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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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Our DEI committee and employee resource groups (ERGs) are continuing to put together awesome events and volunteer opportunities for Alloy employees. Take a look at what went on over the past 30 days, including Black History Month and Lunar New Year celebrations.
LONDON, Feb. 9, 2023 -- US fintech Alloy has launched in the UK, strengthening its presence in EMEA with key senior hires and office space in London. Alloy's Identity Decisioning Platform helps banks and fintech companies to make smarter and faster decisions about the risk profile of each customer, and keep them safe from financial crime. The platform connects to more than 170 data sources, enabling financial institutions to automate customer approval and account opening, and monitor transactions in real time. Over 350 companies around the world trust Alloy to help them simplify processes and respond rapidly to new risks. Fraud is a more serious threat than ever before: 91% of financial institutions said that fraud has increased year-on-year, and 71% increased their spending on fraud prevention, according to recent Alloy data*. In the UK alone, bank fraud cost consumers almost £610M in the first half of 2022**. With Alloy, clients see an average 48% reduction in fraud. UK fintechs now have access to the company's full product range, enabling them to stay ahead of regulatory requirements and scale their operations with ease. Alloy's former COO Edwina Johnson has relocated to London to head up global expansion, while James Baston-Pitt, former Vice President at Onfido, will spearhead commercial initiatives as the EMEA Director of Growth. The UK team is currently hiring for roles across sales and partnerships, and will continue to build out its go-to-market and client services functions throughout the year. Since Alloy was founded in 2015, the firm has helped more than 350 of North America's most innovative banks and fintech startups prevent fraud and financial crime, including Carta, Ramp and Brex. Alloy has raised over $210M to date, reaching a $1.55BN valuation, and last year announced its expansion into 40 new countries. The company has doubled down on its commitment to EMEA by establishing a physical presence in London, its first local site outside the US. Edwina Johnson, Head of Global at Alloy said: "For financial institutions to remain competitive in today's market, cross-border functionality is no longer a major advantage - it's a must. Fintech startups are now building with a global mindset from day one, and looking for technology partners who can scale with them, adapting to their changing business needs, appetite for risk, and compliance requirements. "The UK is one of the world's most powerful fintech hubs, and we can't wait to help innovative local firms unlock their potential abroad. For too long, international expansion has involved trade-offs with risk management, but that doesn't have to be the case. Alloy provides dynamic support for companies operating across multiple regulatory environments, so they can focus on growing their business without worrying about the threat of fraud." To learn more, visit Alloy.com. *Source: Alloy's Annual State of Fraud Benchmark Report**Source: Reuters - Bank fraud falls from COVID high but threatens UK security About AlloyAlloy helps over 350 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy's platform connects companies to more than 170 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud. Learn more at https://www.alloy.com ContactLydia Woodward, consultant at LMW PR - [email protected] Sibilia at Alloy - [email protected]
NEW YORK, New York – February 7, 2023 Enigma, a data science company that provides comprehensive intelligence about the financial health and identity of every U.S. business, announced today they have partnered with identity decisioning platform Alloy, the leading onboarding and transaction monitoring solution for banks and fintech companies. Working together, Enigma and Alloy will provide financial institutions a rich, unified view of small and medium businesses, all within the Alloy platform. “Partnering with Alloy reflects our commitment to providing access to timely, accurate data about small and medium businesses,” said Charles Zhu, VP of Product at Enigma. “Alloy’s customers will now have access to monthly revenues and other financial health data to fuel credit decisions, right in the platform.” Enigma’s proprietary machine learning algorithms combine hundreds of public and private data sources to generate its data about the financial health of more than 30 million small and medium businesses. Now, Enigma’s data joins Alloy’s curated library of over 170 rich data sources, offered via Alloy’s API-based platform, empowering customers to automate identity decisions during account origination, monitor them on an ongoing basis and centralize credit decision workflows in one place. For financial institutions that leverage Alloy to grow and scale their operations, the partnership unlocks an all-in-one option for integrating Enigma’s small business intelligence for decision-making. Offering this new kind of data about small businesses, an underserved segment of the economy, delivers on Alloy’s mission of creating a more dynamic and accessible financial industry. “We’re creating a future where financial services are accessible for all, including the millions of small businesses that may fall outside the historic profile for what ‘creditworthy’ looks like,” said Brian Bender, VP of Strategic Alliances at Alloy. “Our partnership with Enigma gives financial institutions access to the timely data they need to say ‘yes’ to more small businesses.” About Enigma Enigma provides comprehensive intelligence about the identity and financial health of every small and medium business across the United States. By engineering better data from hundreds of public and third-party sources, Enigma provides a clear picture of a business and its operations, so that companies of every size can access the financial services they need to grow and thrive. Financial organizations from the world’s largest banks to tomorrow’s unicorns use Enigma's data to better serve their small business customers. To learn more visit https://enigma.com. About Alloy Alloy helps over 360 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy’s platform connects companies to more than 170 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud.
