Crediverso, a FinTech company catering to the U.S. Latino community, has successfully raised $3.5 million in a recent funding round. This capital infusion, led by Torch Capital and Gaingels, allows the company to enter the legal tech sector and provide valuable legal resources to its users. Crediverso’s latest product, My Pocket Lawyer, utilizes generative artificial intelligence and large language model technology to offer assistance with complex legal issues.
Key Takeaway
Crediverso has raised $3.5 million in funding to expand its services into the legal tech sector. With My Pocket Lawyer, the company aims to offer affordable and specialized legal resources to consumers and businesses, bridging the gap between expensive legal services and limited online platforms. By leveraging AI technology, Crediverso intends to reduce the need for traditional legal assistance in more than 50% of cases.
Empowering Consumers and Businesses with Legal Expertise
With My Pocket Lawyer, Crediverso aims to bridge the accessibility gap in legal services. The platform not only provides access to legal resources but also breaks down complicated legal and financial information into understandable terms. This feature serves both the Spanish- and English-speaking communities, ensuring broad accessibility.
Hailing from a family of lawyers and functioning as an attorney himself, Crediverso’s founder and CEO, Carlos “Charlie” Hernandez, understands both the legal landscape and the challenges faced by small business owners. Hernandez emphasizes that My Pocket Lawyer will help individuals who previously couldn’t afford legal advice but were vulnerable to exploitation.
Addressing the Need for Affordability and Specialization
Crediverso identified specific areas where My Pocket Lawyer can make a significant impact, such as landlord-tenant disputes, employment issues, and contract review. While online platforms like LegalZoom and Rocket Lawyer exist, they often provide generic and unresponsive information. Conversely, hiring a lawyer can be expensive, with hourly rates ranging from $200 to $500. Many people find themselves without any feasible legal resources.
According to Hernandez, My Pocket Lawyer intends to resolve this issue by reducing the need for an attorney in over 50% of cases. By leveraging AI technology, the platform offers specialized and tailored legal advice, without the exorbitant costs associated with traditional legal services.
Future Plans for Crediverso
With its recent funding round, Crediverso plans to invest in further technological development to improve My Pocket Lawyer. The company also aims to build a network of qualified attorneys, ensuring that users have access to professional legal guidance when necessary. In addition, Crediverso intends to make advanced features of My Pocket Lawyer publicly available, going beyond basic contract analysis.
