Get 2026 fraud trends and statistics for financial institutions and fintechs, and benchmark your fraud strategy to elevate your defenses.
See how Alloy's identity and fraud prevention platform uses AI and 270+ data solutions to detect fraud and accelerate growth across the customer lifecycle.
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.
7th largest credit union in the U.S. drives growth by keeping members safe
When authentication and fraud prevention operate in silos, account takeover attacks slip through. Here's what unified detection actually looks like.
Alloy Marketplace unites 270+ partner solutions and a new library of pre-built decisioning logic in one dashboard. Discover, test, and deploy from one place.
Why spend time on tedious manual reviews when AI can do it for you? Learn how agentic AI for KYC and compliance is helping financial orgs optimize efficiency.
7th largest credit union in the U.S. drives growth by keeping members safe
Alloy’s real-time risk assessments helps IncredibleBank create a holistic risk profile for each applicant.
Alloy helps Earnest optimize customer onboarding and underwriting to boost conversion rates
Know Your Agent (KYA) is how financial institutions verify AI agents acting for customers. Learn the core controls and how it differs from KYC.
Learn how actionable AI empowers financial institutions and fintechs to move from detecting fraud to agile prevention.
Banks and fintechs run into challenges that cause customer friction when it comes to AML, KYB, and KYC regulations.
It’s been an exciting past few months at Alloy. In September, we announced our Series C funding, and in October, we launched our newest product, Credit Underwriting. The good news keeps on rolling in this month! Deloitte named Alloy as number 24 on their annual North America Technology Fast 500 list.
NEW YORK, November 17, 2021-- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced Daylight, the first LGBTQ+ digital banking platform in the United States, will be leveraging Alloy to automate the identity verification process during customer onboarding and monitor transactions throughout the customer lifecycle. Alloy's API-based platform brings the many pieces of digital identity into a centralized platform, working across more than 120 data sources to enable clients like Daylight to make better risk decisions. After a customer opens an account with Daylight, Alloy’s Transaction Monitoring continuously reviews their financial activity and flags risky behaviors. “The approach Alloy has taken to identity verification and monitoring was appealing because it enables us to see a customer as more than just one or two limited factors, like a license or phone number,” said Daylight co-founder and COO Billie Simmons. “Daylight currently has a waitlist of over 100,000 customers, so having the ability to act quickly and efficiently during onboarding will empower us to provide our clients with the services that have been missing from this industry.” Increasing access to basic and equitable financial services is a mission shared by both Alloy and Daylight. There’s a deep divide for LGBTQ+ community that Daylight is seeking to bridge through its approach to banking. More than 30 million Americans identify as LGBTQ+ and have been historically underserved by traditional financial services firms. Whether it’s discriminatory loan practices, complications with deadnaming or the resulting biases generated by algorithms, there has been a lack of technology available to service the unique challenges faced by this community. “We are excited to be part of Daylight’s mission to better serve the LGBTQ+ community,” said Laura Spiekerman, CRO and co-founder of Alloy. “Access to financial services should be a right, not a luxury. With a more holistic onboarding process leveraging 120+ data source products, we can create a seamless experience for Daylight customers while also reducing the company’s overall exposure to fraud.” Alloy is helping create a future in which banking is accessible for all. Its platform helps traditionally underserved financial institutions, like small credit unions, local banks and fintech firms, expand their digital product offerings to better serve their communities. Alloy’s technology also helps financial institutions remove some of the bias in decision making by providing easy access to alternative data sources to help verify applicants who might not have traditional identification, such as a driver's license. To learn more about Alloy and Daylight, visit www.alloy.com and www.joindaylight.com. About Alloy Alloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 120 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy. About Daylight Founded in 2020, Daylight is the first and only digital banking platform in the U.S. specifically designed for and by the LGBT+ community. Daylight’s card, app and digital services prepare members for the future faster by helping them to navigate the finance system, generate smarter habits and connect with a community working together to build the life they deserve without compromise. Daylight is backed by financial and payment industry icons Visa and Marqeta. The company was founded by Rob Curtis, Billie Simmons and Paul Barnes-Hoggett. To learn more, visit joindaylight.com. Media contact:Kayla PerkinsN6A on behalf of [email protected]
Learn more about Alloy’s Legal Counsel, John Wagner, who shares his experience transitioning from a top law firm to taking his talents in-house.
