LawFi, a mobile-first digital lending and payments platform for the legal profession, has announced raising $1.5 million in its pre-Seed funding round.
The round, which will help finance the startup’s expansion, was backed by investment firm Capital Q Ventures and its fund CAPQ BDC.
LawFi is creating a better, faster, and easier way for clients to retain and pay lawyers. LawFi streamlines and digitizes the delivery of lawyer retainer agreements and legal invoices.
It converts them into interactive Text-to-Pay and Text-to-Sign Requests with more payment methods and NEW legal fee financing options.
LawFi is a mobile-first digital lending and payments platform purpose-built for the legal profession. Its flow technology, legal fee loans, payment plans, and traditional payment products will empower more inclusive access to legal services and credit.
The company is building the first legal fee loan decision engine capable of underwriting and making customized legal fee loans for most types of legal matters.
Its platform will offer simple and transparent point-of-need legal fee loans and guaranteed payment plans to finance attorney consultations, retainers, and current or past-due legal invoices.
LawFi’s embedded financing and payment solutions will be offered by lawyers and law firms as new financing and payment options, and by local banks and credit unions, according to the announcement.
“The infusion of pre-seed capital will help us address the critical lack of legal fee financing that leaves 166 million Americans who live paycheck-to-paycheck stuck in the pervasive Access to Justice gap,” said LawFi founder and CEO Steven Highfill.
