Today business onboarding company Detected announced that it has secured $2.5 million in its latest fundraising, bringing the company’s funding to $8.5 million.
Detected focuses on meeting the needs of payment companies and marketplace operators where onboarding new merchants or customers is a time-sensitive, commercial imperative.
Its business onboarding platform reduces costs, while improving compliance and reducing regulatory risk for its customers.
Customers can 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.
Liam Chennells, co-founder and CEO at Detected, commented:
“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.”
The fundraise included investment from existing investors Thomson Reuters Ventures, Love Ventures and industry angels.
Tamara Steffens, Managing Director, Thomson Reuters Ventures, stated:
"We’re reinvesting in Detected because we strongly believe in the company's long-term potential. As customers, we have seen first-hand the technology's impact, and we're excited about the momentum that Detected has developed in the market."
Marcus Love, Co-founder and General Partner at Love Ventures, added:
“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.
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.
Lead image: Detected. Photo: uncredited.