We had a great time hosting our first client conference last week. In case you missed the hottest event following Money 2020, here are the biggest takeaways from the conference.
The biggest event in fintech returned to Las Vegas last week. The event was filled with thought-provoking sessions, networking events and parties, and lots of opportunities to meet with prospects, clients, and partners. Let’s unpack some of the top industry trends and recap Alloy’s participation at the event.
Alloy is expanding our identity decisioning platform once again: now offering Alloy Credit Underwriting to enable financial institutions (FIs) to make faster, smarter credit decisions while reducing risk for their businesses. This is our next step towards creating a robust platform where financial institutions can make all of their identity and risk decisions.
NEW YORK, October 20, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced the expansion of its Identity Decisioning Platform to include credit underwriting decisioning capabilities. Working in tandem with its Onboarding and Transaction Monitoring products to create a 360-degree view of each customer, Alloy Credit Underwriting enables financial institutions to make faster, smarter credit decisions. Alloy clients can use detailed identity data gathered during onboarding in combination with credit bureau data and alternative underwriting data to offer credit products to more people with less risk. Credit underwriting has historically been a siloed process, creating challenges for banks and fintech companies to provide products in a fair, unbiased way. Good applicants are often rejected because of a lack of data and subsequently, manual reviews worsen the customer experience leading to drop off. Since the credit score was introduced in 1989, there has been a lack of innovation in the way that credit limits are determined. “It can be complex and challenging to get started with a new credit product, but Alloy made it easy by allowing us to translate complex policies into workflows for underwriting and risk functions,” said Andrei Cherny, CEO and co-founder of Aspiration. “As a result, we see automated credit decisions with a seamless application process, while still allowing easy drill downs into decisioning and optimizing the funnel further.” Alloy supports access to a broad range of external and proprietary data sources so that banks and fintech companies can optimize their credit underwriting decisions. For example, if applicants have thin credit files, their credit score may not qualify them for a credit offering; however, looking at cash flow data might paint a clearer picture of their creditworthiness. Alloy’s API allows financial institutions to pull in their customer information, credit bureau data and other alternative underwriting data (such as cash flow data) through a single point of integration, providing a more detailed picture of the applicant. Clients can then transform their credit policies into configurable, flexible workflows, resulting in a more effective way to visualize and review an entire credit origination application for each customer, enabling smarter risk decisions. “The launch of Credit Underwriting really showcases the strength of Alloy’s platform; combining the data gathered throughout the customer journey into one central location, creating a unique identity profile that can be used to offer customers a personalized experience and makes processes like underwriting less risky,” said Tommy Nicholas, CEO and co-founder of Alloy. “We’re just getting started in fulfilling our mission of helping financial companies deploy safe and seamless digital customer experiences.” The new product expansion comes on the heels of significant growth for Alloy, recently raising a Series C funding round of $100M led by Lightspeed Venture Partners. The launch of Credit Underwriting is the next step to making a fintech company as easy to build as an ecommerce product - because risk is not something businesses should have to figure out, but rather something they should be able to install. What originally began as a platform used to automate onboarding decisions has evolved to include new transaction monitoring capabilities, now processing more than 370,000 transactions daily for clients like Petal, HMBradley and Ramp. Credit Underwriting is a natural extension of Alloy’s technology as the company strives to become the command center for all things identity. For more information, visit https://www.alloy.com/credit-underwriting. About Alloy Alloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 120 data source products to help you verify identities, monitor transactions and make credit decisions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.
We are excited to announce that we made the 2021 CB Insights' Fintech 250 list! The list honors fintech’s top startup companies across 19 sectors, including digital payments, cryptocurrency, core banking & infrastructure, insurance and asset management.
Learn more about Alloy’s Senior Product Designer, Rachelle Nidra Somma, who shares her perspective on the challenges of being a designer with dyslexia and what it’s like to work every day with an invisible disability at Alloy.
