FinLegal

The funding has come from NPIF II – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund II (NPIF II), and Mercia’s own funds.

FinLegal’s platform is designed for managing class actions or large numbers of similar claims, where a law firm may be acting on behalf of thousands or even millions of claimants. It enables claimants to engage with lawyers more effectively while allowing law firms to benefit from automation and AI and reduce operating costs. FinLegal states that it can enable legal teams to handle up to six times more claims.

The company was founded in 2019 by Steven Shinn, an IT specialist who had been following the news stories about the Post Office group action and recognised the potential to use automation to make the process more efficient. Since its launch in 2020, the platform has processed over 2 million claims and is now used by the UK’s leading mass claims firm Leigh Day, the Australian market leader Maurice Blackburn and a growing number of mid-market firms in the US.

FinLegal, which currently employs 25 staff including three at its US office, more than doubled its annual recurring revenue (ARR) to £1.8m in the year to April 2024, and increased total revenue to almost £3m.

The latest funding, which brings the total raised by the company to date to £5m, will also enable it to further develop its product to meet the needs of a wider audience and create 15 new jobs.