Compliance tech firm Detected raises £1.5m

UK-based compliance technology firm Detected has raised £1.5 million.

Detected, founded in July 2020, provides ‘Know Your Business’ (KYB) technology which allows users to search registered businesses internationally.

The round was led by London-based investment firm Love Ventures, which has investments in FinTech, PropTech, and consumer technology

This brings the FinTech’s total funding raised to date to £2 million and comes after the firm raised £250,000 in October 2020.

“We can find any legitimate company in the world instantly,” said Liam Chennells, chief executive officer at Detected. “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.”

He added: “In that way, it can help stimulate business activity, especially when working with clients, suppliers or partners in emerging markets.”

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