Crediverso, a company dedicated to providing financial and educational resources to underserved communities in both Spanish and English, has announced the successful raise of $3.5 million in a pre-series A funding round. This funding will enable Crediverso to expand its mission by offering access to legal resources to these communities. Distinguished investors such as Torch Capital and Gaingels participated in this round, along with continued support from previous investors Bessemer Venture Partners and Act One Ventures. Crediverso has now raised a total of $6.6 million in funding.
Crediverso’s core mission has always been to support underserved communities, initially focusing on the U.S. Hispanic community. With this latest funding, Crediverso plans to harness the advancements in generative AI technology to develop products and tools that address the challenges faced by not only the Hispanic community but also anyone with limited access to legal or financial resources across various markets. This includes freelancers, young couples dealing with loans, or small business owners facing legal issues when hiring new team members.
As part of this expansion, Crediverso is launching “My Pocket Lawyer,” a platform designed to democratize access to legal resources and empower individuals, small businesses, and freelancers to navigate their legal matters. My Pocket Lawyer aims to bridge the gap between low-quality, generic online legal information and the often costly services of attorneys. Shockingly, three out of four low-income households in the U.S. encounter civil legal problems annually, ranging from housing disputes to employment issues and contract questions. Yet, very few of them receive the necessary legal assistance. Similarly, one-third of small businesses face civil legal problems each year, resulting in lost revenue, but they struggle to access the help they require. Remarkably, over 40% of U.S. counties are categorized as “legal deserts,” with one or fewer lawyers per 1,000 people, predominantly in areas with lower incomes or minority populations. These are the communities Crediverso has previously supported with financial resources and education, and My Pocket Lawyer aims to further increase legal access in these areas. The platform’s goal is to reduce the need for hiring an attorney in over 50% of cases, empowering consumers and small businesses to educate themselves about the legal system.
“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,” said Charlie Hernandez, CEO and founder of Crediverso and accredited attorney. “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.”
“We always look to support founders and businesses that identify market opportunities where consumers are deeply underserved,” said Chris Harper, Principal at Torch Capital. “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.”
My Pocket Lawyer, available in both English and Spanish, provides a user-friendly platform for accessing reliable and accurate answers to legal questions that are accessible, secure, and affordable. It educates users on framing their legal inquiries effectively, enabling them to take action and advocate for their rights independently when possible. For more complex cases requiring the assistance of a legal professional, My Pocket Lawyer guides users on how to connect effectively with the right attorney.
