Fintech startup Detected is aiming to disrupt the Know Your Business (KYB) process, enabling better oversight and onboarding for payment businesses. The London-based startup has just secured a new investment of about €2.8 million (£2.5 million) to drive growth.
Currently, the onboarding process is notoriously slow and remains characterized by manual work. It makes it outdated and unfit for the modern world. Founded in 2020, Detected is a fintech startup aiming to change this. Via its innovative tech, Detected automates the creation of a detailed and accurate profile of any business – making the Know Your Business process streamlined and more efficient.
The startup has just secured fresh funding and is set to scale.
- €2.8 million (£2.5 million) raised is a strategic investment from Thomson Reuters Ventures
- It grows the startup’s seed round to about €6.7 million
- Includes investment from Love Ventures, Maropost Ventures, Emergevest and angels including Huw Slater, COO of TravelPerk, Stephen Garland, former Chief Technology and Product Officer of TrustPilot, and Chairman Rob Barnett, former Chief Operations Officer at RBS.
Tamara Steffens, Managing Director at Thomson Reuters Ventures: “We are very excited about the Detected investment as it complements our KYB strategy. Their technology is bringing much needed automation to an underserved portion of the digital identity market. We look forward to working with Liam and team, and introducing Detected to the Thomson Reuters customer base.”
Based in London, Detected creates a detailed and accurate profile of any business in the world. It supplements this with information that can be added by the business that is being onboarded in a white-labelled onboarding flow.
Providing a fully automated process, the team has built unique technology that is resetting expectations for business onboarding – reflected by being accredited with global Visa Ready status.
The new funding will enable Detected to capitalize on US growth and continue to drive product innovation. It’ll also be used to grow the team, which has recently been joined by ex-Fiserv and Intuit commercial leader Rebecca Duckworth as CRO and ex-World Check finance and operations leader Mike Ainslie as CFO.
Since its launch, Detected has secured partnerships with financial services heavyweights such as Visa and has seen rapid growth in its customer base. It’ll be interesting to see how 2023 goes for this startup, as demand for more automated processes continues to grow.
Liam Chennells, Founder and CEO of Detected: “We’ve put ourselves in a very strong position to deliver on our ambitious 2023 objectives. I am grateful for the support of our new and existing investors and we’ll now continue to show them that they have made a brilliant choice.”