Regtech firm Alloy has raised an additional $52 million of funding to accelerates its growth to address the global demand for fraud prevention tools.
The New York-based firm, currently in series C, now holds a valuation of $1.55 billion.
The $52 million of additional investment was led by Lightspeed Venture Partners and Avenir Growth, with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures.
Alloy claims to support more than 300 banks and fintechs companies with fraud, credit and compliance decisioning, through an API-based platform that connects to more than 160 data sources, automates identity decisions during account origination, and monitors them on an ongoing basis.
Over the past 12 months, Alloy has seen revenue more than double and processes more than a million decisions daily, for the likes of Ally Bank, HMBradley, Gemini, Ramp, and Evolve Bank & Trust.
The regtech firm, which launched in 2015, recently announced plans for its global expansion into 40 countries across North America, Europe, Africa, the Middle East, Latin America and the Asia Pacific.
Tommy Nicholas, co-founder and chief executive officer of Alloy, said: “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.”
“With this newest investment we’ll be able to accelerate our growth and better address the global fraud challenges that companies are facing.”