Dublin-Stockholm start-up creates digital tools for legal services
Operating from two capitals, Legitify aims to accelerate the digitization of legal services, starting with notarization.
Legitify brings digital transformation to legal services, starting with remote online notarization.
Founded in 2020, this start-up’s flagship product integrates AI and audio-video technology so that users can access notarial services from anywhere.
Documents can be notarized online, reducing travel, time and perhaps even the inconvenience of going the more traditional route. It’s a service that has particular relevance in the era of Covid, where people are trying to reduce their travel and contact during power surges.
Currently in beta, features available with Legitify include identity verification, workflow automation, appointment scheduling, and real-time remote video chat with a notary public. The platform can support notarized documents in all jurisdictions and has identified use cases in legal and financial services, real estate, import and export, and more.
“We are primarily focused on the global EU and UK, non-US markets,” said CEO and co-founder Aida Lutaj. “In the UK and Europe alone, over 120 million notarisations are carried out each year at a cost of €25 billion. Based on charging a very conservative convenience fee for using our solution, we believe the market opportunity in the EU and UK is at least €3 billion.
Lutaj brings over 13 years of experience in business development, growth, strategy, finance and operations to Legitify. Originally from Albania, she is currently an Executive MBA candidate at the Stockholm School of Economics. While based in the Swedish capital, she works between Stockholm and Dublin, where Legitify is headquartered.
Its co-founder, Arko Ganguli, is the legal mastermind behind the company. As Chief Product Officer, Ganguli brings to the position years of experience as a lawyer as well as a passion for innovation in legal processes.
As is the case with tech start-ups, Lutaj and Ganguli aim to increase efficiency, reduce frustration, and overall improve the user experience for their target market. The technology is designed to integrate into existing workflows, such as onboarding business customers for fintechs, to further optimize the experience.
The beta product launched earlier this summer and Legitify now processes live transactions in various jurisdictions. Lutaj, who has experience growing teams and recruiting key talent, said the team now consists of five full-time employees, plus a contracted front-end engineer, a marketing intern and a product advisor.
Finding the right people at the right time will always be a challenge for a young, unknown company. “It’s competitive for early-stage startups, but we’ve been very lucky in that regard,” Ganguli said.
“There is genuine interest in the solution we are building from the strength of talent, especially those who have experienced the pain points themselves.”
From a product and technology perspective, Ganguli said the main challenges are the market transition and adoption of public blockchain networks in the EU, and “making corresponding technology strategy decisions at term that may be difficult to alter due to actual adoption metrics”. in industry”.
At least Legitify’s short-term future looks solid. The startup secured $100,000 in pre-seed funding from venture capital firm Antler. He was also shortlisted for the first NDRC Accelerator supported by Dogpatch Labs Dublin, which combines a €100,000 investment under SAFE terms with the six-month mentor-led program.
Legitify also secured commitments for its latest open fundraiser in mid-October. This cycle will be used to accelerate the momentum of the company and should be closed by the end of this year.
One thing Lutaj has learned as an entrepreneur is the need to be patient in the beginning and learn to walk before you can run. “I am a runner. I wanted to run from the very beginning,” she said.
“But you have to be strategic about how you go about it. Prioritizing different areas at the same time in the early stages can exhaust someone. Some days we push hard, some days we step back and evaluate. It has to be balanced, and finding the balance is not always easy.
Legitify itself is balanced between two start-up ecosystems in Dublin and Stockholm, taking the best of both.
“Dublin is a fantastic hub for entrepreneurship,” Ganguli said. “It has a vibrant tech ecosystem with a large pool of highly skilled global talent to hire.”
Meanwhile, in Stockholm, Lutaj works from home for many of Europe’s top tech unicorns, from Spotify to Klarna. “It’s super dynamic with great ecosystem connections including founders, investors, and great networking events,” she said.
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