August 2024

Legal and payment tech company Shieldpay (www.shieldpay.com) has successfully closed its £12mil ($15.7mil) bridging round with Pier 88 now joining the list of investors.

Shieldpay (founded in 2016) is an authorised payments institution and UK’s market leading payments processor in use cases specific to the legal sector, including M&A, litigation, probate and Real Estate. The business has processed over $10billion USD in payments for its clients and works with 40% of the top 100 law firms in the UK.

Shieldpay is helping digitise the $8 trillion of annual payments in the legal sector, of which 97% of such payments are still facilitated by manual, paper based processes. A wave of legal entities are now outsourcing the processing of these payments to Shieldpay who digitises the onboarding and verification of payers and payees, safeguards funds and disburse funds internationally. In outsourcing the process to Shieldpay, clients eliminate the liability and risk from the law firm, enables them to focus on core business and provide a modern, digital and streamlined process for their clients.

The successful bridging round provides Shieldpay with the additional resource to scale out the platform to a larger client base and bring the company to a break even position within the next 6 months. Founder and president of Shieldpay Peter Janes stated that “Completing the bridging round in a very difficult investment environment in 2024 is testament to the strength of the business and the size of the opportunity that Shieldpay has in front of it. We couldn’t be more pleased to have the team at Pier 88 onboard as investors and they will bring much needed guidance and support as Shieldpay begins plans to bring the platform to the U.S and beyond.”