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Alloy raises $40m for identity operating system

Alloy raises $40m for identity operating system

Alloy, the New York-based startup behind an operating system that helps banks and fintechs make better identity and risk decisions, has raised $40 million in a Series B funding round led by Canapi Ventures.

Avid Ventures, Felicis Ventures, Bessemer Ventures, Primary Venture Partners, and Eniac Ventures joined the round. Canapi partner Walker Forehand will join Alloy’s board.

Alloy describes itself as the end-to-end operating system for identity, providing FS firms with a single API service and SaaS platform that uses data to make real-time decisions about high-cost financial risk from initial customer onboarding to ongoing transactions and events.

The firm says it has seen its recurring revenue grow substantially in the last year, while its customer base has nearly doubled. It is now predicting that this growth will continue as the Covid-19 pandemic accelerates the shift to digital channels.

The new funding will be primarily used to increase an already fast-growing team, with sales and marketing being the immediate focus.

Tommy Nicholas, CEO, Alloy, says: "Our investors have extensive experience scaling fintech companies and developing industry-changing SaaS platforms. Their investment is a further validation of our team and mission to help financial companies deploy safe and seamless digital customer experiences."

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