ePlata is an innovative company providing a multi-currency digital wallet & payment ecosystem empowering the unbanked population through voluntary payroll, government, and non-governmental income. Their goal is to serve the 2.5 billion disenfranchised unbanked adults worldwide by bridging the gap between cash-based populations and the global digital economy. In the United States, this means they have to be able to do business in all 50 states and additional territories. ePlata wanted to accomplish this without having to expand their lean internal legal team.
As a company focused on creating digital solutions to tangible problems, they were frustrated with how manual their internal legal processes were. From finding a new registered agent in each state to executing foreign qualification filings, they had to dedicate many manhours to administrative tasks. More than that, if they wanted to continue growing, it meant expanding their legal department at the expense of margin. Outside of filings and ongoing registered agent needs, ePlata’s general counsel also wanted to have a clear picture of their state-by-state compliance, which wasn’t currently possible given their manual processes. Ultimately, the GC decided that instead of expanding their legal team, they would set their sights on finding an automation partner that could reduce their legal costs while providing more transparent service.
ePlata CEO, Jeff Cooper, contends that “the unbanked are not poor, but poorly serviced.” Legalinc believes that law firms and legal departments are equally poorly serviced. The first painpoint addressed was streamlining & digitizing the registered agent experience. Legalinc’s registered agent platform within Dashboard offers the only all-digital registered agent service available in all US jurisdictions. Instead of filing paperwork manually and having to find new service providers in every state, ePlata can now order registered agent services anywhere in the US in less than five minutes. To address ePlata’s desire to have a full, realtime view of entity compliance across all states, Legalinc’s Dashboard is once again the answer.
The entity management component of Dashboard not only allows them to have a comprehensive view of compliance but also provides stateby- state alerts of all relevant due dates and considerations. This level of insight has helped ePlata be even more confident in their decision to reduce their internal legal expenses while enhancing their quality of work. Lastly, Dashboard also completely digitizes and automates filings, such as foreign qualifications and business formations. Without having to directly contact Legalinc or any state office, ePlata can now form new entities in less than five minutes and purchase filings in under a minute through a cloud-based portal.
Through their partnership with Legalinc, ePlata’s general counsel has achieved their goal of reducing internal legal costs while expanding their scope of business. Many of the customers whose businesses are changed through Legalinc’s automation software have to be convinced of its benefits, but with ePlata, they came prepared with tangible goals that they wanted to reach. Legalinc is proud to have surpassed those goals and looks forward to seeing ePlata’s growth into the future as they work to transform how the unbanked interact with the global economy.