Legal Counsel, Bits
£70-200k
Plus equity
More information about location
3-5 days a week in office (Camden, London)
Store card for building credit
Job no longer available
Store card for building credit
21-100 employees
Job no longer available
£70-200k
Plus equity
More information about location
3-5 days a week in office (Camden, London)
21-100 employees
Company mission
To promote financial inclusion by providing a path to credit for those neglected by mainstream lenders.
Role
Who you are
- We are looking for an ambitious and creative in-house lawyer to join our team
- Ideal candidates will possess a deep understanding of relevant regulatory frameworks and demonstrate exceptional analytical and problem-solving skills
- Qualified as a Solicitor in England and Wales with a few years PQE and knowledge of the UK financial regulatory landscape, including the FCA
- Business-driven, solutions-oriented mindset and lateral thinking
- Ability to take ownership for business outcomes, and manage varied work-streams
- Right to work in the UK
- Ability to work from our Camden offices at least 3 days per week
What the job involves
- In this role, you will provide legal support across various operational functions, ensuring that our practices comply with applicable laws and regulations
- You will work closely with the CEO and other cross-functional teams, providing strategic legal advice, conducting legal research, and contributing to the development and execution of compliance policies and procedures
- Apply legal expertise and lateral thinking to our growing suite of products to ensure compliance with applicable laws and regulations
- Take ownership of the firm's legal position: work directly with the CEO to set up, improve and maintain the internal processes required to ensure compliance with our legal obligations and regulatory expectations
- Take ownership of the consumer contracts for our various products, drafting new ones for our new products and amending the existing ones when and as necessary
- Assist the team in all FCA communications, applications, etc
- What's in it for You:
- Impactful Mission: You'll play a key role in scaling our platform to support the next million Bits users, contributing to a product that's changing lives
- Dynamic Work: Forget the mundane. You'll be in a role where you get to develop skills in multiple practice areas, and every day brings a new challenge
Application process
- A quick introductory call
- A short take-home assignment
- A final round, introduction to our CEO and founder
Salary benchmarks
Our take
Oftentimes, the advice to those with low credit is to build it up with the careful use of high-interest credit cards. However, this comes with the obvious downside of being high risk as well as high reward. Bits, instead, helps people with low credit to improve their scores with a subscription store card that lets them access in-store savings while quickly raising their credit score.
Millions of people in the UK have difficulty accessing financial services due to their credit scores, so it is no surprise that a number of other startups like Pockit and Portify have emerged offering alternative products for this underserved group. Bits, however, stands out for its unique approach that doesn’t put people into any debt at all - with the company making no money on interest.
As Bits has grown, it has expanded its product and now reports to Equifax and TransUnion on top of Experian. Boasting 300,000 users and a strong rating on Trustpilot, it is clear the company has already made an impact and it will be interesting to see what it does in the future.
Freddie
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (2 rounds)
Aug 2020
$0.2m
SEED
Oct 2018
$0.2m
SEED
Total funding: $0.4m
Company benefits
- A competitive market salary
- 28 days holidays/ year incl. UK/ England public & bank holidays
- Private Healthcare plan (if you want one)
- Work with the Founder directly. Travel with him occasionally. Participation in the options plan once it goes live
Company HQ
London, UK
Leadership
Faisal Khalid
(Founder & CEO)A Harvard graduate in Economics, Faisal has over a decade of experience in major payment companies such as American Express. More recently, they founded Paysnapp, an online payment service for low income migrant workers which was acquired by VFD bank.
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