Zoopla founder Alex Chesterman has pumped more funds into identity checking and digital onboarding platform Thirdfort as it moves into the property sales market.
The web and mobile app combines open banking, document scanning and facial recognition technology to streamline identity and source of funds checks carried out during property transactions. It also lets conveyancers onboard their clients securely and remotely.
Fresh from his success launching online car site Cazoo, the serial digital entrepreneur has helped Thirdfort raise £1.5m to ramp up product development and support its continued expansion in the property and legal markets, particularly in light of HM Land Registry’s recently introduced Digital ID Standard.
It brings the company’s total funds raised to £4.2 million.
Alex Chesterman says Thirdfort has developed a product that tackles an issue affecting hundreds of thousands of people each year – the cumbersome process of buying and selling homes.
He adds: “This hasn’t changed for decades and is ripe for transformation, particularly around the compliance aspects that affect not just consumers and their lawyers, but also agents, brokers and lenders.
“We also see huge scope to develop what the platform can offer to the wider legal profession, and I’m delighted to support the team as they continue to grow from strength to strength.”
The Anti-Money-Laundering (AML) and Know Your Customer (KYC) specialist’s tech is now used to remotely onboard over 30,000 clients each month – a ten-fold increase on pre-pandemic numbers – for more than 500 law firms and property businesses.
MD Olly Thornton-Berry (pictured) says it aims to become the new standard in legal security and has plans to move into the estate agent and mortgage space.