Storfund sign with Detected to automate business onboarding.
30th November 2023. After a successful pilot stage, Storfund has gone live with Detected to improve marketplace seller verification and onboarding. Storfund speeds up the payment of funds that marketplace sellers are owed, enabling them to keep pace with demand, manage cashflow and grow their businesses.
Oliver Whelan CRO: “Detected are a great fit for us. They are global, easy to work with and, like us, obsessed with customer experience But more importantly, they created a product to fit us and our particular business needs"
Storfund had decided to strengthen their own business onboarding checks so finding an intelligent solution that covered every step from the merchant signing up, to the compliance team approving them was a top priority. Additionally, they wanted a solution that could scale as they continued to expand their product offering and continue to grow.
Liam Chenells CEO said: “Our work with both payments businesses and marketplaces has really come to life with Storfund. It is a great business and we are thrilled to be working with such an exciting company.”
Detected’s solution is specifically designed for payments and marketplaces so there was immediate fit. Instead of Storfund needing to acquire multiple agreements with different data providers, which was proving both expensive and frustrating, only one agreement with Detected was required. Detected’s risk, fraud and compliance ecosystem automatically combines the best information from a range of data sources into one complete business profile.
Storfund also understood the importance of the Business Owner as a 'Data Source’; when data isn’t available in exotic geographies/markets then instead of spending lots of money on insufficient data, requesting it through the onboarding flow direct from the business owner is the best solution.
Storfund’s customers now benefit from frictionless onboarding that is specific to their application which is constantly being refined and improved through user behavioural analysis.
Detected is reinventing the traditional approach to business onboarding, reducing costs, while improving compliance and reducing regulatory risk for its customers. Focused on meeting the needs of Payment companies and Marketplace operators where onboarding new merchants or customers is a time-sensitive, commercial imperative.
Detected is unique in the market by allowing its customers to design their ideal business onboarding sequence using the no-code, Detected modules. Customers then connect to Detected’s ecosystem of risk, fraud and compliance sources, ensuring the most appropriate checks are completed. Finally, the Detected Case Management System, provides a single source of truth and control over all customer data.
To see the impact of the Detected platform read the recent case study with TravelPerk here.
Storfund makes ecommerce cash flow. Ecommerce has a cash flow problem – and in an industry worth $5 trillion, that matters. Marketplaces are responsible for over 50% of purchases worldwide but sellers wait between 14 and 60 days to get paid. Storfund pays sellers for what they sell, on the day they sell. Founded in London in 2018, we can provide up to £5 billion per year to sellers on Amazon, Back Market, Kaufland and many others.
Mondu, the fast-growing B2B payments company, has signed with Detected to automate its merchant onboarding process. As Mondu continues to expand across Europe, having strong foundations in place for its merchant onboarding will aid its growth while also providing a better experience for Mondu’s business customers.