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Alloy CEO Tommy Nicholas breaks down the 3 trends keeping fraud and compliance teams up at night: AI-accelerated fraud, agentic users (KYA), and efficiency mandates.
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Today is an exciting day: we are announcing our $100 million Series C! The round was led by our long-time mentor and friend Justin Overdorff from Lightspeed Venture Partners with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures. This new round of funding brings Alloy’s valuation to $1.35 billion.
NEW YORK, September 30, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced it has raised $100 million in Series C funding. Lightspeed Venture Partners’ Justin Overdorff led the round with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures, bringing the company’s valuation to $1.35 billion and the total amount raised to over $150 million.The new round of financing will be used primarily to further expand Alloy’s product offerings to help fintech companies and banks combat fraud by building out a continuously evolving identity profile throughout a customer’s lifecycle. Over the last year, what began as a platform used to automate onboarding identity decisions has grown to also include transaction monitoring. With this extended capability, Alloy’s API-based platform has started on the journey to creating 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.“We want to make building a fintech product as easy as building an ecommerce product, and we’re thrilled to have Lightspeed on board to help us do that,” said co-founder and CEO Tommy Nicholas. “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.”Improving the developer experience is a significant priority for the Alloy team, especially when it comes to bringing new products to market. By having risk and identity all in one, easy-to-use place, it will enable developer and product teams to use these tools to their full potential. Alloy's platform brings the many pieces of digital identity into a centralized platform, working across more than 85 data sources to enable customers to make better decisions and take a closer look at the full picture of their customers."We're thrilled to put our support behind the Alloy team as their product and mission fits squarely within our thesis that the proliferation of fintech, financial services, and embedded fintech companies is driving increasing demand for tools like Alloy," said Justin Overdorff, Partner at Lightspeed Venture Partners. "Alloy takes the risk off their client’s plate while maintaining operational efficiency throughout the customer lifecycle, making Alloy a crucial piece of the fintech infrastructure stack.” The funds will also be used for investments into the Alloy team, expanding all functions of the business to increase output and specialization in a complex industry. In less than a year, Alloy has seen revenue more than triple and headcount increase by 140%. The company currently services over 200 clients including Ally Bank, HMBradley, Gemini, and Ramp.When asked why they decided to use Alloy in a recent case study, Jacob Wallenberg, Risk Operations at Ramp said “If you were only worried about risk, you wouldn’t be giving anyone a card. So the question becomes, what return do we get for the additional risk? Alloy automates part of our underwriting process so our Risk Operations team can spend their time figuring out this tradeoff between risk and return.”To learn more about Alloy, visit Alloy.com.About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.About Lightspeed Venture PartnersLightspeed is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, and Health sectors. Since 2000, Lightspeed has backed entrepreneurs and helped build companies of tomorrow, including Snap, Affirm, AppDynamics, OYO, Nutanix, Byju's, and Udaan. Lightspeed and its affiliates currently manage more than $10 Billion across the global Lightspeed platform, with investment professionals and advisors in India, Silicon Valley, Israel, China, Southeast Asia and Europe.
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.
It might seem as if the challenges in mitigating fraud are similar across industries and that any fraud and risk management solution could be adapted to whichever type of fraud is relevant to your business, but the truth is it’s not that simple.
NEW YORK, Aug. 31, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced Amerant Bank, N.A., one of the largest community banks headquartered in Florida, will be leveraging its technology to automate the identity verification process when onboarding customers. Through Alloy's platform, Amerant Bank will facilitate the onboarding process for deposit accounts from both businesses and individuals, ensuring the proper protocol is in place to capture and review customer data to reduce exposure to non-compliant account openings. In addition to implementing Alloy's API service for its online operations, Amerant Bank will be among the first to use the technology within branches — allowing team members to access Alloy's holistic dashboard to onboard customers in-person. Headquartered in Coral Gables, Florida, Amerant Bank manages almost $8 billion in assets spanning 25 branch locations in Florida and Texas. Amerant Bank was looking to find a partner to further its mission in providing a superior customer experience, while ensuring it can make smart and safe identity and risk decisions that help improve its bottom line. Alloy will make it easy for Amerant Bank to quickly and safely onboard more customers and automate the vast majority of risk decisions, providing a seamless customer experience and reducing the burden of manual reviews for employees in return. "Providing an exceptional experience for customers, both online and in-person, is at the core of our digital transformation strategy," said Jerry Plush, vice chairman and CEO of Amerant Bank. "With the addition of Alloy, we'll be able to still meet regulatory requirements, while ensuring a faster and more seamless onboarding and underwriting process that will benefit both customers and Amerant team members." Integrating Alloy's single API with onboarding processes provides Amerant Bank access to more than 85 data source products to create an automated KYC/AML process built to scale with demand. Alloy's platform will integrate Amerant's selected data sources to verify an applicant's identity at the beginning of the onboarding process, both online and in-branch. "By streamlining a traditionally manual onboarding process, we can create a frictionless experience for applicants while reducing exposure to fraud," said Tommy Nicholas, CEO and co-founder of Alloy. "We are thrilled to be a part of Amerant Bank's mission of developing strong community relationships and adapting customers' needs in a dynamic and positive way." To learn more about Alloy, visit www.alloy.com. About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy. About Amerant BankAmerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its subsidiaries, Amerant Bank, N.A. (the "Bank"), Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit, and wealth management services. The Bank, which has operated for over 40 years, is the second largest community bank headquartered in Florida. The Bank operates 25 banking centers – 18 in South Florida and 7 in the Houston, Texas area. For more information, visit AmerantBank.com, Investor.AmerantBank.com, and follow Amerant on Facebook, Twitter, Instagram and LinkedIn at @AmerantBank.
