London, 2nd March 2022: Today, 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.
Since being founded in July 2020, Detected has grown significantly following three other successful funding rounds and a string of successful partnerships, including with 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 original team members in the UK and subsequently helped to 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 working to transport 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, says, “I’m most impressed by companies who 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 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.”
Detected continues to commit to and deliver for investors from previous funding rounds including:
- Huw Slater – COO of TravelPerk
- Laurence Guy – Founder and CEO of We Are Pentagon
- Tink Taylor – Founder & President of dotMailer and Founder of dotDigital Group plc
- Ed Hill – SVP EMEA of Bazaarvoice
- Maropost Ventures
- Stephen Garland – Chief Technology and Product Officer of TrustPilot
- Rob Barnett – former Chief Operating Officer at RBS and Managing Director at Southern Water