Digital identity command centre Alloy has secured $100m in its Series C funding round, bringing its valuation to $1.35bn.
Lightspeed Venture Partners partner Justin Overdorff served as the lead investor, with commitments also coming from existing backers Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures.
With the capital burst, the RegTech company hopes to expand its product offerings to help more FinTech companies and banks improve their protections against fraud. Part of this will see richer data and risk signals used to give a client a full 360-degree view of their customer.
Alloy has seen strong growth this year, with its revenues more than tripling and its headcount growing by 140%.
It currently has over 200 clients, including Ally Bank, HMBradley, Gemini, Ramp and Evolve Bank & Trust.
Alloy works as the command centre for digital identity, connecting with 120 data source products to ensure a company can verify identities.
Over the past year, Alloy has released new transaction monitoring tools. This is part of its ongoing mission to create customer identity profiles that can prevent fraud and minimise risk.
Alloy co-founder and CEO Tommy Nicholas said, “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.
“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.”
With the close of the round, the RegTech company has raised a total of $150m in funding. Its previous investment was a $40m Series B round back in 2020. The round was led by Canapi Ventures, with contributions also coming from Felicis Ventures and Avid Ventures.
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