LegalTech startup Thirdfort has raised £1m to speed up its growth to meet the increasing demand brought on by Covid-19.
The RegTech has noted a jump in the demand from law firm who need secure, remote, user-friendly technology.
The seed-plus investment round garnered interest from a number of new, high-profile investors including James Meekings and Andy Mullinger, co-founders of Funding Circle, and David Rutter, founder of R3, in addition to further funding from law firm Mishcon de Reya and a range of other private investors.
The seed-plus round brings the total raised by the startup to £2.7m.
Thirdfort is regulated by the Financial Conduct Authority and has created a web and mobile app that combines document scanning, facial recognition technology and open banking.
This helps both law firms and financial services providers to streamline identity and source of funds checks carried out by lawyers.
“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,” said Olly Thornton-Berry, co-founder and managing director of Thirdford.
“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.”
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