Fintech: who is Legalstart, the startup that is taking on Qonto and Shine in the SME market ?

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Legalstart, startup French company specializing in online legal services is launching a new financial service on its platform. Through this initiative, it is directly stepping on the toes of recognized fintechs such as Qonto or Shine.

Support in the creation and management of businesses

In partnership with Swan, Legalstart is expanding its offering by proposing a professional account, allowing entrepreneurs to centralize the financial and administrative management of their company from its creation. It allows the initial deposit of share capital and then ensures accounting monitoring as well as legal formalities, all without the intermediary of a traditional banking institution.

This is a diversification in the strict sense of the word. Founded in 2012, Legalstart supports entrepreneurs, VSEs, SMEs and the self-employed in the creation and management of a company. Drafting legal documents, publishing legal notices, filing registration files with the registry, statutory amendments, etc. The startup, which has nearly 750,000 users, offers assistance with very energy-consuming administrative procedures.

Earlier this year, it had already begun its transformation by launching LS Compta, an accounting management service. The new pro account will be directly linked to it, and will be accessible for 14 euros per month. ” It's a rate that puts us in line with those charged by companies like Qonto or Shine “, confides Timothée Rambaud, CEO and co-founder of Legalstart, in an interview with Figaro.

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Vast diversification of offers

This attempt at diversification is not uncommon in the sector. For example, Qonto recently unveiled a new business creation tool for accountants. Indy, a startup specializing in accounting, has launched new offers, allowing you to create your structure or produce quotes, notes Les Échos.

Moreover, Legalstart admits that the launch of pro accounts is part of a clear logic: more and more of its customers have shown an interest in this type of service. Indeed, VSEs and SMEs want to simplify their management by using fewer different tools and reducing their costs; all-in-one platforms are, in this sense, preferred.

To meet this demand, startups, whether they specialize in accounting, finance or legal services, are expanding their fields of activity. This allows them to better cover the needs of their customers, but could also lead to a consolidation of the market.

For its part, Legalstart is not counting on its existing user base to sign up for its new service. The latter have already subscribed with competitors or traditional players; the startup must therefore convince potential interested parties.

• Specializing in legal services, the startup Legalstart is launching pro accounts.
• Recently, other players have diversified their offers for VSEs-SMEs, responding to a growing demand.
• Companies are in fact favoring all-in-one platforms, which make their tasks easier and allow them to save money.

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