In this eBook, we explore how using multiple data source providers in your identity verification process can not only help you mitigate fraud risks, but also bring on more good customers.
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.
Our take on Amazon’s $10 promotion to capture customers’ biometric data.
When an applicant is opening a bank account or applying for a credit card online - the best-case scenario is their application is approved without any hiccups. But what happens when they are denied?
Ramp improves fraud detection efficiency by 75% Alloy Onboarding has helped Ramp with KYB and KYC checks since their launch in 2019
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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.
Our team is already getting excited to head to Las Vegas, Nevada for Money 20/20 in October. Get a first look at some of the activities we plan to participate in at the event.
NEW YORK, June 15, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced the expansion of its platform to include transaction monitoring capabilities, as well as a full rebrand and new website. Now, in addition to the insights gained during account opening, Alloy's Transaction Monitoring gives financial institutions a clear, detailed picture of customer behaviors and risks throughout their entire lifecycle. Digital identity is constantly evolving. Because of that, fraud exists far beyond initial customer onboarding. To support these new challenges, Alloy's increased capabilities will help financial institutions combat fraud and money laundering from all angles. After a customer opens an account, Transaction Monitoring takes over to continuously review their financial activity, flagging risky behaviors for review - behaviors like excessive transactions in a given timeframe. With this extended capability, Alloy's API-based platform can help build a complete identity profile that encompasses the entire customer lifecycle. It is Alloy's mission to help banks and fintech companies use data to automate decisioning and combat fraud. Alloy's platform brings the many pieces of digital identity into a centralized platform, enabling customers to make better decisions and take a closer look at the full picture of their customers. "We've relied on Alloy to automate our onboarding workflow for years, and adding transaction monitoring was the obvious next step," said Jason Gross, co-founder and CEO of Petal. "Now, not only can we quickly verify our users' identities during account opening, but we also get a full picture of their ongoing risks and needs. Seeing that full customer profile gives us the insight we need to prevent fraud, meet compliance requirements, and most importantly support our customers." Coming out of beta, Alloy has already monitored more than 70 million transactions. Current customers, including Petal and HMBradley, have already added Transaction Monitoring into their platforms. In addition to offering a holistic view of customer risk through evolving profiles, key benefits include flexible transaction monitoring, where firms can gain visibility into customer transactions with batch or real-time API monitoring. Transaction Monitoring also allows them to create custom rules and workflows – flagging high-risk events and transactions that can be configured without the use of coding. "Transaction Monitoring is a natural extension of our technology; we want to be the command center for all things identity," said Tommy Nicholas, CEO and co-founder of Alloy. "Not only can we eliminate manual processes and make life easier for our clients, but painting a true, holistic picture of a person's digital identity ultimately creates a much more seamless experience with less noise and disruption for their end customers as well." As the product and company have matured, Alloy's brand platform is growing too, starting with the launch of a completely redesigned website featuring unifying messaging, as well as a new logo and colors. The rebrand focuses on helping our clients "know the unknown" by introducing multiple perspectives. The new visual brand incorporates an unexpected color palette with a geometric design system that gives a retro nod to the past and a minimalistic and clean layout that modernizes the design - similar to Alloy's approach to modernizing identity decisioning in a legacy financial services industry. "This new brand properly expresses the potential of Alloy to people considering using our product or joining our team," said Charles Hearn, co-founder and CTO. "When we were making the original Alloy identity six years ago, we were a small team with a focused vision. Today, we are a diverse company of over 100 people working on a much more ambitious mission, and we needed to create a more flexible and comprehensive brand identity to communicate all of that." For more information, visit www.Alloy.com. About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.
We’re excited to announce that as of June 14, 2021, Alloy’s brand has a new look! As our product and company have matured, our visual brand is growing too. We are thrilled to present our new website, logo, and colors.
Today we are announcing the addition of Transaction Monitoring to our suite of solutions.
Alloy hit an important milestone last month when we hired our 100th full-time employee. Founded in 2015, Alloy started as a scrappy 7-person startup. At the beginning of 2020, we were at 30 employees.
