- Sheffield-based legal tech company FinLegal secures £2m funding from NPIF II and Mercia Equity Finance
- FinLegal’s platform streamlines management of class actions and similar claims for law firms, enhancing client engagement and reducing operating costs through automation and AI
- Founded in 2019 by IT specialist Steven Shinn, FinLegal has processed over two million claims and doubled its annual recurring revenue to £1.8m
- The funding, totaling £5m raised to date, will support product development, job creation, and international expansion
- Mercia Ventures praises FinLegal as an AI-enabled LegalTech innovator driving productivity gains for global law firms, with plans for global leadership in litigation platforms
South Yorkshire Legal Tech Firm Secures £2m NPIF II Funding
In a significant development, Sheffield-based legal tech company FinLegal has successfully raised £2m from NPIF II – Mercia Equity Finance, managed by Mercia and part of The Northern Powerhouse Investment Fund II (NPIF II), along with funds from Mercia. This funding injection marks a crucial milestone for FinLegal, propelling its growth and expansion plans.
Revolutionizing Legal Processes with Innovative Technology
FinLegal’s innovative platform is specifically tailored for managing class actions or large numbers of similar claims, providing a streamlined solution for law firms representing numerous claimants. With clients in the UK, USA, and Australia, FinLegal’s platform facilitates efficient communication between claimants and lawyers, while leveraging automation and AI to drive cost reduction for legal firms. According to FinLegal, their platform can boost the efficiency of legal teams, enabling them to handle up to six times more claims.
From Inception to Success: The Journey of FinLegal
Founded in 2019 by Steven Shinn, an IT specialist with a keen eye for leveraging technology in the legal sector, FinLegal has rapidly evolved into a key player in the legal tech landscape. Shinn’s inspiration stemmed from observing the complexities of the Post Office group action, recognizing the immense potential for automation to enhance operational efficiency. Since its inception, FinLegal has processed over two million claims, underscoring its impact and utility in the legal domain.
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Empowering Growth and Innovation Through Strategic Funding
The recent £2m funding round not only bolsters FinLegal’s financial standing but also paves the way for further product development to cater to a broader audience. Additionally, this investment is set to create 26 new job opportunities within the company, fostering growth and innovation. Founder Steven Shinn emphasized the critical need for cost-effective solutions in the claims market, highlighting how FinLegal’s platform addresses this demand by enhancing automation, client care, and scalability.
FinLegal’s success story exemplifies the transformative potential of legal tech firms in revolutionizing traditional legal processes through cutting-edge technology. With a robust funding foundation and a clear vision for global expansion, FinLegal is poised to make a lasting impact in the legal tech landscape, setting a new standard for AI-enabled LegalTech companies worldwide.
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