Forged in the pandemic, funded in the pandemic, launched in the pandemic – that’s Detected, an exciting mix of RegTech innovator and SaaS startup that’s transforming how businesses buy and sell on B2B marketplaces.
‘Simple, powered by complex’ is the team’s vision, and this simplicity is all about easier business verification.
Building Trust Between Businesses
You see, despite digital commerce’s scale – $5.6 trillion and still growing – consumers and businesses know very little about the companies they buy from. More often than not, they can click a username to see some basic business details. That’s it, and this certainly won’t do, as Liam Chennells, Chief Executive Officer at Detected, explains:
“Detected shines a piercing spotlight on the credentials of B2B marketplace sellers. We are all about providing buyers the ability to conduct rapid ‘in-journey’ due diligence. Consider the Detected Icon as the ‘Blue Tick’ for marketplaces. Find a product, look at which business is selling that product, tap the Detected Icon, review the business’s credentials, and then purchase with confidence. For a marketplace operator themselves, this easily accessible data builds trust with customers, protects a marketplace’s reputation and behind the scenes, identifies fraudulent sellers at scale.”
Automation is the name of this game and Detected’s real-time monitoring ensures no risk goes undetected, whether that’s suspected fraud, sudden changes in credit ratings, insolvency warnings, or new and existing CCJs.
How The Pandemic Inspired The Idea
This impressive solution is the brainchild of Liam Chennells and Nathan Kelleher. Early into the 2020 COVID-19 pandemic, they were using their contacts and networks to source planes and boats to keep medical equipment and PPE moving. During all of this they saw countless cases of fraud.
#Detected closed £600,000 seed round within 72 hours Led by Hong Kong based @EmergeVest, #Trustpilot CTO joins advisory boardhttps://t.co/R1pDFGJgaB#fintech #regtech #investments #appointments #businessverification #ecommerce— Financial IT (@financialit_net) November 24, 2020
A eureka moment struck, and they decided that manual, costly due diligence processes were clearly no longer up to scratch for this thriving sector.
Peter Youell and Darko Atijas were brought on board – leaders in the technology and SaaS growth industries respectively – and work started on the Detected platform. A £250K pre-seed soon followed. Weeks later, another £600K in seed funding was in the bank, having opened and closed within 72 hours.
Detected has attracted an impressive advisory board too. This includes Stephen Garland (Global CTO & CPO of Trustpilot), Rob Barnett (Managing Director of Southern Water) Carl Hartmann (Former Co-Founder and CEO of Temando, now Lyre’s Spirit Co. Co-Founder).
Marketplaces are adopting the Detected platform rapidly and onboarding their vast seller bases with a few clicks. Detected already provides visibility into 20,000+ organisations around the world, and this number is growing each day.
When asked about the company’s progress to date, Liam commented: “Digital commerce has well and truly turned B2B procurement on its head, but the systems and processes designed to protect businesses haven’t kept pace with this change. Visibility drives action and our platform brings clarity to complex information so businesses can buy and sell with confidence.”
Get Detected at www.detected.app.