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A Global Identity Decisioning Platform

The financial sector, over the decades, has been considered to have secure and protected systems as it continuously deals with private information and handles large sums of money.

However, due to technological evolution, financial institutions conducting online operations and offering financial services are now always at risk of fraud attempts and attacks. The statistics backed up by Fortunly’s assessment show that the annual cost of cyberattacks in the banking industry is approximately $18.3 million.

It’s not about when the bank and fintech organizations will be attacked; it’s about whether or not it is prepared. Alloy is an API company that allows financial institutions to verify users’ identities while meeting their fraud-fighting needs.

Let’s read further to know more about Alloy. This article will tell you everything about the company, from its mission and funding to products, competitors, and startup story.

Alloy – Company Highlights

Company Name Alloy
Headquarters New York City, New York, United States
Sector Fintech
Founders Tommy Nicholas, Laura Spiekerman, Charles Hearn
Founded In 2015
Revenue $1.4B (2022)
Website Alloy.com

Alloy – About
Alloy – Founders and Team
Alloy – Startup Story
Alloy – Mission and Vision
Alloy – Business Model
Alloy – Products and Services
Alloy – Funding and Investors
Alloy – Patents and Trademarks
Alloy – Growth
Alloy – Partners
Alloy – Awards and Achievements
Alloy – Competitors

Alloy – About

Founded in 2015, Alloy is a global identity verification API platform that helps fintech companies and banks automate their onboarding, transaction monitoring, and credit underwriting decisions.

Moreover, the company helps financial institutions worldwide to reduce friction between them and their customers by assessing them beyond their address and social security number.

Alloy offers services to more than 200 clients worldwide, including Marqeta, Ally Bank, HMBradley, Evolve Bank & Trust, and Gemini, while processing approximately 1,000,000 decisions. The platform helps banks automate 98% of onboarding decisions while reducing 50% of fraud and boosting overall customer conversion.

Alloy – Founders and Team

Tommy Nicholas, Laura Spiekerman, and Charles Hearn founded Alloy in 2015.

Tommy Nicholas

Tommy Nicholas graduated from The University of Virginia by completing Bachelor’s in History and African American Studies. After working as a Research Assistant, Enumerator, and Booking Manager, his career thrived in 2011 when he founded The City Swig.

After that, he held the role of Software Developer at SHOCKOE.COM LLC and owned Web/Mobile Freelancing. It was in 2015 he co-founded Alloy and is currently working as the company’s CEO.

Tommy Nicholas - Co-founder and CEO, Alloy
Tommy Nicholas – Co-founder and CEO, Alloy

Laura Spiekerman

Laura Spiekerman completed her B.A. in Political Science and Human Rights from Barnard College. She has interned at Brooklyn District Attorney’s Office and Kasirer Consulting.

In 2008, she held the role of Paralegal at Clayman & Rosenberg. Moreover, before co-founding Alloy, she was Investment Analyst at Imprint Capital Advisors. Presently, she is the President of Alloy.

Laura Spiekerman - Co-founder and President, Alloy
Laura Spiekerman – Co-founder and President, Alloy

Charles Hearn

Charles Hearn is B.A. Computer Science graduate and completed his graduation from the University of Virginia. He has diverse experience working as an Independent Researcher at UVA Research, Mobile Lead and General Developer at The City Swig, and Program Manager at Microsoft.

After working as a Lead Product Engineer at Knox Payments, he co-funded Alloy and is currently its CTO.

Charles Hearn - Co-founder and CTO, Alloy
Charles Hearn – Co-founder and CTO, Alloy

Presently, Alloy is working with a team of over 310 employees.

Alloy – Startup Story

Allow was initially founded by Tommy Nicholas, Laura Spiekerman, and Charles Hearn mainly to fix a ‘broken’ onboarding process that historically involved manual review when people used to apply for bank accounts online. Simply put, the company’s main mission was to help fintech institutions and banks make better identity and risk decisions with the help of a single API service and SaaS platform.

