Thirdfort Limited: Company Research Report
Company Overview
Name
Thirdfort Limited
Mission
To protect life’s big transactions by providing automated ID verification, anti-money laundering (AML), and Source of Funds checks.
Founding Details
- Founded In: January 2018
- Founders: Olly Thornton-Berry and Jack Bidgood
Key People
- Founders: Olly Thornton-Berry and Jack Bidgood
Headquarters
- Belle House, Platform 1 Victoria Station, London SW1V 1JT, England
Number of Employees
No information is available.
Revenue
No information is available.
Company Recognition
- Approved and regulated by the Financial Conduct Authority (FCA)
- Recognized by The Times as startup of 2019
Products
Product Offerings
1. ID Verification
- Description: Automated ID verification compliant with HM Land Registry's Digital ID standard and UK Government’s Digital Identity & Attributes Trust Framework.
- Key Features:
- Uses NFC technology to read and verify digital signatures in e-passports.
- Verifies thousands of identity documents globally.
- Allows verification of international addresses using Experian data.
2. Source of Funds
- Description: Secure verification of clients' source of funds, reducing the risk of money laundering.
- Key Features:
- Instant access to digital bank statements.
- Automated flagging of high-risk transactions.
- Simplified assessments with questionnaires and standardised reporting.
3. PEPs and Sanctions
- Description: Screening for Politically Exposed Persons (PEPs) and sanctions to manage relationships with high-risk clients.
- Key Features:
- Utilizes data updated in real-time from thousands of lists.
- Automated ongoing monitoring with notifications of any status changes.
4. Know-your-business (KYB)
- Description: Comprehensive verification of business entities, including beneficial owners and sanctions screening.
- Key Features:
- Instant company summaries and beneficial owner reports.
- Sanctions and adverse media screening.
- Integration with ID verification for key individuals identified.
5. Document Verification
- Description: Digital verification of identity documents from 195 jurisdictions.
- Key Features:
- Visual, data, and metadata analysis.
- Incorporates police databases to flag tampered, lost, or stolen documents.
- Both app- and portal-based verification options.
6. Ongoing Monitoring
- Description: Continuous monitoring of clients' statuses for any changes that might affect their risk profile.
- Key Features:
- Instant notifications of status changes.
- Integrates with other verification services for comprehensive monitoring.
Recent Developments
New Products and Features
- 2024
- February: Launched Secure Share to enable secure sharing of ID and AML reports between estate agents and conveyancers.
- 2023
- September: Partnership with OnTheMarket Software for integration within TecCRM.
- August: Updated Source of Funds tool for comprehensive client fund verification.
- July: Partnership with Redbrick Solutions and GoProposal by Sage for expanded services to accountants and bookkeepers.
- 2022
- March: Closed a £15m Series A funding round led by Breega and Element Ventures.
- November: Achieved UK government Digital ID accreditation.
- September: Launched Secure Share in line with the UK Digital Identities Trust Framework.
Partnerships
- March 2023: Partnership with Advanced for seamless platform access through ALB.
- February 2023: Partnership with Reapit launching on the Reapit AppMarket.
- 2021 - 2022: Partnered with Inperio, TMGroup, and Index for integrated KYC and Source of Funds checks.
New Features Added to Existing Products
- Updated Source of Funds tool to build a comprehensive picture of clients' funds.
- Increased the speed of compliance processes, exceeding targets for Direction Law and others.
Conclusion
- Thirdfort is an innovative company specializing in secure digital verification processes for ID, AML, and Source of Funds.
- Partnerships and integrations have expanded their reach while new features and tools have enhanced their product offerings.
