British legal-tech startup Thirdfort has secured ₤1.5m in its latest fund raising, as the Anti-Money-Laundering and Know Your Client specialist looks to ramp up product development and support its continued expansion in the legal and property markets.
The funding round was raised solely from existing investors, with the funds doubled via a convertible loan from the British Government, as part of its Future Fund programme. This latest round brings the company’s total funds raised to ₤4.2 million and will support product development and innovation.
Thirdfort is a web and mobile app that combines Open Banking, document scanning and facial recognition technology, to streamline identity and source of funds checks carried out during legal and property transactions. Thirdfort lets lawyers and property professionals onboard their clients quickly, securely and entirely remotely. Thirdfort’s tech is now used to remotely ‘onboard’ over 30,000 clients each month on behalf of more than 500 law firms and property businesses.
Olly Thornton-Berry (Co-founder and Managing Director): “We’re using cutting edge technology to help lawyers and property professionals minimise fraud risk, whilst improving the client experience during life’s big moments. These tools have the backing of regulators, Government bodies and a growing number of firms, and our objective is for Thirdfort to become the new standard in legal security, as well as expanding into adjacent markets such as the estate agent and mortgage space. That means building better products and doing so faster than ever, and we’re delighted that some of the UK’s leading angel investors support this strategy.”