London-based Fintech Detected has secured £2.5m in its financing round fundraise, including investment from Thomson Reuters Ventures, Love Ventures and powerful industry angels.
KYB (Know Your Business process) is “notoriously” slow, manual, and unfit for purpose.
However, 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-labeled onboarding flow.”
Providing automated global business onboarding, the Barclays Rise (Shoreditch) HQ’d team has “built unique technology that is resetting expectations for business onboarding – evidenced by being accredited with global Visa Ready status.”
At a time when Detected’s technology is emerging as the market leader in the KYB space, Thomson Reuters Ventures “join existing investors in the UK business, including Love Ventures (who led Detected’s £1.5 million Seed Follow On investment in March 2022), 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.”
The new funding will “enable Detected to capitalize on US growth and continue to drive product innovation which has underpinned the impressive success to date.”
It will also “continue to build its world class 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.”
Liam Chennells, Founder and CEO of Detected, commented:
“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.”
Tamara Steffens, Managing Director at Thomson Reuters Ventures, stated:
“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.”
As a leader in content-enabled technology across the Legal, Tax & Accounting, Risk, Fraud, Compliance, and News & Media markets, customers “rely on Thomson Reuters to deliver trusted solutions to manage and grow their businesses.”
Thomson Reuters Ventures “builds on this commitment by investing in and supporting the broader ecosystem focused on these same challenges.”