Identity verification platform Alloy nabs £3.8m seed

Identity verification platform Alloy has pulled in £3.8m in its seed funding round led by Eniac Ventures.

The platform uses a single API and dashboard to help manage identity verification from initial signup through to the end of the customer lifecycle. Alloy is designed to help the banking industry and financial institutions data-drive decisions through the easy-to-adopt solution.

Businesses are able to receive help for KYC and AML processes and ensure that the company is fully compliant.

Alloy founder and CEO Tommy Nicholas said, “Burdensome KYC/AML procedures continue to weigh heavily on financial institutions, costing billions of dollars of every year and causing significant strain and loss on the onboarding experience. Our customers increased net conversion by as much as 100%, reduced fraudulent customers by up to 30%, and have drastically reduced the manual work required during onboarding.”

Following the investment Eniac Ventures general partner Nihal Mehta will join the company’s board of directors.

Earlier this year Eniac Ventures closed its fourth fund on $100m, with the firm looking to support startups in recruitment, PR, operations, business development, networking and fundraising. This vehicle follows the company’s previous fund which closed on $55m in 2015.

Last year the firm took part in mobile banking app Zero’s $2.5m seed round and also in auto-financing platform AutoFi’s $2.5m seed round.

The anti-fraud sector has not had as strong of a year for funding compared to last year, with the first three quarters seeing around $247m deployed, compared to the same period last year where $351m had been invested.

Copyright © 2017 FinTech Global

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