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<\/figure><\/div>\n\n\n\nThe origin story \u2013 who built the company?<\/h2>\n\n\n\n
Alloy<\/a><\/b> has three co-founders: Laura Spiekemerman, Charles Hearn, and the CEO Tommy Nicholas. At first, the new firm struggled with funding. Silicon Valley experts thought they understood fintech, but in reality, they only got a solid foundation for knowing payments. At least according to Spiekemerman.<\/p>\n\n\n\n Finally, they have found a safe bay with Eniac<\/a><\/b> and its co-founder Nihal Mehta. What certainly helped was the rise of embedded fintech and banking-as-a-service (BaaS)<\/a><\/b>. Eniac believed in founders with passion, vision and new take on the industry.<\/p>\n\n\n\n Since its foundation in 2015, Alloy raised millions of dollars. For example, Alloy has raised an additional $52 million at a $1.55 billion valuation 11 months after raising $100 million at a $1.35 billion valuation. And that\u2019s for 2022 alone.<\/p>\n\n\n\n The company has over 600 clients worldwide. Including Ally Bank, HMBradley, Gemini, Ramp and Evolve Bank & Trust, Brex and Petal \u2014 that use its API-based product to connect to more than 160 data sources, automate identity decisions when originating new accounts and monitor them on an ongoing basis.<\/p>\n\n\n\n Alloy claims to process over a million decisions per day. The end goal, of course, is to help its customers build fintech products that are safe for them to deploy and help them grow their customer base.<\/p>\n\n\n\n Alloy offers an end-to-end identity risk solution that helps banks and fintechs automate and manage their decisions for onboarding, ongoing fraud & AML monitoring, and credit underwriting. The company\u2019s solution is customizable and configurable. It allows for understanding a customer\u2019s identity, fraud, compliance, and credit risk throughout the entire customer lifecycle.<\/p>\n\n\n\n In 2024 the firm has launched Alloy for Embedded Finance, a new product custom-designed for sponsor banks, BaaS providers, and their FinTech partners. The company aims to mitigate the aforementioned issues, with the new product leveraging the capabilities of Alloy\u2019s existing platform while introducing a new parent\/child account configuration.<\/p>\n\n\n\n Sponsor banks (or \u2018parent accounts\u2019) can designate different levels of autonomy and guardrails for each of their FinTech partners (or \u2018child accounts\u2019), depending on how mature the FinTech is, how much of the process the FinTech wishes to own, and the risk<\/a><\/b> appetites of both parties.<\/p>\n\n\n\n Many. Experts say that Alloy has a very important role to play in the FinTech ecosystem. Since fraud and identity theft are on the rise, every improvement and solution is welcome. After 10 years on the market, Alloy offers a complex and convincing ecosystem of services that brings more control and security to the table.<\/p>\n\n\n\n Do you want to develop a similar solution? With 18 years of developing FinTech software, we can think of an app or two that made it big. Over the years, our clients raised over $500 million in funding rounds, making it to the top. With nearly two decades of writing codes, we may be the dinosaurs of FinTech, but with AI software development<\/a><\/b> (which we use to speed up and smooth the creation process), we can quickly develop a market alternative to many solutions.<\/p>\n\n\n\n Contact us for details, let\u2019s talk!<\/p>\n\n\n\n\n\nHow does it work?<\/h2>\n\n\n\n
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