Alloy, the identity operating system for the financial services industry, has raised USD 40 million in Series B funding led by Canapi Ventures.
Alloy helps banks and fintechs make identity and risk decisions using a single API service and SaaS platform that works across 60 identity providers. From initial customer onboarding to ongoing transactions and events, Alloy leverages data to enable financial institutions to make real-time decisions about high-cost financial risk.
Fintechs and banks such as Ally Bank, Evolve Bank & Trust, and Brex are turning to Alloy to automate their increasingly complex risk decisions.
The funds will be used primarily for investments into the Alloy team. Longer term, Alloy will focus on expanding its R&D to bring new products to market related to transaction and credit decisioning as well as document verification.
Other investors that participated in the funding include Addie Lerner, founder and managing partner at Avid Ventures, and Victoria Treyger, general partner and managing director at Felicis Ventures, who led the firm's fintech investments in Hippo and SentiLink.
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