LegalPay launches a new pay later product, LegalPay Max
By Leandra Monteiro
LegalPay, Indian litigation and insolvency financier, has announced a pay later product called LegalPay Max that helps businesses to pay for legal services in instalments.
LegalPay Max is the next generation of payment solutions for the legal industry and was developed in response to the growing demand for free financing options. As online payments continue to rise, legal professionals that offer flexible payment options can get paid faster, expand their potential clientele, and focus more on clients instead of chasing payments.
“We are proud to solve the issue of legal expenses at large. The legal fraternity has welcomed LegalPay Max as it helps in providing financing for all types of legal expenses. Businesses and startups who have recently started or trying to become big have benefited from this offering as it covers financing of all different legal and compliance expenses. While LegalPay has already pioneered Litigation Funding, the Legalpay MAX platform is an embedded financing platform to finance all types of legal expenses,” said Kundan Shahi, Founder of LegalPay. In a pilot of the program, one law firm predicted a 25% increase in its consultancy enquiry.
With LegalPay Max, businesses can avail of a credit line upto INR 50 Lakhs for all types of legal and professional expenses such as transaction, regulatory, advisory, arbitration, and other legal expenses and the same can be spread over a tenure of upto 6 months with no extra cost.
Using LegalPay Max, will give businesses more control over their finances, and the option will be available to businesses looking for more payment flexibility, allowing them to select their preferred legal professional based on their requirements.
Legal professionals will still receive 100% of their payment upfront while businesses utilizing this option will have the buy now, pay later option.
While the company has already partnered up with several NBFCs to provide legal financing, it has also made a strategic acquisition of a Gujarat-based NBFC to further accelerate such financing. With the help of this strategic partnership and a deep understanding of legal expenses, LegalPay has built an end-to-end technology platform where businesses can sign up and avail the credit line for their legal expenses.
IBSi Daily News Analysis
June 08, 2023
The deep dive: payment systems in NetherlandsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage