A startup venture which aims to reduce the toll of conveyancing fraud on law firms has announced its first round of investment funding. Thirdfort, an alumnus of London firm Mishcon de Reya's technology accelerator programme, said it had raised £400,000 in its 'pre-seed' round from investors led by Alex Chesterman, founder of property website Zoopla.
The Financial Conduct Authority-regulated Thirdfort claims to have developed data-driven tools to verify clients’ identity, validate the source of funds and facilitate movement of money. Pilots of the technology are expected to begin later this year.
Thirdfort was founded last year by Olly Thornton-Berry and Jack Bidgood after a friend was defrauded out of £25,000 whilst buying a flat in London. The founders previously worked in financial services for six years; Thornton-Berry investing in technology companies, Bidgood in banking with Barclays.
Thornton-Berry said: 'Property lawyers are weighed down by onerous and manually intensive processes to verify a client’s identity and source of funds, and then handle their client’s funds. These activities are deeply interlinked and are a cause of significant stress and delay in property exchange, which now takes an average of 16 weeks in the UK.’
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