Digital bank Revolut expands into legal services
Fintech giant strikes deal with ‘digital lawyer’ platform
The digital bank Revolut has taken its first tentative steps into the UK legal services market through a tie-up with a ‘digital lawyer’ start-up.
Revolut’s business customers can now access customisable legal contracts, policies and documents as part of the deal with Sparqa Legal, a legal services platform launched by Erskine Chambers barrister Andrew Thornton.
The fintech giant’s customers can access the online platform free of charge, however customisation of legal docs — which include privacy policies, employment contracts, terms and conditions and trademark applications — comes at an additional cost.
They can also take advantage of legal guidance on the day-to-day issues faced by businesses to help them better understand the law and their obligations, according to yesterday’s announcement.
Commenting on the deal, the first of its kind for the London-headquartered bank, head of business product at Revolut, Vaidas Adomauskas, said:
“Savvy businesses of all sizes are increasingly looking for innovative digital solutions that solve old problems in new, cost-effective ways. This new partnership between Revolut Business and Sparqa Legal will put affordable legal services at the fingertips of our customers. Legal services is yet another new area where we are excited to further empower our business customers.”
Thornton, who along with a team of senior barristers, solicitors and tech execs, founded Sparqa Legal in 2016, commented: “Our mission is to make the law accessible and empower businesses to fulfil many of their legal requirements outside of traditional law firms.”
He added: “On average businesses face legal issues eight times a year, yet 87% do not have any internal or external legal capacity. We believe passionately that armed with the right tools, and resources, smart business managers can produce many of the simple legal documents they require. They can also find out about their rights, obligations and the best course to take.”
The deal follows yesterday’s news that Revolut has become one of the highest valued financial tech companies in the world after a funding round that more than tripled its value to £4.2 billion. It now boasts a customer base in excess of 10 million and has expanded into UK current accounts, business accounts, stock trading and cryptocurrencies.
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