back Back

Detected announced raising £1.5m in the 4th funding round

By Joy Dumasia

March 04, 2022

  • Compliance
  • Detected
  • Europe
Share

Detected, the critical infrastructure component for global KYB compliance, announces it has raised an additional £1.5 million in just three weeks, adding to £2 million seeded in previous funding rounds. Detected has grown significantly following three other successful funding rounds and a string of successful partnerships, including VISA, stemming from its value in the payments stack.  

This funding round was led by Love Ventures with their FinTech Advisor John Lunn, a renowned veteran of the FinTech world. In 2006 John joined PayPal as one of the UK’s original team members and subsequently helped launch PayPal Ventures. He is now CEO of Gr4vy, the cloud orchestration platform, and will play an advisory role to assist with the company’s growth. 

Detected transforms KYB compliance into a competitive advantage by streamlining lengthy onboarding processes that deter new clients while equipping businesses to adhere to rapidly changing regulatory demands. Its founder, Liam Chennells, noticed a significant gap in company data while transporting cargo during the pandemic. He found it either very time consuming or impossible to find reliable information. Shortly after, he founded Detected so that other businesses could find information about any company, anywhere, in a matter of seconds.  

Using its unique ‘Find Company’ algorithm, Detected can find and verify any registered company in the world, using just the company name and city. Companies can search and locate business credit, corporate and director information from around the globe in seconds. From there, ID verification, UBO information and company documentation can all be gathered and linked to the business’ profile. The platform also uses advanced APIs so any business can seamlessly plug in the software and add the infrastructure into their existing workflow.  

Liam Chennells, Chief Executive Officer of Detected, explains: “Detected can find any legitimate company in the world instantly. KYB is currently seen as an operational hurdle when it should be an asset, and our technology is steering that shift. Detected gives businesses full visibility of any entity they want to work with, significantly reducing the friction involved in onboarding suppliers. In that way, it can help stimulate business activity, especially when working with clients, suppliers or partners in emerging markets.” 

John Lunn, FinTech Adviser at Love Ventures, said: “I’m most impressed by companies which solve highly complex challenges and present their solutions in a simple way. Detected is a category creator; they’ve set the standard for what KYB means, and I couldn’t be more excited to be involved.”  

Chennells says, “I’m pleased with what we have achieved in just 18 months and am excited about what lies ahead. Our partners already include payment service providers, marketplaces and FinTech providers; however, the sectors this technology can benefit are limitless.” 

Previous Article

March 04, 2022

SoFi completes acquisition of Technisys

Read More
Next Article

March 04, 2022

Orange and Yabx collaborate with Cofina in Ivory Coast

Read More






IBSi Daily News Analysis

June 21, 2024

Compliance

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Discai and Harmoney join forces to fight financial crime

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023