Services used: 850K raised & EMI Option Scheme
What does Swapi do?
Swapi is the only digital wallet globally that allows users to swap their loyalty rewards, cashback & gift cards between brands. We help brands to reduce loyalty points & gift card liability by giving consumers the opportunity to spend their unspent balances elsewhere whilst allowing brands to avoid the negativity of expiry.
What challenges did you face?
Raising money: when it comes to it and the legal side I didn’t have a clue. You start from networking and still to this day I don’t know what I’m doing
How did SeedLegals help you to overcome the challenges mentioned
I think it is a very powerful tool for founders to manage fundraisings. Team members are great, always supportive with questions and queries. We use it for team contracts as well. The platform in terms of going through the stages is very straightforward. We’re now finishing our funding round and we will then set up an option scheme.
The strongest aspect is the possibility of going step by step and that the platform creates documents for you. The only other way would be to go to a law firm but would be a lot more expensive and you’d be less involved. I imagine it would be a lot more difficult to manage with an individual lawyer or a law firm. You wouldn’t have a platform where you can instantly log in and look at your progress. I think it is one of those things you wonder why it hasn’t been done before or why my business is not doing it?