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New Fintech Improves Access To Capital For Small Law Firms

Vlad Poptamas

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Cheryl Kaufman, CEO of Alliance Legal Solutions
Reading Time: 3 minutes

 

Alliance Legal Solutions launches Fundafi.com, a technology enabled lending platform that improves access to financing for small law firms across the United States.  This move addresses a segment of the market that historically has been underserved by the lending market, by providing loans that are sized and timed to work specifically for small law firms. See client success stories.

Like any business, law firms can only thrive if their business is financially sustainable. However, as with the practice of law more generally, there is increasing pressure on small law firms to focus on marketing, client generation, and technology/productivity efficiencies to increase profitability. Yet small law firms often have unique barriers to addressing these key growth areas.  “This is where Fundafi sees an opportunity to help small law firms position for growth,” remarks Cheryl Kaufman, CEO of Alliance Legal Solutions (d/b/a Fundafi.com).

The United States has more than 250,000 law firms with less than ten employees, and according to a study conducted by the Legal Executive Institute, Thomson Reuters, 71% of these firms reported that their biggest challenges are acquiring new clients and spending an increasing amount of time and money on administrative tasks.  To address these issues, small firms need to wisely deploy additional capital, a resource that is often difficult for small firms to access.

Fundafi’s products allow small firms to access capital by leveraging the value of their cases and parlaying those future fees into collateral for financing. This approach to financing gives law firms greater access to working capital while avoiding the traditional inflexible repayment requirements that fail to match the timeline of a small firm’s fluctuating fee recoveries.

“Law firms, especially contingent-based firms, typically experience uneven cash flows. We are purpose-built to finance that reality,” according to Megan Baer, General Counsel of Alliance Legal Solutions.

The challenges small law firms face are more extreme in contingency-based practices, in which substantial resources are needed to prepay case expenses. Without access to financing options, small firm attorneys often try to bridge cash flow gaps with their own personal resources, an approach that can lead to great personal stress and a vicious cycle of financial fragility. It also foregoes potential legal and tax advantages related to business financing.

Fundafi’s business model can nurture a law firm’s growth much like a private equity firm would do for a business. Fundafi has deep knowledge of small law firm practices gained during 8 years of experience working with thousands of firms. The data collected and analyzed has shaped the underwriting, financing and servicing of loans and led to the development of a suite of products that can optimize client outcomes and drive the continued growth of law practices.

How are capital investments used to build law firm business success?

  • To build their client base by allowing for new marketing and client development opportunities.
  • To invest in technology that increases operational efficiencies.
  • To allow for better and more sophisticated case development.
  • To bridge cash flow gaps while waiting for fees to come in.

Cheryl Kaufman, founder of Alliance Legal Solutions and Fundafi, is an entrepreneur and attorney who works to solve systemic challenges in the legal industry: “Small law firms are the cornerstone of access to justice in our country and it is time for business solutions to evolve to make the practice of law sustainable and viable. It is all about using our data and resources to improve outcomes for these firms and their clients.” Kaufman says, “Fundafi prides itself on providing transparent options and actionable intelligence to small law practices. We built this platform so attorneys could leverage their future receivables to empower success in a way that is customized to each firm’s unique needs

 

SOURCE Fundafi

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Fintech

Credorax Partners With Cisco to Boost Payments Gateway to the Next Level

Vlad Poptamas

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Photo source: martechseries.com
Reading Time: 2 minutes

 

Today, Credorax announced that it has partnered with Cisco to upgrade its data-center network’s capabilities, capacity and latency. The agreement enables Credorax to adopt Cisco’s advanced data-center networking technology, including an automation, visibility and management system. Credorax has also agreed to beta-test Cisco’s advanced and future monitoring and management products.

Credorax’s system is already considered one of the fastest in the world with its cutting-edge high throughput, low latency, and multi-continent redundancy, and Cisco’s technology will allow Credorax to push the envelope even further in terms of decreasing transaction latency and increasing throughput. Cisco’s software solution for centralized management and monitoring of network components will play a significant role in Credorax’s solutions, simplify their roll-out of new products and reduce ongoing cost of ownership.

As a licensed merchant acquiring bank, Credorax helps merchants accept payments easily with its recently launched Source gateway. The platform offers telecom-grade (99.999%) availability for processing payments as well as a host of payments products and services, including cards and alternative payment methods, hosted payment pages, advanced KYC screening, smart fraud solutions, and sophisticated business intelligence and data tools.

Cisco is at the forefront in building the network platform that can now deliver a connected, autonomous, and programmable digital platform for Credorax customers.

Cisco-Israel General Manager, Oren Sagi said about the collaboration: “Cisco is committed to do its utmost to provide its customers with the most innovative technologies while maintaining uncompromising quality. We are excited to collaborate with Credorax and help them develop the fastest and most reliable payments gateway possible. I am confident that this project is the first milestone for a successful cooperation between the two companies.”