NEW YORK, June 1, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced three key appointments to its growing leadership team. Kiran Hebbar joins as Chief Financial Officer (CFO), where he will be responsible for leading the finance functions and helping to scale the business. Alloy has also tapped Joel Raha as VP of Engineering to help drive research and development efforts, and Natalie Seidman as VP of Enterprise Sales to lead business development into larger enterprise markets. Prior to joining Alloy, Hebbar served as CFO at mParticle for over three years. He has a proven track record of scaling high growth software companies as CFO/COO, combined with a decade of venture investing experience as a general partner at venture capital firm Valhalla Partners where he invested in B2B SaaS companies. He started his career in software development and product management roles at high growth software companies. Hebbar's unique skill set spanning strategy, finance, product, engineering and growth enables him to translate a company's vision into financially savvy operating plans with the goal of increasing enterprise value. "Beyond the value Alloy's technology is already providing to banks and fintech companies, the team has an incredible growth vision and the potential is really limitless," said Hebbar. "It's clear that the company is paving the way for the future of this sector and I'm thrilled to be along for the ride. I look forward to bringing my expertise into the equation to accelerate the momentum." With nearly two decades of experience in software development and engineering, Joel Raha joins Alloy to deliver technology solutions and product development that will fuel product and market expansion. Most recently, he served as Senior VP of Engineering at 7Park Data where he scaled engineering and developed a data transformation platform enabling engineers, data scientists, and research analysts to transform raw data into actionable insights for professional investors. Raha graduated from Cornell with a Bachelor of Science in Computer Engineering and received a Masters of Technology Management at Columbia University. Natalie Seidman brings over 20 years of enterprise sales management experience to her new role. She was previously the VP of Sales, Americas at e-commerce fraud detection company Riskified, where she worked with top online merchants in the US, Canada and LATAM. Seidman has a strong background in data and analytics and is an expert in supporting top companies achieve their strategic goals, making her an invaluable asset to drive Alloy's future growth. Her prior experience spans various sales, data partnership and business leadership roles working primarily with startups focused on using data to solve problems based on changing consumer behaviors. "We're ecstatic to welcome Kiran, Joel and Natalie to our leadership team," said co-founder and CEO Tommy Nicholas. "They each bring unique perspectives from all areas of the business world. We have big, lofty goals for the next year at Alloy and we need the best of the best to help drive that. Each new addition to our leadership bench will undoubtedly play a critical part in making those goals a reality." Alloy is a smart identity solution that helps companies in financial services and other regulated industries safely onboard more customers without introducing any additional fraud into their systems. Its single API and SaaS platform leverages data from more than 85 sources to help financial institutions make real-time decisions about high-cost financial risk. Alloy makes it easy to quickly and safely onboard and manage more customers, automating the vast majority of decisions, mitigating fraud and high-cost financial risk, and reducing the burden on the back office and manual review queues. To learn more about Alloy, visit www.alloy.com. About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.
As a continuation of our employee spotlight series, I recently spent some time with Monica Murthy, Partnerships Lead at Alloy. We caught up about Monica’s time here and her participation in Alloy’s recent Hackathon — Gumption Days!
We’re honored to be included in Inc. Magazine’s annual list of best workplaces. The list highlights companies with high employee engagement creating a great culture for their employees.
This month, we sat down with Deepa Sathaye, Senior Software Engineer @ Alloy, to talk about financial literacy and life at Alloy.
NEW YORK, April 7, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced Gemini, a leading cryptocurrency exchange and custodian, will be leveraging its platform to automate identity decisions and verification for the new Gemini Credit Card. Gemini will use Alloy to facilitate its onboarding process for credit card customers and help to ensure the right systems are in place to capture and review customer data to reduce exposure to non-compliant account openings. Gemini's recently announced novel crypto rewards credit card is regulated under the same KYC/AML protocols as traditional credit cards, meaning there's a critical need to balance approval speed with the ability to meet stringent compliance requirements. The Gemini Credit Card will work like a traditional credit card, available to U.S. residents in every state and widely accepted wherever major cards are accepted. Cardholders will earn up to 3% back on every purchase in bitcoin or other crypto which will be automatically deposited into their Gemini account. "With the Gemini Credit Card, our goal is to allow people to easily earn crypto on everyday purchases," said Thomas Harrison, Group Product Manager at Gemini. "Alloy's technology is the identity engine empowering us to meet the same regulatory requirements as traditional credit cards, while also providing a fast and seamless onboarding and underwriting process." Integrating Alloy's single API with their onboarding process provides Gemini with access to more than 85 data source products to create an automated KYC/AML process built to scale with demand. During onboarding, the Alloy platform uses the integrated data sources to verify the applicant's identity. Once identity is confirmed, Alloy helps determine if the applicant is safe to lend money to and what their credit limit and APR should be based on rules set by Gemini. "We are excited to be a part of Gemini's journey to innovate the credit card space and lessen the complexity surrounding compliance," said Tommy Nicholas, CEO and co-founder of Alloy. "By automating the traditionally manual processes involved in onboarding and underwriting, we can create a seamless experience for Gemini Credit Card applicants while also reducing overall exposure to fraud." For those who are interested in learning more about the Gemini Credit Card, they can join the waitlist at https://www.gemini.com/credit-card/waitlist. About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.
At Alloy, we are proud to share profiles of the stellar talent on our team. We begin this series in March, Women’s History Month — but, for us it’s every month when it comes to uplifting women in…
Alloy is your command center for identity, giving you an easy-to-use dashboard that covers your compliance, KYC and fraud-fighting needs.