NEW YORK, September 30, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced it has raised $100 million in Series C funding. Lightspeed Venture Partners’ Justin Overdorff led the round with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures, bringing the company’s valuation to $1.35 billion and the total amount raised to over $150 million.The new round of financing 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. Over the last year, what began as a platform used to automate onboarding identity decisions has grown to also include transaction monitoring. With this extended capability, Alloy’s API-based platform has started on the journey to creating customer identity profiles that can be used to prevent fraud and minimize risk; future product expansions will incorporate richer data and risk signals to give financial institutions a full, 360-degree picture of their customers.“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,” said co-founder and CEO Tommy Nicholas. “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.”Improving the developer experience is a significant priority for the Alloy team, especially when it comes to bringing new products to market. By having risk and identity all in one, easy-to-use place, it will enable developer and product teams to use these tools to their full potential. Alloy's platform brings the many pieces of digital identity into a centralized platform, working across more than 85 data sources to enable customers to make better decisions and take a closer look at the full picture of their customers."We're thrilled to put our support behind the Alloy team as their product and mission fits squarely within our thesis that the proliferation of fintech, financial services, and embedded fintech companies is driving increasing demand for tools like Alloy," said Justin Overdorff, Partner at Lightspeed Venture Partners. "Alloy takes the risk off their client’s plate while maintaining operational efficiency throughout the customer lifecycle, making Alloy a crucial piece of the fintech infrastructure stack.” 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. In less than a year, Alloy has seen revenue more than triple and headcount increase by 140%. The company currently services over 200 clients including Ally Bank, HMBradley, Gemini, and Ramp.When asked why they decided to use Alloy in a recent case study, Jacob Wallenberg, Risk Operations at Ramp said “If you were only worried about risk, you wouldn’t be giving anyone a card. So the question becomes, what return do we get for the additional risk? Alloy automates part of our underwriting process so our Risk Operations team can spend their time figuring out this tradeoff between risk and return.”To learn more about Alloy, visit Alloy.com.About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.About Lightspeed Venture PartnersLightspeed is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, and Health sectors. Since 2000, Lightspeed has backed entrepreneurs and helped build companies of tomorrow, including Snap, Affirm, AppDynamics, OYO, Nutanix, Byju's, and Udaan. Lightspeed and its affiliates currently manage more than $10 Billion across the global Lightspeed platform, with investment professionals and advisors in India, Silicon Valley, Israel, China, Southeast Asia and Europe.
Today is an exciting day: we are announcing our $100 million Series C! The round was led by our long-time mentor and friend Justin Overdorff from Lightspeed Venture Partners with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures. This new round of funding brings Alloy’s valuation to $1.35 billion.
Let us introduce Alloy Onboarding’s new What-If Analysis feature. Using historical data, you can now visualize how workflow changes would have impacted your outcomes.
NEW YORK, Aug. 31, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced Amerant Bank, N.A., one of the largest community banks headquartered in Florida, will be leveraging its technology to automate the identity verification process when onboarding customers. Through Alloy's platform, Amerant Bank will facilitate the onboarding process for deposit accounts from both businesses and individuals, ensuring the proper protocol is in place to capture and review customer data to reduce exposure to non-compliant account openings. In addition to implementing Alloy's API service for its online operations, Amerant Bank will be among the first to use the technology within branches — allowing team members to access Alloy's holistic dashboard to onboard customers in-person. Headquartered in Coral Gables, Florida, Amerant Bank manages almost $8 billion in assets spanning 25 branch locations in Florida and Texas. Amerant Bank was looking to find a partner to further its mission in providing a superior customer experience, while ensuring it can make smart and safe identity and risk decisions that help improve its bottom line. Alloy will make it easy for Amerant Bank to quickly and safely onboard more customers and automate the vast majority of risk decisions, providing a seamless customer experience and reducing the burden of manual reviews for employees in return. "Providing an exceptional experience for customers, both online and in-person, is at the core of our digital transformation strategy," said Jerry Plush, vice chairman and CEO of Amerant Bank. "With the addition of Alloy, we'll be able to still meet regulatory requirements, while ensuring a faster and more seamless onboarding and underwriting process that will benefit both customers and Amerant team members." Integrating Alloy's single API with onboarding processes provides Amerant Bank access to more than 85 data source products to create an automated KYC/AML process built to scale with demand. Alloy's platform will integrate Amerant's selected data sources to verify an applicant's identity at the beginning of the onboarding process, both online and in-branch. "By streamlining a traditionally manual onboarding process, we can create a frictionless experience for applicants while reducing exposure to fraud," said Tommy Nicholas, CEO and co-founder of Alloy. "We are thrilled to be a part of Amerant Bank's mission of developing strong community relationships and adapting customers' needs in a dynamic and positive way." To learn more about Alloy, visit www.alloy.com. About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy. About Amerant BankAmerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its subsidiaries, Amerant Bank, N.A. (the "Bank"), Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit, and wealth management services. The Bank, which has operated for over 40 years, is the second largest community bank headquartered in Florida. The Bank operates 25 banking centers – 18 in South Florida and 7 in the Houston, Texas area. For more information, visit AmerantBank.com, Investor.AmerantBank.com, and follow Amerant on Facebook, Twitter, Instagram and LinkedIn at @AmerantBank.
