Thirdfort, a risk management platform for professional services, has secured £15 million in a Series A round. 

With spiralling payment scams, and money laundering now costing the UK economy £100 billion annually, regulated professionals face an ever-growing risk and compliance burden. Thirdfort says manually tackling this burden is not only costly but the client experience suffers with transactions bogged down by paper, endless repetition and increased fraud risk.    

Thirdfort’s risk engine rapidly informs professionals of risks with onboarding and allows them to begin transacting with new clients, whether individuals or corporates. 

Clients of businesses using the platform can download a mobile app to connect bank feeds and input verification data. Soon they will also be able to securely send funds to their professional advisers.  

The app has been downloaded by over 500,000 individuals in the UK over the past two and a half years while the platform is now used by over 700 businesses including leading law firms DAC Beachcroft, Penningtons Manches Cooper and Mishcon de Reya, and property businesses Knight Frank, Strutt & Parker and Winkworth.

The fundraise was led by pan-European VC Breega. Element Ventures, a London-based fund focused on B2B FinTech, has also invested alongside founders of businesses including ComplyAdvantage, Tessian, Fenergo, R3, Funding Circle and Fidel. 

The business has grown tenfold in terms of revenue and people since January 2020 and plans to expand its team of 94 to 150 by the end of 2022. 

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“We see a huge opportunity, both in the UK and internationally, for a seamless and flexible platform that enables these businesses and their clients to move fearlessly,” said Olly Thornton-Berry, co-founder and MD.

“Having developed a market leading solution for legal and property without the need for institutional money, we felt that the size of the opportunity to expand into new sectors warranted an influx of capital. 

“In Breega and Element we’ve got passionate, smart and supportive funders who we’re so excited to welcome aboard for the next phase of the journey.”