Alloy’s LGBTQ+ employee resource group (ERG), Out & About, kicked off the year with a bang ?— hosting our first ERG event of the year and biggest ERG event to date, a drag competition for charity to benefit Lambda Legal.
NEW YORK, Jan. 9, 2023 -- Leading Identity Decisioning Platform, Alloy, today released a report finding that 27% of respondents lost over $1M to fraud in the last 12 months. 70% of respondents reported losing over $500K to fraud, with fintech companies and regional banks being the most likely to report higher losses. 37% of fintech companies and 31% of regional banks estimated losing between $1-10M to fraud. The Annual State of Fraud Benchmark Report surveyed over 250 decision-makers working at financial institutions including community banks, fintech, crypto, national banks, regional banks, and online lending institutions). The survey ran from September 8-20, 2022, and respondents came from roles across fraud, compliance, risk technology procurement, digital banking strategy, and account opening. Fraud continues to plague financial institutions of all sizes and across all segments. One-third of respondents said they experienced between 1,000 and 10,000 fraud attacks in the last twelve months. 91% of respondents said fraud has increased year-over-year since 2021. "Fraud is the highest it's ever been," said Tommy Nicholas, CEO and co-founder of Alloy. "Rapid digitization and an influx of cash from pandemic relief scams have created the perfect conditions for fraudsters to thrive. Regardless of sector or size, financial institutions must do more to keep their customers' assets safe from fraud, but without compromising on the customer experience." The report also found that fraud prevention is a costly and time-consuming enterprise for financial institutions: two-thirds of respondents reported that over half of their workforce is working on fraud-related activities. 71% of respondents have increased their spending on fraud prevention YoY. Respondents were also concerned about additional 'hidden' costs of fraud such as legal repercussions, regulatory fines, reputational damage, and loss of clients. Respondents reported that the main barrier to defending against fraud is automation. 46% of respondents cited a greater need for automation as the most common barrier to being prepared to combat fraud, followed by an absence of dedicated teams for fraud (41%) and the inability to adapt to new threats (39%). For more insights, read the full report here. About Alloy Alloy helps over 360 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy's platform connects companies to more than 170 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud. Learn more at https://www.alloy.com
Looking back at the good (Alloy’s global expansion?), the bad (crypto crash?), and the ugly (Taylor Swift ticket-gate?)
As we wrapped up the 2022 calendar year, our Employee Resource Groups (ERGs) continued to put on some stellar events. Read on to catch up on how Trail Blazers, Black Alliance, AAPI @ Alloy, and HOLA closed out the year.
