Detected raises £2m to revolutionize business onboarding
Detected, a fintech company based in the UK and US, has recently raised £2m ($2.5m) in its latest fundraise. The investment comes from existing investors Thomson Reuters Ventures, Love Ventures, and industry angels. With this funding, Detected plans to further drive product innovation and launch new features. The company aims to reinvent the traditional approach to business onboarding and has established itself as a leader in the high-growth business onboarding industry. Detected's innovative approach has attracted enterprise partners and clients in an industry dominated by legacy players. The company's success has been recognized by the industry, with accolades such as being named number one in the RegTech 50 and winning the Fintech Innovator Award.
Tamara Steffens, Managing Director of Thomson Reuters Ventures, expressed their belief in Detected's long-term potential and the impact of its technology.
They are excited about the momentum the company has developed in the market. Marcus Love, Co-founder and General Partner at Love Ventures, sees this investment round as a confirmation of progress and a stepping stone for the next phase of growth for Detected. Liam Chennells, Co-founder and CEO at Detected, highlighted the company's mission to reinvent onboarding validation by offering speed, cost-effectiveness, and reduced risk. Detected aims to become the industry standard for business onboarding.
Despite declines in investment into fintechs in the US and UK in 2023, Detected's latest fundraise reflects the momentum and consistency behind the company's growth. Detected stands out in the market by providing onboarding intelligence that reduces costs, improves compliance, and reduces regulatory risk. The company serves payment companies and marketplace operators, where onboarding new merchants or customers is a time-sensitive and commercial imperative. Detected offers a unique approach by allowing customers to design their ideal onboarding sequence using the no-code Detected modules, connecting to a range of risk, fraud, and compliance sources, and providing a comprehensive case management system for customer data.
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