Alloy, a New York-based leading identity verification platform for banks and fintech companies, raised $100 million in Series C funding.
Lightspeed Venture Partners Justin Overdorff led the round with existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures participated in the round, bringing the company's valuation to $1.35 billion and the total amount raised to over $150 million.
The new round of funding 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.
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.
Company: First Mile Group, Inc.
Round: Series C
Funding Month: September 2021
Lead Investors: Lightspeed Venture Partners' Justin Overdorff
Additional Investors: Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures
Company Website: https://www.alloy.com/
Software Category: Identity verification platform
About the Company: Alloy is a developer of an identity verification platform used to detect fraud and make identity management effective and simple for banks. Alloy is the command center for identity that covers your compliance and fraud-fighting needs. Alloy's platform brings the many pieces of digital identity into a centralized platform, working across more than 120 data sources to enable customers to make better decisions and take a closer look at the full picture of their customers. The company currently services over 200 clients including Ally Bank, HMBradley, Gemini, Ramp, and Evolve Bank & Trust.