Amidst a torrent of dour news for fintech startups, Alloy has been celebrating a banner year. With its mission to help traditional banks and fellow fintechs alike fight fraud and maintain compliance, the company has seen remarkable growth in demand for its services.
A startling $1.35 billion valuation last year led to raising $100 million in Series C funding. Now, with that money “still in the bank,” according to Chief Executive Officer and Co-Founder Tommy Nicholas, the company has raised an additional $52 million, bringing its valuation to $1.55 billion. This latest fundraise was led by Lightspeed Venture Partners and Avenir Growth.
“Fraud is changing quickly for our customers,” Nicholas said in a recent interview. “We’ve gone global and we’re doing more things than ever. We know opportunities are going to arise where we’re going to need to make R&D investments.”
As Nicholas explained, much of Alloy’s new war chest is going to be devoted to bringing faster, more secure anti-fraud and compliance products to market. The company is also looking to its recent partnership with Nova Credit to bring new customer pools to its financial clients.