Sonovate partners with Alloy to mitigate identity fraud risks

By Gloria Methri

Sonovate, a provider of embedded finance and payment solutions, has announced that it is implementing Alloy’s identity risk solution to prevent fraud and fuel growth better.

Alloy solves the identity risk problem for companies offering financial products by enabling them to outpace fraud and serve more people around the world. 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.

“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, Global Head of Risk and Compliance at Sonovate. “We are excited for this next step in our global growth.”

Since its founding 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 its 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, including Liberis and Flagstone, that use Alloy to solve identity risk.

“We are excited to support Sonovate in their mission to empower recruitment and consultancy businesses with tailored financial solutions,” said James Baston-Pitt, Head of UK and EMEA at Alloy. “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.”