British company Thirdfort has raised $20 million in Series A funding from Breega, Element Ventures, and several fintech industry veterans, including the founders of ComplyAdvantage, Tessian, Fenergo, R3, Funding Circle, and Fidel. The London-based startup provides a platform that offers identity verification and fights against fraud in money laundering payments, which is a major problem in the British capital. The risk management platform allows clients to comply with existing anti-money laundering regulations. Thirdfort also offers a consumer-focused service in the form of an application for these companies' customers.
The funding will be used to expand Thirdfort's services, with the aim of creating a payment infrastructure directly on its platform. The startup plans to integrate payment services into its platform to make it easier for customers to verify their identities and make payments. This will help to reduce the risk of fraud and money laundering.
Breega, one of the investors in this funding round, is a venture capital firm that specializes in early-stage investments in European startups. Element Ventures, another investor, is a fintech-focused venture capital firm that invests in early-stage companies that are developing innovative technology solutions for financial services.
Thirdfort's investors include a number of successful fintech companies, such as ComplyAdvantage, Tessian, and Funding Circle. ComplyAdvantage is a UK-based company that provides AI-powered compliance solutions for financial institutions, while Tessian provides AI-powered email security solutions. Funding Circle is a peer-to-peer lending platform that connects investors with small business borrowers.
Thirdfort's successful funding round and strong investor backing indicate that there is a growing demand for identity verification and anti-fraud solutions in the fintech industry. By expanding its services and developing a payment infrastructure directly on its platform, Thirdfort is well-positioned to capitalize on this demand and become a major player in the industry.