- Alloy is raising $100 million at a valuation north of $1 billion, sources tell Insider.
- The startup helps banks and other fintech companies automate compliance and risk management.
- Alloy joins the ranks of fast-growing fintech startups that have become unicorns this year.
With that fundraising, Alloy is set to join a list of fast-growing fintech companies that have become unicorns this year, including Pipe, FTX, and Current. In the first half of 2021, fintech topped all industries in the number of unicorns it produced. Alloy and Lightspeed did not immediately respond to requests for comment. The people familiar with the financing asked not to be identified discussing private matters.
Alloy’s technology helps banks and other fintech companies automate compliance and risk-management processes so they can bring on new customers more efficiently and reduce fraud. The New York-based company was founded by CEO Tommy Nicholas, chief revenue officer Laura Spiekerman, and CTO Charles Hearn.
Alloy’s previous investors include Canapi Ventures, Bessemer Venture Partners, Primary Venture Partners, Eniac Ventures, and Felicis Ventures. It last raised $40 million in a Series B round announced in September 2020. After the deal, Spiekerman spoke with Insider and shared the pitch deck the company used to secure that funding.
Previous banking infrastructure wasn’t designed for financial companies to make quick, ongoing decisions regarding customer risk, she told Insider at the time. “We want to be behind the scenes, enabling them to make a better real-time decision there,” Spiekerman said.