Investment platform Thirdfort has secured equity funding and a strategic partnership with Pepper Advantage.
Thirdfort is a risk management platform combining three services: know your clients (KYC), anti-money laundering (AM and source-of-fund (SoF) verification.
As a result of the deal Pepper Advantage will now offer Thirdfort’s one-stop solution for anti-money laundering to all its mortgage origination clients, before integrating it into its global intelligence platform. Pepper Advantage and Thirdfort are also scoping a UK-specific pilot ahead of this planned integration.
Thirdfort has previously secured series A funding in March, to support its growth into the legal and property markets, ahead of its expansion into other regulated sectors including mortgage broking. It also secured strategic investment from estate agents Savills, Chestertons and Knight Frank in July.
Pepper Advantage’s investment reflects the growing importance of anti-money laundering and other fraud prevention management to its client base. Credit management platforms will take on an increasingly leading role in fraud prevention efforts in the UK and globally.
Thirdfort is currently used by more than 850 regulated professional services firms including estate agents, law firms and conveyancers among others. It says it
is the only platform to combine best-in-class digital ID, AML and SoF verification, alongside Open Banking and transaction specific data. It rapidly .rms regulated professionals of risks with onboarding both individuals and corporates, enabling them to begin transacting with new clients more quickly.
Thirdfort co-founder and managing director Olly Thornton-Berry says: “As the risk of fraud and money laundering is ever-increasing in mortgage lending, credit management professionals face new challenges. They must navigate rapidly escalating KYC and AML regulations while continuing to provide a seamless customer service. This requires a comprehensive solution.
“Pepper Advantage is a leading global credit intelligence provider, so its investment and partnership is another significant endorsement in Thirdfort and the benefit our platform offers regulated professionals. “
Pepper Advantage CEO Fraser Gemmell adds: “The use of Open Banking will bring technological advancements to a sector in which they have been sorely lacking, while the surge of fraud necessitates AML innovation. We will look to integrate this technology directly into our new proprietary, cloud-based, modular credit management platform. This partnership will accelerate our transition into a technologically-driven credit intelligence company.”