London-based RegTech Detected has secured £2.5 million investment from Thomson Reuters Ventures, Love Ventures and industry angels.
Detected creates a detailed and accurate profile of any business in the world for safer onboarding. It supplements this with information that can be added by the business that is being onboarded in a white-labelled flow.
The Shoreditch-headquartered team has built technology that was recently accredited with global Visa Ready status.
Thomson Reuters Ventures join existing investors in the UK business, including Love Ventures – who led Detected’s £1.5m seed follow-on investment in March 2022 – Maropost Ventures, Emergevest and angels including Huw Slater, COO of TravelPerk, Stephen Garland, former CTO and CPO of TrustPilot, and chairman Rob Barnett, former COO at RBS.
The new funding will enable Detected to capitalise on US growth and continue to drive product innovation. It will also continue to build its team, which has recently welcomed ex-Fiserv and Intuit commercial leader Rebecca Duckworth as CRO and ex-World Check finance and operations leader Mike Ainslie as CFO.
“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,” said Liam Chennells founder and CEO.
The startup’s KYB (Know Your Business) solution saw it ranked in the top three as a new entrant in our 2022 RegTech 50 list.
RegTech 50 – UK’s most innovative compliance technology creators for 2022
Tamara Steffens, MD at Thomson Reuters Ventures, stated: “We are very excited about the Detected investment as it complements our KYB strategy.
“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.”