Thirdfort Certifies as a B Corp
- Risk Management
- 29.09.2022 12:30 pm
Thirdfort, a risk management platform combining Know Your Client (KYC), Anti-Money Laundering (AML) and Source-of-Funds (SoF) verification, has announced today its certification as a B Corporation (B Corp), joining a growing group of companies reinventing business by pursuing purpose as well as profit.
Thirdfort has been certified by B Lab, the not-for-profit behind the B Corp movement, as having met rigorous social and environmental standards which represent its commitment to goals outside of shareholder profit. The B Corp certification addresses the entirety of a business’ operations and covers five key impact areas of Governance, Workers, Community, Environment and Customers.
Thirdfort scored highest in the Workers section which measures how a company treats its workers through compensation, benefits, training and development opportunities. It also focuses on the overall work environment within the company by assessing communication between management and workers, job flexibility, corporate culture and worker health and safety practices.
The certification process is rigorous, with applicants required to reach a benchmark score of over 80 while providing evidence of socially and environmentally responsible practices relating to energy supplies, waste and water use, worker compensation, diversity and corporate transparency. To complete the certification, Thirdfort will legally embed its commitment to a purpose beyond profit in its company articles.
Thirdfort’s B Corp status comes at a time when the business is also committing to reach net zero carbon emissions. Working with carbon accounting software company Supercritical, Thirdfort has now removed its carbon emissions from 2021 and the first half of 2022. By using 100% permanent, high-quality carbon removal technologies it continues working on its ambitious plans to reach a net zero target.
Thirdfort is also investing in team growth, product development and sector expansion, as KYC and AML compliance continues to increase across all regulated sectors. In March, Thirdfort secured Series A funding to support continued growth in its legal and property markets, ahead of expansion into other regulated sectors including credit management and mortgage broking.
This summer, Thirdfort closed strategic investment rounds with leading estate agents Savills, Chestertons and Knight Frank, and Pepper Advantage, a global credit intelligence company.
Jack Bidgood, Managing Director and Co-founder, Thirdfort: “Thirdfort is a deeply mission-driven business, formed to address the growing fraud and money laundering risks that hamper regulated professionals and their clients. It’s therefore hugely important for us to acknowledge our role as a business in impacting our wider community and environment and to ensure we’re doing what we can to influence these in a positive way.
“From supporting our efforts in recruiting and retaining top talent to showing clients, prospects and our investors that we’re committed to using business as a force for good, having B Corp certification is an important achievement and something we’re hugely proud of.”
Thirdfort is now part of a community of 5,575 businesses globally that have been certified as B Corps. The B Corp community in the UK, representing a broad cross-section of industries and sizes, comprises over 950 companies and includes well-known brands such as The Guardian, innocent, Patagonia, The Body Shop and organic food pioneers Abel & Cole.
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.