ID Checking App Thirdfort Raises £700,000

ID checking app Thirdfort has raised a seed round of £700,000 led by Mishcon de Reya, personal investment from Chris Marks, CEO of NatWest Markets, and support from existing investors including Zoopla founder Alex Chesterman and Lawyer Checker.

Thirdfort is a web and mobile app which combines document scanning and facial recognition technology with Open Banking to streamline identity and source of funds checks carried out by lawyers in property transactions. It brings the company’s total investment raised to £1.3m.

Thirdfort’s MD and Co-founder Olly Thornton-Berry said: “Conveyancers are under increasing pressure to complete work for ever decreasing fees while regulators layer on additional compliance requirements that often require forensic expertise to assess a client’s ID documents and the source of their funds. With this new funding, we can scale Thirdfort to relieve more conveyancers of this burden by helping them onboard clients in minutes not weeks.  

“This funding will also help us expand into the mortgage broking market in which the same ID and source of funds checks are just as manual and yet duplicated. We recently took our first step having partnered with Altura Financial Services and The Mortgage Brain.”

The conveyancing process is a process which, to some extent, is still reliant on procedures which operated before the digital age. Thirdfort must surely have a part to play in bringing it into the 21st century.

Source Thirdfort
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