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Sheffield legal tech startup raises £2m to automate claims process

Image credit: FinLegal Chris Borrett Steven Shinn Will Clark

FinLegal, a platform for managing class actions and large numbers of similar claims, is the first South Yorkshire startup to secure investment from the Northern Powerhouse Investment Fund II (NPIF II).

Founded in 2019 by Steven Shinn, an IT specialist, the company secured £2m from  NPIF II, which is managed by investment firm Mercia.

The investment marks one of the first completed deals in the region as part of the new £660m NPIF II, launched in March.

The fund covers the entire North of England and provides loans from £25,000 to £2m and equity investment up to £5m to help a range of small and medium businesses to start up, scale up or stay ahead.  

Inspired by the Post Office Group action, Shinn recognised the potential to use automation to make the claims process more efficient.

FinLegal aims to help claimants engage with lawyers more effectively while allowing law firms to benefit from automation and AI to reduce operating costs.

Since its launch in 2020, FinLegal is said to have processed over two million claims and is now used by the UK mass claims firm Leigh Day, Australian firm Maurice Blackburn, and a growing number of mid-market firms in the US.

The platform’s founder, Shinn, says it can enable legal teams to handle up to six times more claims.

He added: “The claims market is ripe for a platform like ours. Many claims are run on a no-win no-fee basis and increasingly there are fee caps, so operating costs are critical. 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 the some of the leading claims firms and this investment will enable us to accelerate our international growth.” 

Startups previously backed by the NPIF II fund include hydrogen generator company Suiso, cybersecurity company Netacea and IoT company FourJaw.

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