London-based business verification platform Detected has secured £1.5m in a funding round led by Love Ventures and its fintech advisor John Lunn.
It brings the total investment in the regtech startup to £3.5m. Lunn, a fintech veteran who was an early member of PayPal, has now become an advisor for Detected.
Founded in 2020, Detected provides software to help companies comply with ‘know your business’ (KYB) regulations. It has created a “Find Company” algorithm to help businesses verify the legitimacy of another organisation using the company name and city.
In January, Detected joined Visa’s Fintech Partner Connect Program to allow companies to search for business credit, corporate and director information from around the globe.
The regtech startup also uses APIs so that businesses can connect the platform to their own workflow systems.
Its latest funding follows a £250,000 pre-seed round in October 2020 and comes just 18 months after the company was founded by Liam Chennells in July 2020.
Chennells came up with the idea during the pandemic after struggling to find reliable information for cargo transport companies.
“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.”