This month for our Employee Spotlight series, we chatted with one of our engineering managers, Jonas Fleur-Aime, to find out what he looks for while hiring for the Engineering Team and how he finds candidates that are aligned with Alloy's mission and values.
This month, we sat down with Carmen Perez, Solutions Architect at Alloy, to talk about her personal finance journey and why she joined the Alloy team.
Our team is already getting excited to head to Las Vegas, Nevada for Money 20/20 in October. Get a first look at some of the activities we plan to participate in at the event.
NEW YORK, June 15, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced the expansion of its platform to include transaction monitoring capabilities, as well as a full rebrand and new website. Now, in addition to the insights gained during account opening, Alloy's Transaction Monitoring gives financial institutions a clear, detailed picture of customer behaviors and risks throughout their entire lifecycle. Digital identity is constantly evolving. Because of that, fraud exists far beyond initial customer onboarding. To support these new challenges, Alloy's increased capabilities will help financial institutions combat fraud and money laundering from all angles. After a customer opens an account, Transaction Monitoring takes over to continuously review their financial activity, flagging risky behaviors for review - behaviors like excessive transactions in a given timeframe. With this extended capability, Alloy's API-based platform can help build a complete identity profile that encompasses the entire customer lifecycle. It is Alloy's mission to help banks and fintech companies use data to automate decisioning and combat fraud. Alloy's platform brings the many pieces of digital identity into a centralized platform, enabling customers to make better decisions and take a closer look at the full picture of their customers. "We've relied on Alloy to automate our onboarding workflow for years, and adding transaction monitoring was the obvious next step," said Jason Gross, co-founder and CEO of Petal. "Now, not only can we quickly verify our users' identities during account opening, but we also get a full picture of their ongoing risks and needs. Seeing that full customer profile gives us the insight we need to prevent fraud, meet compliance requirements, and most importantly support our customers." Coming out of beta, Alloy has already monitored more than 70 million transactions. Current customers, including Petal and HMBradley, have already added Transaction Monitoring into their platforms. In addition to offering a holistic view of customer risk through evolving profiles, key benefits include flexible transaction monitoring, where firms can gain visibility into customer transactions with batch or real-time API monitoring. Transaction Monitoring also allows them to create custom rules and workflows – flagging high-risk events and transactions that can be configured without the use of coding. "Transaction Monitoring is a natural extension of our technology; we want to be the command center for all things identity," said Tommy Nicholas, CEO and co-founder of Alloy. "Not only can we eliminate manual processes and make life easier for our clients, but painting a true, holistic picture of a person's digital identity ultimately creates a much more seamless experience with less noise and disruption for their end customers as well." As the product and company have matured, Alloy's brand platform is growing too, starting with the launch of a completely redesigned website featuring unifying messaging, as well as a new logo and colors. The rebrand focuses on helping our clients "know the unknown" by introducing multiple perspectives. The new visual brand incorporates an unexpected color palette with a geometric design system that gives a retro nod to the past and a minimalistic and clean layout that modernizes the design - similar to Alloy's approach to modernizing identity decisioning in a legacy financial services industry. "This new brand properly expresses the potential of Alloy to people considering using our product or joining our team," said Charles Hearn, co-founder and CTO. "When we were making the original Alloy identity six years ago, we were a small team with a focused vision. Today, we are a diverse company of over 100 people working on a much more ambitious mission, and we needed to create a more flexible and comprehensive brand identity to communicate all of that." For more information, visit www.Alloy.com. About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.
