Shieldpay

Market position

Positioned as an FCA-regulated alternative to traditional client accounts for the legal sector, with more than £18 billion processed and relationships with over 40 of the UK's top 100 law firms; it has been recognised by the Banking Tech Awards as Best Digital Solution Provider – PayTech 2023 and listed in BusinessCloud's Top 50 Most Innovative Fintechs in the UK 2023.

Combines verification, safeguarded fund holding and disbursement in a single regulated platform; the Payment Account (TPMA) shifts the fund-safeguarding regulatory burden to Shieldpay while the firm retains control, adds automated reconciliation and Confirmation of Payee fraud checks, and removes the annual accountant report requirement for TPMA-held funds.

Technology

A technology-led payments platform combining automated verification (KYC, AML and sanctions screening, identity and bank account checks via open banking and credit bureau databases), safeguarded and automatically reconciled fund-holding accounts, and domestic and international disbursement. An event-driven API enables integration with external applications for high-volume, high-value transactions.

Go-to-market

The company sells directly to UK law firms, supported by case studies (including litigation firm Pogust Goodhead and a UK top 20 firm's M&A work), a blog, the Shieldcast podcast, webinars, whitepapers and research guides, and offers portal access, expert-led execution or API integration depending on customer needs.

UK law firms — including over 40 of the UK's top 100 firms — plus financial and professional services businesses handling M&A, litigation, conveyancing, real estate, construction and ongoing client money.

Geography

Headquartered in the UK with a focus on UK law firms, while supporting international parties and payees through a global payment network.

History

After incorporation and regulatory authorisation, Shieldpay gained early traction across legal, financial and professional services with support from the Barclays Accelerator programme powered by Techstars, and won the RegTech Spotlight Award for Financial Crime in 2017. Subsequent recognition included the Barclays Entrepreneurship Award 2018, the VISA PAY360 PayTech Innovation Award, the LegalEx Conveyancing Award 2019, Modern Law Innovation of the Year 2019, The ESTAS Conveyancer Award 2019 and the Modern Law Combatting Fraud Award 2020.

The company raised a Series A round and in July of that period passed £1 billion processed through its platform, also processing its first class action compensation distribution and launching its Litigation Solution. It reached £5 billion processed in May 2023, reported over £8 billion processed as of its 2024 update, and its website now cites more than £18 billion processed.