Detected, a fintech onboarding startup, has raised $2.5m (£2m) in a follow-on investment round from Thomson Reuters and Love Ventures.
Founded in 2020, Detected is a software platform for onboarding fintech customers. The platform is comprised of a case management dashboard that aims to display customer profiles simply and clearly.
Based in London and New York, Detected automates the compliance steps required to verify and ultimately bring on new clients.
“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,” said Marcus Love, co-founder and general partner at Love Ventures.
The latest investment follows a £2.5m seed round from the VC firm and the investment arm of Thomson Reuters in January 2023.
“We’re reinvesting in Detected because we have a strong belief in the company’s long-term potential,” said Tamara Steffens, managing director at 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.”
The new funding will support the development of the company’s growth strategy in 2024 following its expansion into the US last year.