Alloy, a New York City-based identity verification provider used by banks and fintechs to combat fraud, announced it has closed on a $52 million funding round. The company said it will use the proceeds from the Series C investment to build on the global expansion it announced in August, when it expanded to reach 40 markets around the world in North America, EMEA, LATAM and APAC.
The funding round was led by Lightspeed Venture Partners and Avenir Growth, with participation from Avid Ventures, Bessemer Venture Partners, Canapi Ventures and Felicis Ventures, and brings the company’s total valuation to $1.55 billion.
“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,” said Justin Overdorff, partner at Lightspeed Venture Partners. “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.”