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TODAY'S OTHER NEWS

Zoopla founder has new idea to disrupt how agents buy and sell

The founder of Zoopla has returned to the property market with a new proposal to disrupt how agents buy and sell homes.

Alex Chesterman has now made three seven-figure investments in Thirdfort, which describes itself as a 'digital onboarding platform.'

FCA regulated Thirdfort is a web and mobile app that combines PropTech elements Open Banking, document scanning and facial recognition products; it’s used to streamline identity and source of funds checks carried out during property transactions. 

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Thirdfort lets lawyers and property professionals onboard their clients quickly, securely and entirely remotely.

It will use the latest funding from Chesterman to further involve itself with estate agents by creating what it calls “a one-stop solution for ... Know Your Client and Anti Money Laundering compliance.”

Chesterman says: “My passion in business is for solving problems, and the team at Thirdfort has developed a product that tackles an issue affecting hundreds of thousands of us each year - the cumbersome process of buying and selling homes. 

“This hasn't changed for decades and is ripe for transformation, particularly around the compliance aspects that affect not just consumers and their lawyers, but also agents, brokers and lenders."

The startup has grown rapidly over the past year, off the back of the Covid-19 pandemic and the subsequent acceleration of legal digitisation.

Thirdfort’s tech is now used to remotely ‘onboard’ over 30,000 clients each month – a ten-fold increase on pre-pandemic numbers - on behalf of more than 500 law firms and property businesses.

  • Rob Hailstone

    Not sure how this "disrupts how agents buy and sell homes?"

  • Arthur Robinson

    Identifying the client, compliance with AML Regulations and, frankly, assisting in the battle against organised crime is the responsibility of all of us and shouldn’t be seen as something to try to get done quickly.
    Having recently engaged estate agents for different properties I can say that the AML checks were woeful. At no point was the photo id I supplied compared to me. It was just accepted and filed. Unless there is face to face contact how can you be sure who your client is?

  • Andrew Stanton CEO Proptech-PR    Proptech Real Estate Influencer

    I think that in the next 18-months everyone is going realise that the digital norms that exist when procuring goods and services in our daily lives, applies to real estate too. Example, one point of digital truth, say encypted ID accepted by all stakehoders removing duplication. Open Banking which is going to change forever this fiscal landscape.

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