New York-headquartered Alloy has launched in the UK, establishing the fintech company’s first physical location outside of its home market.
Last September, Alloy raised $52m (£43.1m) in Series C capital at a $1.55bn (£1.3bn) valuation. The company has created a single API that conducts know your customer and business, anti-money laundering and compliance checking for banks and financial service companies.
“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,” said Edwina Johnson, head of global for Alloy.
“For too long, international expansion has involved trade-offs with risk management, but that doesn’t have to be the case.”
The fintech will move into a property near Liverpool street, where it will have five employees.
When asked by why Alloy chose London, Johnson told UKTN: “There’s an incredibly high concentration of world-class fintechs, and financial institutions understand the value of collaborating with innovative startups.
“The UK’s forward-thinking approach to regulation makes it an appealing destination for fintechs to launch their business, and a rewarding place to build products addressing risk and fraud.”
When Alloy secured its Series C raise, it said it would use the capital to offer its software in 40 more countries.
Founded in 2015, Alloy’s software is used by over 350 North American banks and fintech according to Alloy.
Johnson said: “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.”
Alloy expands to the UK amid a slowdown in tech and fintech funding. Last year, later stager fintech funding in the UK dropped by approximately 13%.
The New York business joins UK-based anti-money laundering competitors such as Thirdfort and Armalytix.
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