Wirex is a unicorn FCA-regulated FinTech company with a small Legal and Compliance Team dispersed across multiple jurisdictions and wanted to introduce its innovative payment products in new markets, including North America, Europe and Asia. The technology is new, and so the Customer wanted to ensure that its business would be in compliance with applicable laws and regulations. The Customer also needed additional support for its compact in-house team tasked to work on a wide range of general commercial and corporate matters in support of its business operations in multiple countries.
KorumLegal provided a team of experienced consultants, with payment, regulatory compliance, transactional, and general commercial expertise as well as project management skills. By leveraging streamlined workflow process management, a centralised project manager distributed the work to the wider consultant team which were comprised of 4 core and up to 6 or more consultants at any time, depending on the actual need of the Customer. The pricing structure was simple and transparent combination of monthly retainer, dedicated secondee, and fixed fee that could be well-scoped in advance to maximise cost-efficiency, while maintaining flexibility for the Customer. Our team supported the Customer’s in-house team with HQ and regional strategy, as well as any overflowing corporate and commercial issues, or licensing and regulatory compliance projects, as they arose. Our services freed up the in-house team’s time to manage their important strategic and management work.
"KorumLegal has provided invaluable, expert support to our in-house team, from ordinary corporate and commercial matters to specific expertise concerning our business, including payments and regulatory compliance matters. They take the time to understand our needs and provide timely, spot-on solutions. The pricing and hourly package system is incredible, allowing us to hit our goal of reducing legal expenditure by 20%. Our engagement with KorumLegal also spans world-wide, making it extremely easy to rely on experts who understand our business across multiple jurisdictions. To top it off their experts are a pleasure to worth with!"
Dominique Simon, Global General Counsel, Wirex