Detected secures £2 million Series A Follow On investment from Thomson Reuters Ventures and Love Ventures
- Series A
Esther Andrew
- 0
- 7 minutes read
- Detected plans to drive further product innovation and launch new features
- Detected’s Seed Round has grown to over $10m to reinvent and bring business onboarding intelligence to its global client base
15th January 2024 – UK and US based fintech Detected has secured £2m ($2.5m) in its latest fundraise, including investment from existing investors Thomson Reuters Ventures, Love Ventures and powerful industry angels.
The new funding will allow Detected to continue to build category defining technology, and will be invested in a growth strategy following a successful year in 2023.
Reinventing the traditional approach to business, customer and merchant onboarding, Detected has built a reputation as a leader in the high-growth business onboarding industry and is trusted by the biggest names in payments. From being crowned number one in the RegTech 50 last year to winning the Fintech Innovator Award, Detected’s product and team has been recognised by the industry, most recently being named in the prestigious Startups 100 Index for 2024.
In an industry dominated by legacy players, Detected has secured the support of enterprise partners and clients due to its innovative approach to a $12bn a year problem.
“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.”
Tamara Steffens, Managing Director, Thomson Reuters Ventures stated:
“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.”
Marcus Love, Co-founder and General Partner at Love Ventures added:
“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.”
Liam Chennells Co-founder and CEO at Detected commented:
Detected is reinventing how companies undertake onboarding validation at speed, at a lower cost and with reduced risk. The London and New York based company wants to be the industry standard for how best to onboard a business. Last year, Thomson Reuters Ventures and Love Ventures invested $3m into Detected to grow its US offering where it opened a new office.
Despite declines in 2023 of investment into US and UK fintechs* due to inflation, increased interest rates, geopolitical issues, and other macroeconomic conditions all hitting valuations and deal activity, Detected’s latest raise highlights the momentum and consistency behind the business, which lists acquirers & processors, payment networks, BNPL companies, issuers, gateways and ISO & MSPs amongst its international client base.
ENDS
About Detected
Detected is reinventing the traditional approach to business onboarding, reducing costs, while improving compliance and reducing regulatory risk for its customers. Focused on meeting the needs of Payment companies and Marketplace operators where onboarding new merchants or customers is a time-sensitive, commercial imperative.
Detected is unique in the market by allowing its customers to design their ideal business onboarding sequence using the no-code, Detected modules. Customers then connect to Detected’s ecosystem of risk, fraud and compliance sources, ensuring the most appropriate checks are completed. Finally, the Detected case management system provides a single source of truth and control over all customer data. Welcome to Onboarding Intelligence by Detected.
