Alloy, the New York-based startup behind an operating system that helps banks and fintechs make better identity and risk decisions, has joined the unicorn club off the back of a $100 million Series C funding round led by Lightspeed Ventures.
Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures joined the round, which brings Alloy's valuation to $1.35 billion.
The money will be used to build out Alloys product offering. Over the last year, what began as a platform used to automate onboarding identity decisions has grown to also include transaction monitoring.
Now, the firm wants to ensure that its API-based platform can be used to create customer identity profiles that can be used to prevent fraud and minimize risk; future product expansions will incorporate richer data and risk signals to give financial institutions a full, 360-degree picture of their customers.
Tommy Nicholas, CEO, Alloy, says: “Identity and its associated risk isn’t something businesses should be figuring out, it should just be something they install.
"As Alloy grows into a multi-product platform for the full customer identity lifecycle, we can not only help make risk easier to understand, but also further industry innovation by making fintech products easier to build.”