Detected, a FinTech specialised in extracting actionable anti-fraud data from enterprise payment accounts, has raised £2.5m in an ongoing seed round totalling £6m.
According to a report from Tech.eu, the funding came from investors including Thomson Reuters’ Ventures unit.
Existing backers also included the Canadian VC Maropost Ventures and EmergeVest, an investor specialised in Asian growth strategies, along with angels Huw Slater (COO, Travelperk,) Stephen Garland (ex-TrustPilot CTO) and Detected chairman Rob Barnett (ex-RBS COO).
Founded in 2020, the anti-fraud RegTech company claims to transform know your business compliance into a competitive advantage. It does this by streamlining lengthy onboarding processes that also can adapt to new regulatory changes.
The company was created by Liam Chennells, after he found it a time-consuming or impossible to find reliable information.
The startup believes that manual “know-your-business” checks are notoriously cumbersome.
Detected lets enterprise payment providers automate onboarding while extracting key metrics about the client, enabling payment facilitators to quickly perform company background checks to prevent money laundering.
Liam Chennell,s Detected CEO, said the investment is a massive opportunity to get going on the company’s aspirations for the year. Added, “We’ve put ourselves in a very strong position to deliver on our ambitious 2023 objectives. I am grateful for the support of our new and existing investors and we’ll now continue to show them that they have made a brilliant choice.”
Tamara Steffens, Thomson Reuters Ventures managing director, said Detected’s tech would complement its internal “know-your-business” efforts.
“Their technology is bringing much needed automation to an underserved portion of the digital identity market. We look forward to working with Liam and team, and introducing Detected to the Thomson Reuters customer base.”
In March last year, Detected raised £1.5m in a funding round, which it managed to raise in just three weeks.
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