Thirdfort

About Thirdfort

Thirdfort Limited operates as a risk management platform focused on providing robust anti-money laundering (AML) and know-your-customer (KYC) solutions. The company was founded in London in 2017 by school friends Olly Thornton-Berry and Jack Bidgood. The inspiration for the business came after a mutual friend was defrauded of £25,000 during a property transaction, highlighting critical security gaps in the process. Thornton-Berry, the CEO, previously worked as a technology investor, while Bidgood, the CPO, has a background in banking.

The firm primarily serves regulated professional services, with a strong focus on the legal, property, and finance sectors. Clients include law firms, estate agencies, and mortgage brokers who require stringent compliance with AML regulations. Revenue is generated through its platform, which offers a suite of verification checks, and the company has secured significant funding, including a £15 million Series A round in 2022. Thirdfort's business model centers on turning regulatory compliance into a streamlined, digital process for its clients, reducing onboarding times from days to minutes.

The core of Thirdfort's offering is a web and mobile application that automates identity and source of funds verification. The platform uses a combination of technologies, including document scanning, facial recognition, Open Banking, and Near-Field Communication (NFC) for reading biometric chips in passports. This allows for comprehensive checks that comply with standards set by HM Land Registry and the Financial Conduct Authority (FCA). Its services include real-time Politically Exposed Persons (PEPs) and sanctions screening, address verification, and Know Your Business (KYB) reports. By integrating these features, Thirdfort enables businesses to securely onboard clients remotely, mitigating the risk of fraud and ensuring regulatory adherence.