Crediverso – a Spanish and English language consumer technology company focused on providing financial and educational resources to underserved communities – recently announced that it has raised $3.5 million in a pre-series A funding round to provide these communities with access to legal resources. This funding round included distinguished investors such as Torch Capital and Gaingels, with continued participation from earlier investors Bessemer Venture Partners and Act One Ventures, bringing Crediverso’s total funding to $6.6 million.
Crediverso’s goal since inception has been to support underserved and under-resourced communities, a mission that started with the U.S. Hispanic community. And this new funding positions Crediverso to utilize recent advancements in generative AI technology to quickly develop products and tools that effectively resolve the challenges of not only the Hispanic community. But anyone with limited access to legal or financial resources across markets, whether they be a freelance web designer working with a new client – a young couple trying to understand their loan, or a small business owner hiring a new team member.
With this expansion, Crediverso is launching “My Pocket Lawyer,” – a platform that democratizes access to legal resources and empowers individuals, small businesses, and freelancers to navigate their legal issues. This platform addresses the wide market gap between low-quality, generic online legal information and expensive out-of-reach lawyers. Around 3 in 4 low-income households experienced civil legal problems in the past year, ranging from landlord-tenant issues to employment disputes to questions on loan and healthcare contracts, but almost none of them received the legal help they needed. Plus, one-third of small businesses experience civil legal problems annually, often resulting in lost revenue but they also struggle to access the help they need.
Over 40% of counties in the U.S. are classified as legal deserts – which are areas with one or fewer lawyers per 1,000 people. Located mostly in areas with below median income or minority populations, these areas often lack the financial resources to hire a lawyer, even if one were available. And these are the communities where Crediverso has focused extensively in the past on providing financial resources and education and where My Pocket Lawyer seeks to increase legal access in the future. My Pocket Lawyer’s goal is to reduce the necessity of hiring an attorney in over 50% of cases, putting the power back into the consumers’ hands by enabling consumers and small businesses to educate themselves about the legal system.
My Pocket Lawyer is available in English and Spanish and provides an avenue to access reliable and accurate answers to legal questions in a way that is accessible, secure, and affordable. And My Pocket Lawyer educates users in framing their legal inquiries effectively, giving them the power to act pro se and advocate for their rights independently, where possible. For more complex cases where users require the assistance of a legal professional, My Pocket Lawyer guides users on how to connect with the right attorney effectively.
KEY QUOTES:
“It’s not another competitor that keeps us up at night, because unfortunately there are very few companies offering affordable legal solutions designed responsibly for consumers. Rather, it is how many individuals and small businesses go without the tools and help they need. This is a civil rights issue, in that a portion of the population doesn’t have the same rights as everyone else, because they can’t reach lawyers to help them access those rights. It is also an economic issue, since we are stifling our economy’s growth potential by not arming the most entrepreneurial people in our workforce with the legal tools they need to be able to start and run businesses. The market has recognized the huge potential for generative AI to solve these problems, and I’m grateful that with the backing of our investors, we can continue our mission of equal financial and legal access for all communities.”
— Charlie Hernandez, CEO and founder of Crediverso and accredited attorney
“We always look to support founders and businesses that identify market opportunities where consumers are deeply underserved. Crediverso brings a deep expertise in generative AI to the legal field, and the introduction of My Pocket Lawyer offers individuals and small businesses a legal tech solution where one did not exist before. We’re proud to support Crediverso as they continue to innovate on behalf of underserved consumers and look forward to witnessing their impact on unlocking the potential of small business owners and beyond.”
— Chris Harper, Principal at Torch Capital
