Detected, a London fintech specialised in extracting actionable anti-fraud data from enterprise payment accounts, has received £2.5 million from investors including Thomson Reuters' Ventures unit, in an ongoing seed round now totalling £6 million.
The business intelligence, legal risk management and media behemoth is investing alongside London fintech, prop tech and consumer tech VC Love Ventures, which led Detected's £1.5 million follow-on seed tranche last March.
Existing backers also include 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, 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. The startup says manual "know-your-business" checks are notoriously cumbersome.
The fresh capital, along with Toronto-HQed Thomson Reuters' support, is anticipated to open up access to the US market and enable Detected to double down on product delivery.
It's another example of talent emerging from Europe's vibrant fintech scene and specifically the emerging ecosystem around London's Shoreditch. Detected has benefited from working space made available in an innovation cluster managed by the UK banking giant Barclays. It's also a member of Visa's global fintech integration programme.
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," Steffens added. "We look forward to working with Liam and team, and introducing Detected to the Thomson Reuters customer base.”
For Detected CEO Liam Chennells, the investment is a massive opportunity to get going on this year's aspirations.
Chennells said: "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."