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.
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.
A PropTech firm backed by Zoopla founder Alex Chesterman has launched...
Alex Chesterman, the entrepreneur who founded Zoopla, has given vocal backing...
The founder of Zoopla has explained how the portal got its...
The man who founded Zoopla is now a second hand car...
When we talk in general terms about the UK housing market,...
The plight of the nation’s first-time buyers may be the focus...
Dog-owning house buyers who want to live in areas of abundant...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
Let's be honest – landlords are the lifeblood of any letting...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
A client account is essential to your lettings business, but the...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
It’s no secret – 2023 is a difficult year for the...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
Interesting report this week in Estate Agent Today on an analysis...
An anti-money laundering (AML) expert has queried why there is a...
%20A%20property%20tale%20for%20our%20times.png)
If you want to hear of a tale for our industry’s...
MPs have launched an inquiry on improving the home buying and...
The Law Society is facing backlash from conveyancers after issuing new...
Further estate agency regulation won’t be too expensive for the industry,...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you and what does it say on your...
Join the conversation
Jump to latest comment and add your reply
Not sure how this "disrupts how agents buy and sell homes?"
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?
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.
Please login to comment