Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce, announced that it is implementing Alloy’s identity risk solution to better prevent fraud while also fueling growth.
Alloy helps solve the identity risk problem for companies that offer financial products by enabling them to outpace fraud and confidently serve more people around the world. Over 600 banks and fintechs in the US, UK, and beyond turn to Alloy to grow with a clearer picture of their customers. Sonovate will use Alloy’s end-to-end identity risk management platform to stay ahead of rising fraud trends in the UK.
A report from UK Finance found that £1.17 billion was lost to financial criminals in 2023. New technologies like generative AI have given bad actors more sophisticated tools to attack financial institutions. With Alloy, Sonovate is poised to stay ahead of this fraud risk while ensuring that genuine customers can efficiently access the company’s products and services.
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“With its network of data sources, Alloy gives us the power to protect our business and customers from financial crime and the flexibility to make adjustments as needed as our business scales,” said Tom Wilson. “We are excited for this next step in our global growth.”
Since it was founded in 2014, Sonovate has funded nearly £6 billion ($8 billion) of invoices, supporting 3,300 businesses and 50,000 workers in 44 countries. In pursuit of the company’s global growth, Sonovate recently opened its first overseas office in Amsterdam and announced significant enhancements to its funding technology platform to better serve large, multinational recruitment businesses. Sonovate joins a growing list of UK-based banks and fintechs that use Alloy to solve for identity risk, including Liberis and Flagstone.
“We’re excited to support Sonovate in their mission to empower recruitment and consultancy businesses with tailored financial solutions,” said James Baston-Pitt. “Risk management has always been a core part of Sonovate’s business, and with Alloy, the company will continue to evolve to address growing fraud threats.”
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