Detected Raises $2.4 Million to Expand Business Onboarding Intelligence Solution

London-based FinTech company Detected secured 2.2 million euros (about $2.4 million) in funding for its business onboarding intelligence offering.

The capital injection will enable Detected to further develop its technology and implement a growth strategy, EU-Startups reported Monday (Jan. 15).

Detected did not immediately reply to PYMNTS’ request for comment.

Founded in 2020, Detected aims to reinvent the traditional approach to business, customer and merchant onboarding, the report said. The company wants to become the industry standard for efficient, cost-effective and low-risk onboarding validation.

Detected’s approach to a $12 billion-a-year problem has enabled it to secure the support of enterprise partners and clients, per the report.

The funding round included investments from existing investors Thomson Reuters Ventures, Love Ventures and industry angels, the report said.

Last year, Detected received a $3 million investment from Thomson Reuters Ventures and Love Ventures to expand its presence in the United States, where it opened a new office, according to the report.

The latest funding round sets the company up for the next phase of growth, as it deepens relationships with enterprise clients and expands its network of payments businesses, per the report.

Detected’s international client base includes acquirers and processors, payment networks, buy now, pay later (BNPL) companies, issuers, gateways, independent sales organizations (ISOs) and merchant services providers (MSPs), according to the report.

In another development around onboarding, Versatile Credit integrated with Prove Identity in December to enhance its fraud screening and streamline its customer onboarding experience. As a software provider connecting merchants, lenders and consumers, Versatile Credit will enable merchants to deploy the solution both online and in stores.

“Our collaboration with Prove empowers merchants with greater control over the application journey, significantly mitigating risks and improving the overall experience,” Versatile Credit CEO Ed O’Donnell said at the time.

In June, American Express and Plaid partnered to streamline onboarding for FinTech apps. With this customer-permissioned data-sharing agreement, American Express customers can connect to any of more than 8,000 apps and services powered by Plaid without having to share their American Express password with a third party.

“This agreement reflects American Express’ commitment to providing our customers with the security, control and transparency they want when sharing their account data with financial apps of their choosing,” Danielle Cloud, senior vice president of enterprise data governance and platforms at American Express, said at the time.