Thirdfort raises £1m in seed-plus funding led by James Meekings, Andrew Mullinger, and David Rutter to accelerate growth.
The funding round was led by James Meekings, Andrew Mullinger, and David Rutter, with participation from Mishcon de Reya.
Thirdfort operates a risk management platform combining Know Your Client, Anti-Money Laundering and Source-of-Funds verifications. The company protects property and legal professionals against fraud during major transactions.
Thirdfort has secured £1m in a seed-plus funding round led by Funding Circle co-founders James Meekings and Andrew Mullinger alongside R3 founder David Rutter. The round also featured participation from existing backer Mishcon de Reya and various private investors, bringing the company's total funds raised to £2.7m.
The capital will support investments across all areas of the business. Demand for the company's remote verification tools surged as law firms adjusted to remote working conditions and social distancing measures during the pandemic.
Regulated by the FCA, Thirdfort automates identity checks and anti-money laundering compliance for conveyancers and lawyers. The firm experienced a sharp increase in inbound interest earlier in the year and expanded its headcount from 15 to 25 employees.
From the founder
"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."
Olly Thornton-Berry
Managing Director at Thirdfort
Use of funds
- 01Scale operations
