Thirdfort Raises £1m In Seed-Plus Funding Round

Thirdfort Raises £1m In Seed-Plus Funding Round

  • Legal tech startup accelerating growth plans as Covid-19 increases law firm demand for secure, remote, user-friendly technology 
  • Latest investors include James Meekings and Andrew Mullinger, co-founders of Funding Circle, and David Rutter, founder of R3

Legal tech startup Thirdfort has secured £1m in its latest fund raising, as the security specialist looks to capitalise on increasing demand from law firms. The seed-plus investment round garnered interest from a number of new, high-profile investors including James Meekings and Andy Mullinger, co-founders of Funding Circleand David Rutter, founder of R3, in addition to further funding from law firm Mishcon de Reya and a range of other private investors. It brings the company’s total funds raised to £2.7 million and will support investment across all aspects of the business, as its law firm clients look to accelerate the adoption of secure, remote, user-friendly technology in light of the Covid-19 pandemic.

FCA regulated Thirdfort is a web and mobile app that combines document scanning, facial recognition technology and Open Banking, to streamline identity and source of funds checks carried out by lawyers. Thirdfort lets conveyancers and lawyers onboard their clients quickly, securely and entirely remotely.

The business saw a five-fold increase in inbound leads during March and April as a result of law firms being forced to work remotely, consumers social distancing, and in-person ID checks becoming almost impossible. Since March the team has grown from 15 to 25 and is forecasting a 60% growth in headcount during the next 12 months.

Thirdfort graduated from Mishcon de Reya’s prestigious MDR LAB accelerator programme in 2018, before setting up its first office in Victoria, London. The business has since attracted seed funding from Mishcon and a number of high-profile angel investors including Alex Chesterman (Zoopla founder) and Chris Marks (ex-CEO of Natwest Markets).

Olly Thornton-Berry, co-founder and Managing Director: “The need for the legal market to rapidly adapt in light of the Covid-19 pandemic has been a major catalyst for change, and we believe there is an enormous opportunity to help lawyers cut out fraud risk while improving the client experience during life’s big moments, through a slick and simple mobile app.

We’ve seen a huge increase in demand from our law firm clients and, despite a challenging market backdrop, we’ve secured a further £1m investment which will allow us to press the pedal harder on our growth plans.

Our technology transforms the highly inefficient, manual methods used by many firms, improving identity verification and money laundering compliance, and reducing the risk of cybercrime – three areas in which lawyers face increasing anxiety and uncertainty from heavy regulatory burdens, technology overload and rampant fraud.”

This article was submitted to be published by Thirdfort ID Checker from Lawyer Checker as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

Thirdfort

www.thirdfort.com Thirdfort combines KYC, AML and Source of Funds for beautifully secure verification in one platform. Now forward-thinking conveyancers can reduce time spent on client due diligence by up to 80%. Powered by Open Banking and transaction-specific data, Thirdfort rapidly helps professionals identify any risks in minutes, and speed up the compliance process. Thirdfort is trusted by more than 1000 regulated businesses, law firms and property professionals to make their compliance a competitive advantage.

Why choose Thirdfort?

Safeguard your firm Thirdfort is regulated and authorised by the FCA and built in line with HM Land Registry’s Digital ID Standard. Use the same government-grade technology as the UK Home Office to make compliance with the latest regulations easier and faster. Win back time Cut your client onboarding time by 80% while removing the risk of identity fraud and money laundering. Your clients can complete their verification in minutes, wherever they are. The results are delivered to you directly in an easy-to-read report. Deliver beautifully secure experiences Offer your clients a seamless experience with Thirdfort’s mobile app and a dedicated UK support team, who are on hand to follow up with your clients and answer any questions so you can get on with the work that matters.

Key Services

Address

Thirdfort 20 Grosvenor Place Victoria London SW1X 7HN

Key Contact

For enquiries please email: marketing@thirdfort.com

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