Crediverso raised $3.5M in 2023 to add My Pocket Lawyer, a generative-AI legal tool

Bilingual platform that began with financial advice for the US Latino community and added a generative-AI legal assistant

A bilingual generative-AI legal assistant can serve people priced out of $200-500 an hour lawyers and underserved by generic legal sites

$3.5 million pre-Series A, led by Torch Capital and Gaingels with Bessemer Venture Partners and Act One Ventures; $6.6 million total

Crediverso launched at TechCrunch Disrupt 2020 and had helped thousands of users in the US Latino community with financial products advice. Founder and CEO Carlos Hernandez is an attorney who grew up in a family of lawyers, and said running a small business taught him the human costs of not knowing the law.

In September 2023 Crediverso raised $3.5M in a pre-Series A to move into legal tech and services. Its new product, My Pocket Lawyer, uses generative AI and large language models to give consumers, small businesses and freelancers access to legal resources, and was still in private beta with a handful of users. Hernandez cited a California State Bar study showing only 32% of Californians sought legal help.

Hernandez saw people exploited because they could not afford legal advice

Existing sites give generic articles and law firms charge $200-$500 an hour, he said

Generative AI and LLMs made a conversational legal assistant feasible

Crediverso already had a bilingual audience in the US Latino community

A company with a community audience can extend into an adjacent need, here law, but the claim that AI cuts the need for lawyers is the founder's and remains untested in beta.

As of 2023-09-26, My Pocket Lawyer was in private beta with a handful of users, Crediverso had $6.6M total funding, and it planned to build a network of vetted attorneys.