A growing startup behind ‘know your business’ compliance has raised £1.5 million in a fourth funding round in less than two years.
Detected, which had previously raised a total of £2m, said the latest round was led by Love Ventures with their FinTech Advisor John Lunn, a renowned veteran of the FinTech world.
In 2006 Lunn joined PayPal as one of the original team members in the UK and subsequently helped to launch PayPal Ventures. He is now CEO of Gr4vy, the cloud orchestration platform, and will play an advisory role to assist with the company’s growth.
It has already revealed partnerships with companies such as Visa. It aims to transform 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.
Detected’s founder Liam Chennells noticed a significant gap in company data while working to transport cargo during the COVID pandemic. He found it either very time consuming or impossible to find reliable information. Shortly after, he founded Detected so that other businesses could find information about any company, anywhere, in a matter of seconds.
Using a proprietary algorithm, Detected 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’s profile. The platform also uses advanced APIs so any business can seamlessly plug in the software and add the infrastructure into their existing workflow.
“Detected can find any legitimate company in the world instantly,” said Chennells. “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.”
Lunn added: “I’m most impressed by companies who solve highly complex challenges and present their solutions in a simple way. Detected is a category creator, they’ve set the standard for what KYB means and I couldn’t be more excited to be involved.”