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Over the last few years, it has evolved into a platform that not only helps automate onboarding identity decision but also automate transaction monitoring. Moreover, by the start of 2022, Alloy came up with one more solution, i.e., credit underwriting. Between 2020-21, the company witnessed a three-times increase in annual recurring revenue (ARR) and a two-times increase in customer base.

Alloy – Mission and Vision

The company’s mission is to make banking as inclusive and secure as people deserve it to be. Alloy strives to create a future in which banking is borderless and accessible.

Alloy – Business Model

Alloy connects its users to data procured from around 120 providers. Then the company utilizes that data to aid financial institutions in understanding customers and their behaviors while avoiding fraud during initial customer onboarding and when conducting ongoing financial transactions.

And the same is done by allowing them to create customized instant decisioning systems tailored according to users’ needs associated with regulatory compliance and risk perspective.

Tommy Nicholas, Co-Founder & CEO, Alloy

Alloy – Products and Services

Allow offers two main solutions, i.e., Onboarding and Ongoing Monitoring, to solve fraud, compliance, credit underwriting, crypto, and global expansion.

Alloy - Products and Services
Alloy – Products and Services

Alloy – Funding and Investors

Alloy has undertaken 8 funding rounds in which it has raised $207.8 million. The latest funding round – Series C Round, was conducted on June September 1, 2022, and raised $52 million. 21 investors fund the company, and the main ones are Bessemer Venture Partners, Lightspeed, CANAPI, Eniac Ventures, Felicis Ventures, AVID Ventures, and PRIMARY Venture Partners.

Date Round Number of Investors Money Raised Lead Investor
September 1, 2022 Series C 6 $52 million Avenir Growth Capital, Lightspeed Venture Partners
September 30, 2021 Series C 5 $100 million Lightspeed Venture Partners
September 16, 2020 Series B 7 $40 million Canapi Ventures
September 17, 2019 Series A 6 $12 million Bessemer Venture Partners
February 15, 2019 Seed Round 1
October 18, 2017 Seed Round 5 $3.8 million Eniac Ventures
November 20, 2015 Seed Round 5 Techstars
August 10, 2015 Non-Equity Assistance 1 Mastercard Start Path

Alloy – Patents and Trademarks

Alloy is registered with 1 trademark, categorized into the ‘Scientific and Technological Services’ class.

Alloy – Growth

Alloy’s estimated annual revenue in 2022 is $53.2 million ($173,167 per employee). Currently, its valuation stands at $1.4 billion. Moreover, the employee count increased by 54% last year, and monthly website visits grew by 5.69%, with 29,511 visits.

Alloy – Partners

Alloy has partnered with the best technology and data providers across the world. Some of these are:

  • Acuant
  • Argyle
  • Basis Theory
  • Berbix
  • ChexSystems
  • Codat
  • Cognito
  • ComplyAdvantage
  • Ekata
  • Enigma
  • Equifax

Alloy – Awards and Achievements

Alloy is recognized in the 100 Best Places to Work, 50 Best Paying Companies, and 100 Best Midsize Companies to Work For in NYC by Built In.

Alloy – Competitors

Some of its main competitors are:

  • Unit21
  • Experian Cross Core
  • Dotfile
  • Spec
  • FrankieOne
  • Bits Technology
  • Lendflow
  • AI0
  • Persona

FAQs

Who founded Alloy and when?

Tommy Nicholas, Laura Spiekerman, and Charles Hearn founded Alloy in 2015.

What does Alloy do?

Alloy is a global identity verification API platform that helps fintech companies and banks automate their onboarding, transaction monitoring, and credit underwriting decisions. It helps financial institutions worldwide to reduce friction between them and their customers by assessing them beyond their address and social security number.

Who are the main competitors of Alloy?

Some of Alloy’s main competitors are:

  • Unit21
  • Experian Cross Core
  • Dotfile
  • Spec
  • FrankieOne
  • Bits Technology
  • Lendflow
  • AI0
  • Persona

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