Fintech Alloy launches in the UK
US-based fintech unicorn Alloy has launched in the UK, strengthening its presence in the EMEA market with its Identity Decisioning Platform.
Alloy’s Identity Decisioning Platform helps banks and fintech companies 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.
The fraud landscape in the UK
Fraud is a more serious threat than ever before: 91% of financial institutions said fraud has increased year-over-year, and 71% increased their spending on fraud prevention, according to recent Alloy data. In the UK alone, bank fraud cost consumers almost GBP 610 million in the first half of 2022.
With Alloy, customers see an average 48% reduction in fraud. UK fintechs now have access to the company’s full range of products, enabling them to stay ahead of regulatory requirements and scale their business with ease.
Since Alloy was founded in 2015, the company has helped more than 350 of North America’s banks and fintech startups prevent fraud and financial crime, including Carta, Ramp and Brex. To date, Alloy has raised over US$210 million, reached a valuation of US$1.55 billion, and in 2021 announced its expansion into 40 new countries. The company has doubled down on its commitment to EMEA by establishing a physical presence in London, one of the first local sites outside the US.
Company officials stated that for financial institutions to remain competitive in today’s market, cross-border functionality is no longer a major benefit—it’s a must. Fintech startups are now building with a global mindset from day one, looking for technology partners that can scale with them, adapt to changing business needs, risk appetite and compliance requirements.
What does Alloy do?
Alloy helps over 350 banks and fintech companies make secure and seamless fraud, credit and compliance decisions. Founded in 2015, Alloy’s platform is backed by lead investors from Lightspeed Venture Partners, Bessemer Venture Partners and Canapi Ventures. Alloy’s platform connects companies to more than 170 data sources for KYC/KYB, AML, credit and compliance data through a single API to help create a fraud-free future.
