Alloy Announces Additional $52 Million for Series C
Alloy logo

Alloy Announces Additional $52 Million for Series C

A FinTech that helps other FinTechs as well as banks to better automate their decision-making process has raised more money on top of its recent “megaround.” Last week, Alloy announced that it had raised another $52 million, with the latest round valuing the company at $1.55 billion. These funds add to the company’s previously-announced $100 million Series C nearly one year ago. The round was led by Lightspeed Venture Partners and Avenir Growth, while existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures also participated. With the new funds, Alloy plans to further expand its product offerings.

Alloy is an “Identity Decisioning Platform” that aims to help banks and FinTechs onboard customers with less risk of fraud — and without the need for manual reviews. The platform makes these decisions using more than 120 data sources. According to a press release, Alloy’s revenue has more than doubled over the past year. Additionally, the company’s services are currently used by Ally Bank, HMBradley, Gemini, and Evolve Bank & Trust among other institutions, with more than one million decisions processed on a daily basis.

Commenting on the extended Series C, Alloy co-founder and CEO Tommy Nicholas stated, “We feel incredibly lucky to have partners that not only understand the impact of our investments into our platform and in expanding globally but also proactively come to the table to support them. With this newest investment, we’ll be able to accelerate our growth and better address the global fraud challenges that companies are facing.”

Elsewhere, Lightspeed Venture partner Justin Overdorff said of his firm’s investment, “With fraud rates on the rise, Alloy plays a critical role in the financial ecosystem by bringing their expertise and platform to both emerging FinTech companies and established banks.”

Overdorff added, “Fraud is inevitable and one of the biggest risks for new financial technology; leveraging Alloy’s infrastructure gives companies a leg up fighting fraud by giving a unique holistic view of each customer from the day they onboard and throughout their entire life cycle as a customer.”

With this addition to its already-impressive Series C, Alloy seems poised to be the next big “behind the scenes” FinTech, joining the ranks of Plaid and Stripe. This is to say that, while most people who might encounter Alloy’s product won’t know they’re doing so — yet, the company continues to grow in terms of valuation and revenue. It’s also notable that this funding raise comes as the FinTech sector has been facing its fair share of challenges. All this is to say that, with unicorn status already achieved, it seems the sky is the limit for Alloy.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...