How to Say "to allocate" in Spanish
The Spanish word for “to allocate” is “colocar” — B1 level.
English → SpanishB1
verbB1neutral/formal
placing resources

Examples
La agencia de empleo logró colocar a varios recién graduados.
The employment agency managed to place several recent graduates (find them jobs).
Decidimos colocar el dinero en acciones de bajo riesgo.
We decided to invest the money in low-risk stocks.
Figurative 'Placement'
Here, the action is still 'placing' something, but instead of a physical object, you are placing a person (in a job) or money (in a bank or stock).
Related Translations
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