Congrats to Josh and team at Mighty! FinTech Collective invested in Mighty earlier this year and is very excited to be involved. Mighty is building a marketplace that helps plaintiffs connect with capital sources. The company allows investors to compete against each other to provide a few thousand dollars to plaintiffs looking for a "bridge" to the payout from their cases.
Startup Mighty Group Inc., which raised venture funding this year, as VentureWire has learned, launched a marketplace where accredited investors compete against each other to provide a few thousand dollars to such plaintiffs to tide them over. Plaintiffs agree to return the money and a percentage only if and when they receive a payout from their cases. Too often, Mr. Schwadron said, insurance companies and others that are being sued take advantage of plaintiffs and offer lowball settlement offers because they know the plaintiffs are desperate for cash, said Mighty co-founder and Chief Executive Joshua Schwadron. Cash advances, allow “people to stay patient and wait for a fair settlement offer,” added the CEO, who’s an attorney by training and formerly managing partner at another legal funding firm.