Alloy, an identity verification service for financial services, has bagged $12m in its Series A round.
Bessemer Venture Partners led the round, with previous Alloy backers Eniac Ventures and Primary Venture Partners also contributing.
Moving forward, Alloy hopes to accelerate the growth of its platform and increase investment into engineering and data science.
Alloy helps banks and FinTechs automate their identity compliance and fraud decisions, with a dashboard to ease KYC and AML management. Through its single API, a company can safely onboard customers, mitigate fraud, and handle high-cost financial risk.
Its platform can automate decisioning by leveraging 60 data sources and will flag suspicious or risky transactions, detect account takeovers, and more. The dashboard also centralizes case management, shows alerts, decision audit trail and reporting.
The company has had an active past 12 months. It has formed several strategic alliances with data partners including Socure and Ekata, as well as distribution partners such as account opening software provides and core banking systems.
Over the course of the past year, the company has run more than two million evaluations on its platform, it claims.
Bessemer Venture Partners GP Charles Birnbaum said, “We have been able to watch the Alloy team work so hard from day one to build what has become the market-leading operating system for identity management for both start-ups and incumbents in the financial services ecosystem.
Alloy has many of the same characteristics of Bessemer’s most enduring developer platform businesses over the years and now sits squarely at the heart of the great rebundling that is in full swing in the fintech landscape.”
The company closed its seed funding round in 2017 on £3.8m, with Eniac Ventures leading the round.
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