London-based Detected raises €2.2 million in funding. This includes contributions from established backers Love Ventures, Thomson Reuters Ventures, and influential industry angels.
With this additional cash, Detected will be able to carry on developing technology that defines a whole category and will invest in a growth strategy after 2023 proves to be a prosperous year.
The largest names in payments trust Detected, which has reinvented the conventional approach to company, customer, and merchant onboarding and established a reputation as a leader in the high-growth business onboarding space.
The industry has acknowledged Detected’s product and team, as seen by their inclusion in the esteemed Startups 100 Index for 2024 and their recent victory as the top-ranked RegTech 50 contender as well as their receipt of the Fintech Innovator Award.
Liam Chennells, Co-founder and CEO at Detected, commented: “This investment round further confirms our continued progress and sets us up for the next phase of our growth as we deepen relationships with enterprise clients and rapidly increase the volume of payments businesses we work with.”
Tamara Steffens, Managing Director, Thomson Reuters Ventures, said: “We’re reinvesting in Detected because we have a strong belief in the company’s long-term potential. As customers, we have seen first-hand the impact the technology has, and we’re excited about the momentum that Detected has developed in the market.”
Marcus Love, Co-founder and General Partner at Love Ventures, added: “Since day one, we have known that tackling the monolith that is business onboarding was going to be a huge challenge and we remain convinced that Liam and the Detected team have what it takes to change this industry for the better.”
Detected, a 2020 startup, is revolutionising onboarding validation for businesses by doing it quickly, cheaply, and with less risk. The company, which has offices in New York and London, aims to set the benchmark for successful business onboarding in the industry.