US Fintech Unicorn Alloy Launches in UK

Digital Identity
09.02.2023 11:10 am

US fintech Alloy has launched in the UK, strengthening its presence in EMEA with key senior hires and office space in London.

Alloy’s Identity Decisioning Platform helps banks and fintech companies to 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. Over 350 companies around the world trust Alloy to help them simplify processes and respond rapidly to new risks.

Fraud is a more serious threat than ever before: 91% of financial institutions said that fraud has increased year-on-year, and 71% increased their spending on fraud prevention, according to recent Alloy data. In the UK alone, bank fraud cost consumers almost £610M in the first half of 2022.

With Alloy, clients see an average 48% reduction in fraud. UK fintechs now have access to the company’s full product range, enabling them to stay ahead of regulatory requirements and scale their operations with ease.

Alloy’s former COO Edwina Johnson has relocated to London to head up global expansion, while James Baston-Pitt, former Vice President at Onfido, will spearhead commercial initiatives as the EMEA Director of Growth. The UK team is currently hiring for roles across sales and partnerships and will continue to build out its go-to-market and client services functions throughout the year.

Since Alloy was founded in 2015, the firm has helped more than 350 of North America’s most innovative banks and fintech startups prevent fraud and financial crime, including Carta, Ramp and Brex. Alloy has raised over $210M to date, reaching a $1.55BN valuation, and last year announced its expansion into 40 new countries. The company has doubled down on its commitment to EMEA by establishing a physical presence in London, its first local site outside the US.

Edwina Johnson, Head of Global at Alloy said: “For financial institutions to remain competitive in today’s market, cross-border functionality is no longer a major advantage - it’s a must. Fintech startups are now building with a global mindset from day one, and looking for technology partners who can scale with them, adapting to their changing business needs, appetite for risk, and compliance requirements.

“The UK is one of the world’s most powerful fintech hubs, and we can’t wait to help innovative local firms unlock their potential abroad. For too long, international expansion has involved trade-offs with risk management, but that doesn’t have to be the case. Alloy provides dynamic support for companies operating across multiple regulatory environments, so they can focus on growing their business without worrying about the threat of fraud.”