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.