Alloy has raised over $150m so far. Credit: ar130405 from Pixabay.

Alloy, an American fintech that offers identity verification services to banks, has raised $100m in a Series C funding round at a valuation of $1.35bn.

The round was led by Lightspeed Venture Partners’ Justin Overdorff with participation from returning investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures.

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Alloy will use the funding to increase its headcount, expand product offerings, and functions of the business to increase output and specialisation.

Alloy co-founder and CEO Tommy Nicholas said: “Identity and its associated risk isn’t something businesses should be figuring out, it should just be something they install.

“As Alloy grows into a multi-product platform for the full customer identity lifecycle, we can not only help make risk easier to understand but also further industry innovation by making fintech products easier to build.”

Alloy’s platform is used to automate onboarding identity decisions and transaction monitoring.

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The API-based platform creates customer identity profiles using data points and Alloy plans to incorporate richer data and risk signals in future offerings.

Overdorff said: “Alloy takes the risk off their client’s plate while maintaining operational efficiency throughout the customer lifecycle, making Alloy a crucial piece of the fintech infrastructure stack.”

In September 2019, the technology platform raised $12m in Series A funding.

The latest round of funding takes Alloy’s total funds raised to over $150m.

Alloy counts Ally Bank, HMBradley, Gemini, Ramp, Amerant Bank and Evolve Bank & Trust among its clients.