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Thirdfort Secures Series A Follow On Investment From Knight Frank LLP, Grosvenor Hill Ventures and Chestertons – UK Technology Investment News

Strong thirda risk management platform combining Know Your Client (KYC), Anti-Money Laundering (AML) and Source-of-Funds (SoF), has secured an equity investment from leading agents Knight Frank LLP, Grosvenor Hill Ventures (subsidiary Savills for investments in proptech) and Chesterton.

All three agents have adopted Thirdfort’s one-stop solution for AML and will support product development.

Olly Thornton-Berry, co-founder and CEO of Thirdfort, commented: “All real estate agents face rapidly escalating AML regulations, with HMRC requiring more than just a PEP screen, but legacy AML solutions are not meeting the new world of risk. We saw a huge opportunity to build the first platform that effectively protects against money laundering, leveraging Open Banking and 12 third-party KYC providers, wrapped up in a mobile app that turns perfect compliance into a competitive advantage. ”

All three companies will initially adopt Thirdfort’s mobile first offering among their residential sales teams. Having completed a six month pilot in April, Knight Frank has already launched Thirdfort in all UK branches. Chestertons is rolling out Thirdfort’s platform into its UK network, while Savills will start a pilot project after this investment before a planned launch.

As the market leading platform for real estate professionals, Thirdfort is the only platform that combines digital ID, AML and SoF verification, along with Open Banking and specific transaction data. The platform quickly informs property professionals about risks by onboarding both individuals and businesses, allowing them to start trading with new clients faster. Thirdfort is currently used by over 850 real estate agents, transport companies and law firms.

By forging closer relationships with its strategic investors, the move supports product development as anti-money laundering compliance continues to increase across all aspects of real estate transactions. This will include optimizing the Thirdfort product for leases, as well as exploring how Thirdfort can be used in other areas, including mortgages and commercial sales.

Philip Gardner, Group Head of Strategy Risk & Operations at Knight Frank, said: “We are delighted to make this investment in what we believe is the leading AML platform. We look forward to working with other investors and Thirdfort leadership to develop the platform and explore further use in the Knight Frank group. ”

Egita Cepurnaite, Head of AML at Chestertons: “Having recently completed a Thirdfort platform pilot, we believe it can offer our customers and staff a leaner and more secure approach to KYC, AML and SoF controls. Using open banking, cryptographic and biometric verification, and real-time monitoring of PEPs and sanctions, the platform will help automate compliance requirements while reducing the risk of fraud and money laundering. ”

Derry Lynch, Head of Residential Compliance at Savills: “We are looking forward to working with Thirdfort. Compliance procedures are increasingly complex and time consuming, so a new platform that accelerates some of the processes involved in any real estate transaction is welcome and will help us improve the customer experience. ”

END

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About Thirdfort

  • Thirdfort protects the big transactions of life so that companies and their customers can move without fear.

  • With payment fraud and money laundering skyrocketing, regulated professionals are struggling to keep up with their compliance obligations. Thirdfort turns compliance into a competitive advantage, offering a wonderfully secure integration for professional services firms operating in the legal, real estate and finance industries.
  • Thirdfort was founded by college mates Olly Thornton-Berry and Jack Bidgood after a friend was robbed of £ 25,000 while buying a London apartment, despite having undergone countless fraud checks with multiple professionals. Olly and Jack saw firsthand the devastating effects of the fraud and the cruel irony of their friend undergoing endless paper-based fraud checks that were extremely frustrating. Thirdfort’s platform was developed in response to listening to lawyers, real estate agents, mortgage brokers and other professionals about how difficult it has become to board and safely negotiate with clients in a world of ever-growing regulation and fraud.

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Thirdfort Secures Series A Follow On Investment From Knight Frank LLP, Grosvenor Hill Ventures and Chestertons – UK Technology Investment News

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