We’re excited to announce that as of June 14, 2021, Alloy’s brand has a new look! As our product and company have matured, our visual brand is growing too. We are thrilled to present our new website, logo, and colors.
Today we are announcing the addition of Transaction Monitoring to our suite of solutions.
Alloy hit an important milestone last month when we hired our 100th full-time employee. Founded in 2015, Alloy started as a scrappy 7-person startup. At the beginning of 2020, we were at 30 employees.
NEW YORK, June 1, 2021 -- Alloy, the leading identity decisioning platform for banks and fintech companies, today announced three key appointments to its growing leadership team. Kiran Hebbar joins as Chief Financial Officer (CFO), where he will be responsible for leading the finance functions and helping to scale the business. Alloy has also tapped Joel Raha as VP of Engineering to help drive research and development efforts, and Natalie Seidman as VP of Enterprise Sales to lead business development into larger enterprise markets. Prior to joining Alloy, Hebbar served as CFO at mParticle for over three years. He has a proven track record of scaling high growth software companies as CFO/COO, combined with a decade of venture investing experience as a general partner at venture capital firm Valhalla Partners where he invested in B2B SaaS companies. He started his career in software development and product management roles at high growth software companies. Hebbar's unique skill set spanning strategy, finance, product, engineering and growth enables him to translate a company's vision into financially savvy operating plans with the goal of increasing enterprise value. "Beyond the value Alloy's technology is already providing to banks and fintech companies, the team has an incredible growth vision and the potential is really limitless," said Hebbar. "It's clear that the company is paving the way for the future of this sector and I'm thrilled to be along for the ride. I look forward to bringing my expertise into the equation to accelerate the momentum." With nearly two decades of experience in software development and engineering, Joel Raha joins Alloy to deliver technology solutions and product development that will fuel product and market expansion. Most recently, he served as Senior VP of Engineering at 7Park Data where he scaled engineering and developed a data transformation platform enabling engineers, data scientists, and research analysts to transform raw data into actionable insights for professional investors. Raha graduated from Cornell with a Bachelor of Science in Computer Engineering and received a Masters of Technology Management at Columbia University. Natalie Seidman brings over 20 years of enterprise sales management experience to her new role. She was previously the VP of Sales, Americas at e-commerce fraud detection company Riskified, where she worked with top online merchants in the US, Canada and LATAM. Seidman has a strong background in data and analytics and is an expert in supporting top companies achieve their strategic goals, making her an invaluable asset to drive Alloy's future growth. Her prior experience spans various sales, data partnership and business leadership roles working primarily with startups focused on using data to solve problems based on changing consumer behaviors. "We're ecstatic to welcome Kiran, Joel and Natalie to our leadership team," said co-founder and CEO Tommy Nicholas. "They each bring unique perspectives from all areas of the business world. We have big, lofty goals for the next year at Alloy and we need the best of the best to help drive that. Each new addition to our leadership bench will undoubtedly play a critical part in making those goals a reality." Alloy is a smart identity solution that helps companies in financial services and other regulated industries safely onboard more customers without introducing any additional fraud into their systems. Its single API and SaaS platform leverages data from more than 85 sources to help financial institutions make real-time decisions about high-cost financial risk. Alloy makes it easy to quickly and safely onboard and manage more customers, automating the vast majority of decisions, mitigating fraud and high-cost financial risk, and reducing the burden on the back office and manual review queues. To learn more about Alloy, visit www.alloy.com. About AlloyAlloy is the command center for identity that covers your compliance and fraud-fighting needs. Our dynamic platform connects you to more than 85 data source products to help you verify identities and monitor transactions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies take a closer look at the whole picture. Learn more at Alloy.com and on Twitter @UseAlloy.
As a continuation of our employee spotlight series, I recently spent some time with Monica Murthy, Partnerships Lead at Alloy. We caught up about Monica’s time here and her participation in Alloy’s recent Hackathon — Gumption Days!
We’re honored to be included in Inc. Magazine’s annual list of best workplaces. The list highlights companies with high employee engagement creating a great culture for their employees.
This month, we sat down with Deepa Sathaye, Senior Software Engineer @ Alloy, to talk about financial literacy and life at Alloy.
