DLA Piper advised Bessemer Venture Partners in the Series B financing of Alloy, a technology company that helps banks make better identity and risk decisions using a single API service and software-as-a-service (SaaS) platform.
Alloy leverages data to enable financial institutions to make real-time decisions about high-cost financial risk. Working across more than 60 identity providers, Alloy's API and dashboard make it easy to quickly and safely onboard more customers and automate the vast majority of decisions, mitigating fraud and reducing burden on the back office.
The funding will allow Alloy to scale its sales and marketing business units to keep up with increasing demand, and eventually expand its R&D to bring new products to market related to transaction and credit decisioning, as well as document verification.
“We were thrilled to advise Bessemer on its investment in Alloy, especially as demand for technology that helps financial institutions manage cybercrime and digital identity risk has skyrocketed,” said Eric Grossman, the DLA Piper partner who led the firm’s deal team. “Our experience in financial services and fintech venture capital was a key asset to our handling of this matter on behalf of our long-time client, Bessemer.”
In addition to Grossman, the DLA Piper team representing Bessemer included of counsel Matthew VanderGoot (both of Northern Virginia).
DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including biotech, manufacturing, communications, software and semiconductors. In 2019, the firm handled nearly 700 venture capital financings totaling over US$10.3 billion. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.