Pulp City is divided into Alignments: Heroes and Villains, setting up the premise of a conflict of good versus evil.
Both of these Alignments (as well as those neutrals who straddle both camps) also encompasses a number of Factions.
The currently known Factions with models available or upcoming are the following (click on Sub-faction name for a link to models under that allegiance):
ARC: (H/V) Ape Revolution Committee. Mutated intelligent apes and monkeys working to their own agenda.
Blood Watch: (H) Heroic yet arcane mystic defenders of the city and especially Twilight Hills.
Coven: (V) Villainous corporate hirelings and mercenaries making use of technology as well as esoteric forces.
Forgotten: (V) forces from ancient myth at large in Pulp City.
Grimm Under Empire: under-dwelling occasional invaders.
Heavy Metal: (H) technologically orientated Heroes.
Jade Cult: (V) criminal secret society from the East with its sights set on Pulp City.
Otherside: (H/V?) extra-dimensional exiles.
Necroplane: (V) life-leeching Villainous force from another plane.
Ulthar: (V) alien Villainous invaders.
The Way: (H/V) defenders of Pulp City and especially Little Asia, particularly against the Jade Cult - the Way even includes some Villains lending a hand.
In addition there are Heroes, Villains and Hero/Villains that belong to no Sub-faction. When a Team is led by the likes of Dark Solar, Dead Eye and Mysterious Man even this lack of Sub-faction allows for an ad hoc Sub-faction type of bonus for all in the right circumstances.
It is Sub-factions that factor into skills such as Freelancer and Merc (see this post here for discussion).