Thirdfort secures strategic investment from Pepper Advantage
Thirdfort, a risk management platform combining Know Your Client (KYC), Anti-Money Laundering (AML) and Source-of-Funds (SoF) verification, has secured equity investment from Pepper Advantage, a global credit intelligence company.
Pepper Advantage will initially offer Thirdfort’s one-stop solution for comprehensive AML to its UK mortgage origination clients, before integrating it into its global credit intelligence platform. Pepper Advantage and Thirdfort are scoping a UK-specific pilot ahead of the planned integration in Pepper Advantage’s credit-based data and analytics platform.
Pepper Advantage’s investment in Thirdfort reflects the growing importance of AML, KYC, and other fraud prevention management to its client base and will accelerate and enhance Pepper Advantage’s product offering. Credit management platforms will take on an increasingly leading role in fraud prevention efforts in the UK and globally, and Pepper Advantage is evaluating opportunities to expand Thirdfort’s technology into different uses and markets as part of its broader program of digital transformation.
The partnership is the latest equity investment secured by Thirdfort. In March, the business secured Series A funding to support growth in its legal and property markets, ahead of expansion into other regulated sectors including credit management and mortgage broking. In July, Thirdfort closed strategic investment with leading estate agents Savills, Chestertons and Knight Frank.
Forging closer relationships with its strategic investors will support Thirdfort’s product development, as AML compliance continues to increase across all regulated sectors, with money laundering costing the economy £100 billion. This will include trialling the use of Thirdfort’s product within mortgage lending and credit management markets.
Thirdfort is the only platform to combine best-in-class digital ID, AML and SoF verification, alongside Open Banking and transaction specific data. It rapidly informs regulated professionals of risks with onboarding both individuals and corporates, enabling them to begin transacting with new clients more quickly. Thirdfort is currently used by more than 850 regulated professional services firms including estate agents, law firms and conveyancers among others.
Olly Thornton-Berry, Co-founder and Managing Director at Thirdfort, said:
“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. We’re looking forward to working with Pepper Advantage and helping bring the latest KYC, AML and SoF technology into the sector to reduce the regulatory burden for credit professionals.”
Fraser Gemmell, Chief Executive Officer at Pepper Advantage, said:
“We are excited to join forces with Thirdfort at the forefront of the changing face of credit management. 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.”
This article was submitted to be published by Thirdfort as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.