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Alloy Raises $40 Million in Series B Funding

September 16, 2020 / PR Newswire
SHARESHARESHARE

Alloy, the identity operating system for the financial services industry, today announced it has raised $40 million in Series B funding. Canapi Ventures led the round with participation from Felicis Ventures and Avid Ventures, as well as existing investors Bessemer Ventures, Primary Venture Partners, and Eniac Ventures. In addition, Canapi Ventures partner Walker Forehand will join Alloy's board of directors. Fintechs and banks alike are turning to Alloy to automate their increasingly complex risk decisions. In the last year alone, Alloy has seen significant growth in recurring revenue and its customer base has nearly doubled, servicing over 90 customers including Ally Bank, Evolve Bank & Trust, and Brex. The fully automated Alloy platform delivers a dramatic reduction in fraud, an increase in approval rates for good customers, and a 95% reduction in manual reviews. The company has also more than doubled its internal headcount to accommodate the growing demand for its services.