To grow FinLegal’s global reach, Sheffield plans to invest £2 million.

Sheffield-based FinLegal has secured £2 million to expand the reach of its client base internationally. This is the first South Yorkshire deal under the Northern Powerhouse Investment Fund II worth £660 million administered by the British Business Bank. The funding, which includes investment from NPIF II – Mercia Equity Finance managed by Mercia and Mercia’s own funds, will be used to improve the platform. With a focus on managing class actions or similar claims, the platform aids claimants to communicate with lawyers more effectively and enables the law firms to adopt automation and AI, reducing operating costs. FinLegal claims it can assist legal teams to manage up to six times more claims. Steven Shinn, the IT specialist, founded the company in 2019, inspired by the Post Office group action news stories. The platform has processed over two million claims since launching in 2020, and is used by Leigh Day and Maurice Blackburn the mass claims firms in the UK and Australia, respectively, and a growing number of mid-market firms in the US. FinLegal, with offices in the US and 25 employees, 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 will also facilitate product development efforts to reach a broader audience and the hiring of 26 new employees. CEO Shinn stated, “Our solution reduces costs, automates but also improves client care and makes it possible to manage claims at a scale which might otherwise not be viable. It has already been adopted by some of the leading claims firms and this investment will enable us to accelerate our international growth.” As asserted by Chris Borrett, Mercia Ventures, “FinLegal represents a new breed of AI-enabled LegalTech companies. The business has rapidly cornered a niche within the mass volume litigation market and is driving substantial productivity gains for major global law firms.” FinLegal aims to be one of the leading litigation platforms globally.