Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Thirdfort secures funding from three major estate agents

estate agents



Knight Frank, Chestertons and Savills’ proptech subsidiary Grosvenor Hill Ventures have all taken equity investment in the brand

Anti-money laundering (AML) platform Thirdfort has secured investment from three high profile estate agents.

Knight Frank, Chestertons and Savills’ proptech subsidiary Grosvenor Hill Ventures have all taken equity investment in the brand.

All three agents are also using Thirdfort’s AML platform and will support product development.

Olly Thornton-Berry, managing director at Thirdfort, said: All estate agents are having to navigate the rapidly escalating AML regulations, with HMRC requesting more than just a simple politically exposed person screen, yet legacy AML solutions do not cater to the new world of risk.

We saw a huge opportunity to build the first platform that actually protected against money laundering, leveraging Open Banking and 12 third party KYC suppliers, packaged into a mobile app that turns seamless compliance into a competitive advantage, he said.

The agency businesses will initially adopt Thirdfort’s mobile-first offering across their residential sales teams.

Having completed a six-month pilot in April, Knight Frank has already rolled Thirdfort out across all UK branches. Chestertons is implementing Thirdfort’s platform across its UK network, while Savills will embark on a pilot following this investment before a planned rollout.

Philip Gardner, group head of strategy risk and operations at Knight Frank, said: We are delighted to make this investment into what we believe is the leading AML platform. We look forward to working with the other investors and leadership at Thirdfort to develop the platform and explore further use across the Knight Frank group.

Egita Cepurnaite, head of AML at Chestertons, added: Having recently completed a pilot of Thirdfort’s platform we believe it could offer our clients and staff a more streamlined and secure approach to KYC, AML and SoF checks.

Cepurnaite said: By using open banking, cryptographic and biometric verification, and real-time ongoing PEPs and sanctions monitoring, the platform will help automate compliance requirements while reducing the risk of fraud and money laundering.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.



getting money wise

Welcome! Get your FREE access to EVERYTHING we publish…

Our goal is to show anyone how to make investing profitable. You’ll get our FREE weekly newsletter with latest news and information on investment topics along with special offers. Please take time to read our privacy policy . The information you provide us will be processed in accordance with this.