding to $207.8 million, come months after the KYC firm entered into two separate partnerships with Veriff and Prove, both of which were aimed at enhancing Alloy’s technological capabilities.

In the first of these collaborations, Veriff offers its biometric identity verification functionalities on Alloy’s platform, while the second integrates Prove’s digital telephone identification solutions into the Alloy software.

“With fraud rates on the rise, Alloy plays a vital role in the financial ecosystem by bringing its expertise and platform to emerging fintech companies and established banks,” said Justin Overdorff, partner at Lightspeed Venture Partners.

“Fraud is inevitable and one of the greatest risks for new financial technologies; leveraging Alloy’s infrastructure gives businesses a head start in the fight against fraud by providing a single holistic view of every customer from the day they are onboarded and throughout their lifecycle as a customer. customer.

In adjacent news, KYC compliance management provider Ondato recently launched a virtual branch service solution allowing banks to offer face-to-face virtual appointments to individuals.

Article topics

Alloy | biometrics | digital identity | financial services | fraud prevention | financing | KYC