Much as we would like to avoid it, there are times in life when we must go to court to settle a dispute over some matter, occasionally involving an item that we might have purchased or a service provided. Services like eBay, Amazon, and other online retailers have their own Swedish swift-arbitration startup Swiftcourt, which rolled out the first version of their platform last year and an updated version this week, believes that there is room for an outside service to help smooth things over during the transaction process.
The idea behind Swiftcourt’s platform is that buyers and sellers sign a legally-binding agreement and then proceed to arbitration if a problem arises. Swiftcourt says that the process works by having an independent lawyer review evidence, presented over the course of a month, and then deliver a ruling within another 2 weeks. Having received a verdict, the parties either agree to the terms or the authorities may become involved. To date, the company says that they have resolved 6 disputes and acted as part of more than 100,000 transactions.
Johan Heden Hultgren, CEO and co-founder at Swiftcourt and himself a lawyer, says that the arbitration clause is free to use, as the startup has decided to monetize the platform by requiring buyers and sellers to pay a small fee upfront for the service. This fee would ostensibly allow them to resolve the dispute for free when the situation arises.
Like many startups, they have turned to investors to help expand the business, but they are not revealing the figure at the moment. They do say that their backers are Danish VC firm Seed Capital, an American businessman, and a Swedish angel. The team behind Swiftcourt are ultimately planning to take the service global, but are focused on the domestic market for the moment.