UK and US-based fintech Detected has announced a new funding round of USD 2.5 million from existing investors Thomson Reuters Ventures, Love Ventures, and investment angels.
The latest funding round was secured to allow Detect to continue building its proprietary category-defining technology, after a successful 2023.
According to Detected’s Co-founder and CEO, the money confirms the progress the company has made so far and will be used to pave the road for the next phase in the fintech’s growth and increase the volume of payments businesses they work with.
Detected aims to change how companies undertake onboarding validation at speed with a faster, less expensive technology, and with reduced risks. At the same time, the company wants to make a name of itself in the global market of onboarding businesses, with the help of its investors. Previously, in 2023, Thomas Reuters Ventures and Love Ventures have invested another USD 3 million into the fintech, helping grow its US offering where Detected opened a brand new office.
Despite a rocky 2023 with declines of investments in US and UK fintechs due to inflation, higher interest rates, geopolitical conflicts, and several other macroeconomic conditions that negatively impacted valuations and deal activity, Detect has managed to not only stay afloat but also thrive in a industry worth USD 12 billion a year.
With headquarters in the UK and the US, Detected is trusted by hundreds of names in the payments industry to conduct onboarding processes and create tailored onboarding flows, based on clients’ needs. It was voted the number one in the RegTech 50 in 2023 and won the Fintech Innovation Award in 2022 as well. Most recently, Detected’s product has been highly appraised in the industry, while the company made headlines by being included in the prestigious Startups 100 Index for 2024.
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