71. Detected

Founders: Liam Chennells and Peter Youell
Year founded: 2020
Website: detected.co 

Current onboarding processes cause 54% of businesses to mistakenly decline legitimate customers, costing companies and limiting their potential to grow. Put simply, the business verification – or ‘know your business (KYB)’ process – is broken, but Detected is on a mission to change this.

Founded in 2020 by Liam Chennells and Peter Youell, Detected is a company that provides a single platform for businesses to check, validate, and carry out due diligence on other companies in minutes, solving the problem of having to use multiple, costly services to complete these checks. 

Unlike other business onboarding processes, Detected aggregates fraud, risk and compliance data sources in one place and allows customers to connect to this via a simple onboarding platform. This makes it much easier and more efficient for businesses to complete the checks they need to do before onboarding new customers or partners.

Aside from creating a fully automated onboarding process, the tech-savvy startup can also create a detailed and accurate profile of any business in the world. These profiles can be supplemented with information added by businesses being onboarded in a white-labeled onboarding flow. 

Detected’s state-of-the-art technology isn’t going unnoticed. The startup has recently partnered with Visa and received over £6 million in funding from firms like Thomson Reuters, and Love Ventures. 

The startup is planning to use this funding to expand into new territories such as the US and Europe, build out its platform, and drive sales through strategic partnerships with tier-one companies. Detected will also be using the funds to expand their team,

Detected’s gaze is firmly set on becoming the business onboarding industry leader, by streamlining the way clients carry out due diligence and validate other companies. If the startup’s impressive track record and previous funding rounds are anything to go by, it’s not long until this vision will become a reality.