The Northern Powerhouse Investment Fund II (NPIF II) has successfully completed its first deal in South Yorkshire since the launch of the £660m fund. Transitioning into South Yorkshire, FinLegal, a Sheffield-based LegalTech company, has secured £2m in funding to expedite the expansion of its client base globally. The investment, provided by NPIF II – Mercia Equity Finance and Mercia’s own funds, underscores the platform’s potential for growth on an international scale.
Specifically designed for managing class actions and large volumes of similar claims, FinLegal’s platform streamlines the process for law firms representing numerous claimants. The platform leverages automation and AI to enhance operational efficiency and reduce costs, allowing legal teams to handle up to six times more claims. Founded in 2019 by IT specialist Steven Shinn, the company has processed over 2 million claims since its launch in 2020, attracting leading firms such as Leigh Day and Maurice Blackburn.
With a current staff of 25 employees, including a US office, FinLegal has more than doubled its annual recurring revenue to £1.8m in the year to April 2024, and total revenue to almost £3m. The recent funding round, totaling £5m raised by the company to date, will facilitate product development to meet a wider audience and create 26 new jobs. CEO Steven Shinn emphasizes the platform’s ability to reduce costs and improve client care while managing claims at a scale previously deemed unfeasible.
Chris Borrett of Mercia Ventures views FinLegal as a pioneering AI-enabled LegalTech company with a strong foothold in the mass volume litigation market. Steven and his team’s success in acquiring clients across multiple regions sets them on a trajectory to become a leading litigation platform worldwide. This investment will propel FinLegal’s international growth and solidify its position among major global law firms.
