Thirdfort Secures $20M Series A Funding as AML Business Scales

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London-based KYC and AML biometric startup Thirdfort has secured £15m (US$20m) in a Series A funding round led by Breega with participation from Element Ventures and investors. founders of ComplyAdvantage, Tessian, Fenergo, R3, Funding Circle and Fidel.

Thirdfort made the announcement in a company blog post written by CEO and co-founder Olly Thornton-Berry.

“With recent events highlighting the importance of spotting and preventing money laundering and other fraud, I sympathize with professionals trying to protect their businesses and clients while dealing with a tidal wave of -tide of growing regulation and risk of fraud,” the executive writes.

The funding round represents the first institutional investment for Thirdfort. The company has grown from ten employees and 30 customers in January 2020 to a team of 100 people with 700 customers.

According to Thornton-Berry, verifying customer identity, confirming the source of funds, and requesting customer funds transfers still rely primarily on inefficient, paper-based processes, which are often exploited by fraudsters and money launderers.

“We are building the first platform businesses can use for both individuals and businesses, which encompasses KYC (know your customer) and AML (anti-money laundering), source of funds and payments secure – all powered by best in-class technology, Open Banking and our own proprietary risk engine.

From a technical standpoint, the company uses facial authentication with document scanning and open banking to streamline identity and source of funds verifications by lawyers.

At the time of writing, Thirdfort’s mobile app has been downloaded by over 500,000 people in the UK.

“For so many companies, trusting us to be the first point of engagement with their customers is an immense privilege,” writes Thornton-Berry.

“We will continue to raise the bar by providing a beautifully secure experience for the customers of our business users – many of whom we know go through some of life’s greatest moments, such as buying a property, settling a issue of probate or obtaining a mortgage.”

The Thirdfort compliance platform first launched in September 2021, and the company raised $1.3 million in seed funding plus just over a year and a half ago.

Article topics

AML | biometrics | digital identity | facial biometrics | face authentication | fraud prevention | financing | identity verification | investment | KYC | Third Fort

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