RegTech 50 leader Detected has secured £2 million in its latest fundraise.
The London company – which topped our innovation ranking of companies building solutions for regulation and compliance last year – has built a ‘know your business’ compliance API for trusted onboarding of businesses, customers and merchants.
The latest round included investment from existing investors Thomson Reuters Ventures, Love Ventures and industry angels. It takes its seed round to more than $10m.
“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,” said Liam Chennells, co-founder and CEO.
Last year Thomson Reuters Ventures and Love Ventures invested $3m into Detected to grow its US offering. It opened a base in New York.
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“We’re reinvesting in Detected because we have a strong belief in the company’s long-term potential,” said Tamara Steffens, managing director, Thomson Reuters Ventures.
“As customers, we have seen first-hand the impact the technology has, 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.”