Legal Counsel, Bits

£70-200k

Plus equity

Mid and Senior level

London

More information about location

3-5 days a week in office (Camden, London)

Store card for building credit

Open for applications

Store card for building credit

21-100 employees

FintechB2CCredit ScoringMarketplacePersonal financeLending

Open for applications

£70-200k

Plus equity

Mid and Senior level

London

More information about location

3-5 days a week in office (Camden, London)

21-100 employees

FintechB2CCredit ScoringMarketplacePersonal financeLending

Company mission

To promote financial inclusion by providing a path to credit for those neglected by mainstream lenders.

Job

Company

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

Top investors

Trustpilot (4.6)

Company

Funding (2 rounds)

Aug 2020

$0.2m

SEED

Oct 2018

$0.2m

SEED

Total funding: $0.4m

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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