Canapi Ventures led a $40m Series B round in Alloy.

Investment firm Canapi Ventures led a $40m Series B round in Alloy, the identity operating system for the financial services industry, with participation from Felicis Ventures and Avid Ventures, as well as existing investors Bessemer Ventures, Primary Venture Partners, and Eniac Ventures. The funds will be used primarily for investments into the Alloy team. First and foremost, the company plans to scale its sales and marketing business units to keep up with the increasing demand. Longer term, Alloy will focus on expanding its R&D to bring new products to market related to transaction and credit decisioning as well as document verification.