NEW YORK, December 1, 2022 -- Alloy, the leading Identity Decisioning Platform, will help crypto companies prevent fraud while also staying ahead of compliance requirements. New integrations will build on Alloy’s commitment to securing the next wave of crypto, working with leading customers in the space to power their onboarding solutions and transaction monitoring.Since 2015, Alloy has helped some of the most innovative banks and fastest growing fintech companies grow and scale operations, including Ally Bank, HMBradley, and Ramp. Alloy helps clients like these find more good customers and bring them into their products without increasing fraud risk. While traditional financial products have solved risk with friction, Alloy’s platform is designed for transparency and efficiency to safely onboard the next billion crypto users.“The time has come for crypto companies to take a future-forward approach to ensuring compliance is integrated into every step of their product lifecycle,” said Charley Ma, General Manager of Fintech at Alloy. “Alloy is ready to help our customers bridge this gap between regulation and implementation. With Alloy’s platform, crypto providers can safely assess any potential threats enabling faster transactions while mitigating regulatory drawbacks.”Alloy has formed new strategic partnerships with crypto-specific providers like Fiat Republic, Fortress, and Chainalysis. With the aid of these partnerships, customers can automate compliance measures, transaction monitoring, and identity decisioning for their end users, ultimately unlocking faster access to crypto platforms with reduced risk.“More regulation of the crypto industry in the US is imminent,” said Albert Forkner, CEO of Fortress Trust and former Banking Commissioner (WY). “In partnership with Alloy, our goal is to make it easier for Web3 companies to both become and remain compliant using purpose-built infrastructure.”“The vast majority of crypto transactions are legitimate, however, as global adoption of crypto grows, the number of illicit transactions is growing alongside it," said Jordan Bregman, Business Development Lead at Chainalysis. "Alloy’s data-driven identity decisioning insights coupled with Chainlaysis’ data and products can help stop criminals and help to prevent fraud and other illicit exposures, making cryptocurrency a safer and more accessible ecosystem for consumers around the globe.”To learn more about Alloy platform and capabilities to help crypto companies fight fraud, visit https://www.alloy.com.About AlloyAlloy helps over 300 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy’s platform connects companies to more than 160 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud. Learn more at https://www.alloy.com
Alloy’s Employee Resource Groups (ERGs) are hitting their stride as Trail Blazers and Out & About threw some spectacular events this past month.
NEW YORK, November 2, 2022 -- Alloy, the leading Identity Decisioning Platform and transaction monitoring solution for banks and fintech companies, today announced its partnership with Fiat Republic, the fiat-as-a-service platform democratizing access to banking infrastructure for crypto platforms. Over 300 companies use Alloy’s API-based platform to connect to more than 160 data sources, automate identity decisions during account origination, and monitor them on an ongoing basis. Alloy has helped some of the most innovative banks and fastest growing fintech companies grow and scale operations by allowing them to find more good customers and bring them into their products without increasing their fraud risk. Alloy believes crypto platforms should take a risk-forward approach to risk and compliance, building crypto products with consumer safety and security in mind. With a strong focus on fraud, Alloy empowers crypto companies to future-proof against shifting regulations and an increasingly complex legal landscape. While traditional financial products solve risk with friction, crypto platforms can forge a new path with financial products like Alloy, designed for transparency and efficiency, enabling safe onboarding for the next billion Web3 users. Fiat Republic, a Web2.5™ company, was born to serve crypto native platforms, which, up until now, have had access to sub-par, slow, and expensive fiat rails (or no access at all). Fiat Republic believes that fiat access will play a vital role in unlocking crypto to the masses. It’s essential to level up and harmonize compliance standards for crypto platforms to unlock access to tier 1 banks. This is critical to delivering better, more efficient, and sustainable fiat rails. With Alloy, Fiat Republic’s customers can automate compliance measures, transaction monitoring, and identity decisioning for their end users, ultimately unlocking better and faster fiat rails for crypto with reduced risk. Fiat Republic has built a fiat-as-a-service platform that aggregates multiple banks across jurisdictions, including the UK, Europe, and the U.S, all via a single API. With a strong focus on integrating into local payment schemes, Fiat Republic empowers crypto platforms to benefit from faster and cheaper payment rails for their users to deposit and withdraw funds. With a compliance-first data architecture, its process delivers end-to-end visibility of money flows and radically simplifies payment operations. “In today’s regulatory environment, it can be challenging for fintech companies to make the jump to crypto without fully understanding how to avoid regulatory repercussions,” said Charley Ma, General Manager of Fintech at Alloy. “Fiat Republic shares our mission to make digital finance accessible for everyone, and we look forward to strengthening their cohesive community with identity decisioning that enables crypto platforms to grow in a compliance