Moshe Selfin, Credorax CTO & COO stated: “We’re thrilled join forces with Cisco. We have always strived to provide best-class service to our customers, and are confident that by incorporating Cisco’s network platform for data capacity and processing speed into our NextGen payments and acquiring platform, we are offering our merchants the best technology on the market.”

In an era of demanding customers and changing expectations, e-commerce merchants simply can’t survive without the best-in-class cross-border payments processing capabilities. Being both a technology company and an acquiring bank, Credorax has built a full suite of NextGen products and services to help merchants grow their business online. And now with Cisco’s support, Credorax has augmented its offering even further.

 

SOURCE Credorax

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MetricStream Wins “GRC Product of the Year” at the 2019 Risk Technology Awards Hosted by Risk.net

Vlad Poptamas

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Reading Time: 2 minutes

 

MetricStream, a market leader in governance, risk, and compliance (GRC) apps and solutions, announced today that its Enterprise GRC Solution has been awarded the “GRC product of the year” at the 2019 Risk Technology Awards, hosted by Risk.net.

“We’re honored to win this award,” said Gaurav Kapoor, Chief Operating Officer, MetricStream. “We believe that it validates the strength, breadth, and depth of our GRC/IRM offerings, as well as our focus on continuous innovation—reflected most prominently in our GRC cloud, advances in predictive analytics, automation, and AI. Our mission is to enable organizations to ‘Perform with Integrity™’. To that end, we’re deeply committed to forging long-term partnerships with our customers and supporting them throughout their integrated GRC journeys.”

The annual Risk.net awards recognize the need for innovative technology solutions to manage risk in a highly dynamic and complex business environment. The average financial services firm faces a plethora of risks, ranging from cyber threats and regulatory pressures, to fintech related disruptions and money laundering issues. As these risks grow more interconnected, siloed approaches to GRC are rapidly giving way to more integrated solutions.

The MetricStream Enterprise GRC platform provides a single, unified system to manage, coordinate, and track multiple types of GRC activities. The solution cuts across organizational silos, enabling a holistic and collaborative approach to GRC. Users can efficiently roll up operational risk, audit, compliance, Cyber and third-party risk information from across the enterprise, and transform it into actionable business intelligence to support decision-making. With support for mobility, real-time reporting, advanced risk analytics, and regulatory notifications, the MetricStream solution helps users manage complex risk requirements in an efficient manner.

Top industry analysts have consistently recognized MetricStream as a leader in GRC/IRM. The company’s wide range of solutions and underlying GRC platform are leveraged by leading financial services firms worldwide, including large global banks, mid-sized banks, private equity investors, investment banks, wealth managers, insurance firms, asset management companies, federal financial agencies, and clearing corporations.

 

SOURCE MetricStream

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Artificial Intelligence

MPOWER Financing rated Top international student lender by Nerdwallet and U.S. News

Vlad Poptamas

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Photo source: youtube.com / Sol Bee Jung
Reading Time: 2 minutes

 

MPOWER Financing, a mission-driven fintech that provides financial access to higher education for high-promise international and DACA students, was recognized by both Nerdwallet and U.S. News & World Report as the top student loan provider for international students.

Nerdwallet, a comparison website for personal finance products, awarded MPOWER a 5-star rating for its student loans, indicating that its products are “among the very best for consumer-friendly features.” Nerdwallet also commended MPOWER for offering loans that are “ideal for international and DACA students without a co-signer or U.S. credit history.” MPOWER’s loans are available to students from around the world for both graduate and undergraduate degrees at more than 350 top universities in the U.S.and Canada.

U.S. News & World Report recognized MPOWER Financing as the “best lender for international students.” This determination was made on the basis of MPOWER’s product offerings, cost, customer servicing ratings, eligibility, and other features. U.S. News also detailed that MPOWER’s underwriting process considers a student’s academic success and career path – a process that is enabled by MPOWER’s use of big data analytics and artificial intelligence.

“I was having a tough time obtaining education loans from India without collateral,” wrote Kaushik Krishnan, one of MPOWER’s early students. “MPOWER was truly life changing for me. I’ve since graduated from my Masters program, found a job, and paid off my loan.”

“MPOWER allowed me to achieve my dream,” said Sol Bee, a South Korean student. “I was admitted to Berkeley in Fall 2016, but I couldn’t afford it at the time. MPOWER empowered me to be who I wanted to be by allowing me to take control of my finances and my life.”

“We’re honored by the industry recognition we’ve received, and the hundreds of heartfelt stories we get from students whom we have the privilege to serve,” says Manu Smadja, Co-founder and CEO of MPOWER. “We’re working hard to further improve our customer experience and to remain the best international student lending product on the market.”

MPOWER Financing, headquartered in Washington, D.C., and with offices in Bengaluru, New York City, and Toronto, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $1B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. The team is backed by Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures.

 

SOURCE MPOWER Financing

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