Thirdfort, a UK-based Legaltech startup, recently announced it secured £1 million in seed-plus funding round. The latest investors include James Meekings and Andrew Mullinger, co-founders of Funding Circle, and David Rutter, founder of R3. Founded in 2017, Thirdfort stated it is enabling solicitors and licensed conveyancers to carry out secure and entirely remote ID and source of funds checks.
“Using just their smartphone, clients can prove their identity, validate the authenticity of their ID and provide digital bank statements, from the comfort of their home. Checks are completed in minutes and results are available in real-time.”
Thirdfort also explained that it is backed by Alex Chesterman, Founder of Zoopla, Mishcon de Reya, and HM Land Registry. While sharing more details about the company’s development, Olly Thornton-Berry, co-founder and Managing Director of Thirdfort, stated:
“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.”
Thornton-Berry then explained he and his team have seen a huge increase in demand from their law firm clients and, despite a challenging market backdrop, it has secured the £1 million investment to press the “pedal” harder on their 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.”