manner without fear of fraud.” “Crypto platforms desperately need access to reliable banking rails, however they face a number of obstacles. Our vision is to transform fiat access for Web3, delivering a single fiat API that aggregates banks, and provides sustainable access to local payment rails. The opportunity to partner with Alloy, who shares this DNA as a fellow aggregator, was one we’re really excited about,” said Adam Bialy, Founder and CEO at Fiat Republic. “We’re absolutely delighted to power Alloy’s crypto customers with access to better banking for their treasury and end-user needs.” To learn more about Alloy, visit https://www.alloy.com About Alloy Alloy helps over 300 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy’s platform connects companies to more than 160 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud. Learn more at https://www.alloy.com About Fiat Republic Fiat Republic is an EMI-regulated, Fiat-as-a-Service platform that aggregates local fiat rails for crypto platforms via a single API. Fiat Republic enables crypto platforms to easily embed fiat payments into their platform to deliver frictionless pay-in and pay-outs for their users. Fiat Republic built a brand new category, Web2.5; the bridge between Web2 and Web3, which provides the connectivity tissue between banks and crypto platforms needed to accelerate global crypto adoption. Learn more at https://fiatrepublic.com/.
Alloy's SDK offers a codeless solution for customer onboarding and multi-vendor management. Integrate once and iterate endlessly without wasting engineering resources.
In response to the dramatic increase in fraud rates over the last year, Alloy has launched new features to help companies continue to grow while keeping up with the pace of fraud.
Alloy’s Employee Resource Groups (ERGs) have continued to throw some incredible events over the past month to educate and connect our employees. We had a few more events honoring National Hispanic Heritage Month hosted by HOLA, a Mid-Autumn Festival party hosted by AAPI @ Alloy, and a National Coming Out Day storytime session hosted by our Out & About ERG.
We’re thrilled to announce that Alloy is teaming up with Stash to help launch their innovative new platform, Stash Core. Alloy’s Identity Decisioning Platform provides ongoing fraud monitoring to keep Stash’s customers’ assets secure.
This month, we continued to support our newly launched Employee Resource Groups (ERGs) get off the ground and host some of their first events. We’ve also got some interesting stats about our ERGs to share.
Alloy announces $52 million in additional Series C
NEW YORK, September 1, 2022 -- Alloy, the leading Identity Decisioning Platform for banks and fintech companies, announced that it raised an additional $52 million led by Lightspeed Venture Partners and Avenir Growth with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures, bringing the company's valuation to $1.55 billion. The funding will help the company as it accelerates its growth to address the global demand for fraud prevention tools.Alloy enables clients to pull in customer information, traditional credit bureau data, and other alternative data through a single point of integration, providing a complete picture of their customer. Earlier this month, the company announced its global expansion into 40 countries across North America, EMEA, LATAM, and APAC.“We feel incredibly lucky to have partners that not only understand the impact of our investments into our platform and in expanding globally but also proactively come to the table to support them,” said Tommy Nicholas, co-founder and CEO of Alloy. “With this newest investment we’ll be able to accelerate our growth and better address the global fraud challenges that companies are facing.”Founded in 2015, Alloy has grown to meet the rising demand for identity tools that help companies fight fraud and stay compliant while onboarding new customers in the US and abroad. Over 300 companies use Alloy’s API-based platform to connect to more than 160 data sources, automate identity decisions during account origination, and monitor them on an ongoing basis. Alloy has helped some of the most innovative banks and fastest growing fintech companies grow and scale operations by allowing them to find more good customers and bring them into their products without increasing their risk of fraud.“With fraud rates on the rise, Alloy plays a critical role in the financial ecosystem by bringing their expertise and platform to both emerging fintech companies and established banks,” said Justin Overdorff, Partner at Lightspeed Venture Partners. “Fraud is inevitable and one of the biggest risks for new financial technology; leveraging Alloy's infrastructure gives companies a leg up fighting fraud by giving a unique holistic view of each customer from the day they onboard and throughout their entire life cycle as a customer.”Over the past 12 months, Alloy has seen revenue more than double. The company currently serves banking and fintech companies including Ally Bank, HMBradley, Gemini, and Ramp, processing over a million decisions daily.“What makes Alloy unique is that the company hasn’t just built a powerful platform; its team consistently delivers expert guidance to help companies, big and small, navigate risk as well as regulatory requirements,” said Andrew Sugrue, Managing Partner at Avenir.To learn more about Alloy, visit https://www.alloy.comAbout AlloyAlloy helps over 300 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy’s platform connects companies to more than 160 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud. Learn more at https://www.alloy.com
For our latest installment of our Employee Spotlight series, I talked to Kenny about how he juggles working at Alloy and being a new father.
