The fundraising was led by pan-European venture capital group Breega, while London-based B2B fintech fund Element Ventures was also a major investor.

Thirdfort says the cash will help it meet “rapidly rising demand” as “payment scams, and money laundering now costs the UK economy £100bn annually”.

The firm says its risk engine alerts professionals to risks with onboarding and allows them to begin dealing with new individual or corporate clients. The engine is powered by cutting edge know your client, anti-money laundering and open banking software.

Thirdfort’s digital onboarding is used by over 700 companies including such law firms as DAC Beachcroft, Penningtons Manches Cooper and Mishcon de Reya, and property businesses Knight Frank, Strutt & Parker and Winkworth.

The firm also has a mobile app to connect bank feeds, input verification data, and will soon be able to securely send funds to professional advisers. The app has been downloaded by over 500,000 individuals in the UK over the past two and a half years.

The firm says the new funding will support growth in its core legal and property markets, adding that the cash will fund expansion into other highly-regulated sectors, such as accountancy, wealth management and mortgage broking.

The business says it has grown tenfold in both revenue and people since January 2020, and plans to expand its team of 94 to 150 by the end of 2022.

Thirdfort was founded by Jack Bidgood and Olly Thornton-Berry in 2017.

Thirdfort co-founder and managing director Thornton-Berry says: “Powered by open banking and our own proprietary risk engine, we’re building the first risk management platform which incorporates end-to-end onboarding and payments for professional services firms.

“We see a huge opportunity, both in the UK and internationally, for a seamless and flexible platform that enables these businesses and their clients to move fearlessly.

“Having developed a market-leading solution for legal and property without the need for institutional money, we felt that the size of the opportunity to expand into new sectors warranted an influx of capital.”

Other backers in the fundraising included founders of a range of other businesses including ComplyAdvantage, Tessian, Fenergo, R3, Funding Circle and Fidel.