UK-based RegTech startup Detected scores £1.5m funding

Detected, a compliance API, has received £1.5m in its latest funding round, which it managed to raise in just three weeks.

Love Ventures, an investor aimed at UK-based tech startups, served as the lead investor.

Founded in 2020, the RegTech company claims to transform know your business compliance into a competitive advantage. It does this by streamlining lengthy onboarding processes that also can adapt to new regulatory changes.

The company was created by Liam Chennells, after he found it a time-consuming or impossible to find reliable information.

Through its “Find Company” algorithm, Detected can find and verify any registered company in the world, with just the company name and city. Companies can search and locate business credit, corporate and director information from across the world. From there, ID verification, UBO information and company documentation can be gathered and linked to the business’ profile.

Detected CEO Liam Chennells said, “Detected can find any legitimate company in the world instantly. 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.”

The company has raised a total of £3.5m in funding, to date. It has also formed partnerships with multiple companies, including VISA.

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