This past month, the team was focused on supporting the launch of our five Employee Resource Groups (ERGs). We also provided resources for Disability Pride Month and refreshed our quarterly employee DEI metrics.
Alloy has partnered with NeuroID to give our clients access to crowd-level and individual behavioral data to leverage during customer onboarding. Learn about how pre-submit data can shine a spotlight on fraudsters (and genuine applicants!) before they even click “submit”.
Alloy is expanding internationally with the backing of several new data sources and coverage for 40 countries across EMEA, APAC, and LATAM regions.
NEW YORK, August 3, 2022 -- Alloy, the leading Identity Decisioning Platform for banks and fintech companies, announced its global expansion. Today, Alloy’s platform for fraud and risk decisions is available in 40 countries across North America, EMEA, LATAM, and APAC. Alloy already has an established presence in EMEA, led by Edwina Johnson, and will continue to grow its global presence over the coming months. Over 300 companies use Alloy’s API-based platform to connect to more than 150 data sources and automate identity decisions during account origination and monitor them on an ongoing basis. Over the past seven years, Alloy has helped some of the most innovative banks and fastest growing fintech companies grow and scale operations by allowing them to find more good customers and bring them into their products without increasing the risk of fraud. "Alloy was a clear choice to bring together our multiple API's and processes as we scale globally,” said Paul Becker, founder and CEO, Art Money. “Operating in the US, UK, Australia, and New Zealand with more to come, we wanted a global tech partner who could grow with us as we unify our onboarding, underwriting, and compliance processes into one flexible, comprehensive, no-code platform." “We've identified a clear need in the global market for Alloy, particularly with the recent rise in fraud, fines for poor implementation of regulatory requirements, and the growth of embedded finance", said Edwina Johnson, head of Global at Alloy. "We're excited to bring Alloy's unique platform, and team, to companies operating worldwide.” Now live in 40 countries with document verification support for 195 countries, Alloy enables clients to pull in customer information, traditional credit bureau data, and other alternative data through a single point of integration, providing a more complete picture of their customer. With nearly 40 data sources currently supporting global coverage, long-standing data partners like ComplyAdvantage, Onfido, Experian, and GB Group companies play a key role in delivering best-in-class fraud solutions on a global scale. Alloy has launched new partnerships with global data providers, including: CodatFullCirclGlobal Data Consortium Nova CreditProveSiftTruliooVeriff“In our borderless world, the ability to offer robust data sets that span the globe has never been more imperative. As proponents of a global-first approach, we are keen on collaborating with Alloy to ensure our customers around the world can navigate the complexities of KYC, KYB and Watchlist requirements to onboard entities with ease," said Garient Evans, SVP, Identity Solutions at Trulioo. To learn more about Alloy, visit https://www.alloy.com About Alloy Alloy helps over 300 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer, and Canapi Ventures, Alloy’s platform connects companies to more than 150 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud. Learn more at https://www.alloy.com
Throughout the month of June, many of our employees have been celebrating Pride month! We caught up with a few of our LGBTQ+ employees to ask them how they celebrate Pride and learn more about the queer community at Alloy.
The month of May was a busy one for Alloy’s DEI Committee as we held events and gathered resources to honor both Asian American and Pacific Islander (AAPI) Heritage Month and Mental Health Awareness Month. We also squeezed in a bystander learning workshop.
