US-based fintech Alloy has brought its ‘Identity Decisioning Platform’ to the UK, establishing a physical presence in London, its first local office outside the US.
Alloy’s former chief operating officer Edwina Johnson has relocated to London to head up its global expansion, while James Baston-Pitt, former vice president at Onfido, has been appointed as Alloy’s EMEA director of growth.
In the UK, the team is currently hiring for roles across sales and partnerships, and throughout the year, will continue to build out go-to-market and client services functions.
The identity decisioning platform is connected to more than 170 data sources, enabling financial institutions to automate customer approval and account opening, and monitor transactions in real time, thereby helping to prevent fraudulent activity.
Alloy’s clients, including banks and fintechs, report an average 48% reduction in fraud having used the platform.
Recent research by the fintech revealed that 71% of financial institutions have increased their spending on fraud prevention.
Johnson 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.”
Founded in 2015, last year Alloy announced plans to expand into 40 new countries, having raised more than $210 million to date, valuing it at $1.5 billion.
She added: “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.”