Alloy raises $3.8M for data-driven identity verification platform

Alloy raises 3 million

Alloy, the platform helping the financial services industry make data-driven customer decisions, today announces the close of a $3.8 million seed round of equity financing. The round was led by Eniac Ventures, a VC firm focused on early growth stage investments in enterprise, consumer and disruptive technologies. The financing accelerates Alloy’s growth and represents the market need for a simple, effective solution to the complex and cumbersome Know Your Customer (KYC) and Anti-Money Laundering (AML) industries. Eniac Ventures General Partner Nihal Mehta will also join Alloy’s Board of Directors.

“What attracted us to Alloy is the passion of its founders, paired with an enormous market potential to improve operational efficiencies across the identity verification lifecycle,” said Hadley Harris, Founding General Partner at Eniac Ventures.

“Identity verification is complicated. Alloy alleviates the growing strain organizations face when attempting to manage workflows, multiple vendors and monitor for changes through an increasing number of data sources, through a single API.”

Founded by Tommy Nicholas, Charles Hearn and Laura Spiekerman, Alloy is uniquely positioned to help the banking industry and financial institutions make data-driven decisions with an easy-to-adopt, scalable and cost-effective solution. Thomson Reuters reported that global average KYC onboarding time increased 22% since 2015, but Alloy customers significantly reduce onboarding time and can focus on offering a seamless and user-friendly experience. Alloy is live with several customers such as Radius Bank in Boston.

“Burdensome KYC/AML procedures continue to weigh heavily on financial institutions, costing billions of dollars of every year and causing significant strain and loss on the onboarding experience,” said Tommy Nicholas, Founder and CEO, Alloy. “Our customers increased net conversion by as much as 100%, reduced fraudulent customers by up to 30%, and have drastically reduced the manual work required during onboarding.”

About Alloy

Alloy helps companies make better decisions with better information, using a single API service and dashboard to manage identity verification from signup through the lifecycle of the customer. Alloy makes it easy for financial services companies to quickly and safely onboard more customers, mitigating fraud and high-cost financial risk. Visit to learn more and follow them on Twitter @UseAlloy.

Related articles

2 min read
New feature: What-If Analysis lets you measure the impact of workflow changes before they are live

By Leah Bachmann on Sep 15, 2021

Let us introduce Alloy Onboarding’s new What-If Analysis feature. Using historical data, you can now visualize how workflow changes would have impacted your outcomes.

Read more

2 min read
Amerant Bank enlists Alloy to streamline account opening processes

By Laura Spiekerman on Aug 31, 2021

We’re excited to announce that Amerant Bank selected Alloy Onboarding to manage its KYC and KYB for in-branch and digital account opening.

Read more

2 min read
Employee Spotlight: Jonas Fleur-Aime

By Priscilla Philavong on Aug 27, 2021

This month for our Employee Spotlight series, we chatted with one of our engineering managers, Jonas Fleur-Aime, to find out what he looks for while hiring for the Engineering Team and how he finds candidates that are aligned with Alloy's mission and values.

Read more

2 min read
Employee Spotlight: Carmen Perez

By Melissa Vazquez on Jul 13, 2021

This month, we sat down with Carmen Perez, Solutions Architect at Alloy, to talk about her personal finance journey and why she joined the Alloy team.

Read more

Recent Searches