The new funding will allow Detected to continue to build its technology, and will be invested in a growth strategy following a successful year in 2023.

Reinventing the traditional approach to business, customer and merchant onboarding, Detected has built a reputation in the high-growth business onboarding industry and is trusted by the biggest names in payments. From being crowned number one in the RegTech 50 last year to winning the Fintech Innovator Award, Detected’s product and team have been recognised by the industry.

In an industry dominated by legacy players, Detected has secured the support of enterprise partners and clients due to its innovative approach to a $12 billion a year problem.

Tamara Steffens, Managing Director, Thomson Reuters Ventures stated: "We’re reinvesting in Detected because we have a strong belief in the company's long-term potential. 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."

Marcus Love, Co-founder and General Partner at Love Ventures added: “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.”

Liam Chennells Co-founder and CEO at Detected commented: “This investment round further confirms our continued progress and sets us up for the next phase of our growth as we deepen relationships with enterprise clients and rapidly increase the volume of payments businesses we work with.”

Detected is reinventing how companies undertake onboarding validation at speed, at a lower cost and with reduced risk. The London and New York based company wants to be the industry standard for how best to onboard a business. Last year, Thomson Reuters Ventures and Love Ventures invested $3 million into Detected to grow its US offering where it opened a new office.

Despite declines in 2023 of investment into US and UK fintech startups due to inflation, increased interest rates, geopolitical issues, and other macroeconomic conditions all hitting valuations and deal activity, Detected’s latest raise highlights the momentum and consistency behind the business, which lists acquirers & processors, payment networks, BNPL companies, issuers, gateways and ISO & MSPs amongst its international client base.