London-based critical infrastructure component for global Know Your Business (KYB) compliance, Detected has raised an additional £1.5 million in just three weeks, adding to £2 million seeded in previous funding rounds. This funding round was led by Love Ventures with their fintech advisor John Lunn, a renowned veteran of the fintech world.
Since being founded in July 2020 by Liam Chennells, the platform 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.
The startup 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. Using its unique ‘Find Company’ algorithm, the startup 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.
Liam Chennells, Chief Executive Officer of Detected, said: “We 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.”