Alloy platform can be used by fintechs and banks for ID verification. Photo by George Prentzas on Unsplash.

US fintech Alloy, which offers identity decisioning services to the financial services industry, has launched its operations in the UK.

Alloy platform can be used by fintechs and banks to make informed judgements on each customer’s risk profile and protect them from financial fraud.

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The fintech leverages more than 170 data sources to allow its clients to automate customer approval and account opening and provide transaction monitoring in real-time.

Alloy claims that more than 350 companies around the globe use its platform to streamline processes and respond to risks.

According to Alloy’s data, 91% of financial institutions believe that fraud has risen over the past year while 71% have increased their spending on fraud protection.

Consumers in the UK alone lost about £610m due to bank fraud in the first half of 2022, it added.

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Alloy head of global Edwina Johnson said: “For financial institutions to remain competitive in today’s market, cross-border functionality is no longer a major advantage – it is 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, risk appetite, and compliance requirements.

“The UK is one of the world’s most powerful fintech hubs, and we cannot wait to help innovative local firms unlock their potential abroad. For too long, international expansion has involved trade-offs with risk management, but that does not 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.”

In September 2022, Alloy raised $52m in funding at a valuation of $1.55bn.

At the time, the fintech said it will use the funding to expand in 40 markets across North America, Latin America, Asia Pacific, Europe, the Middle East and Africa.