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Estonian legal technology innovator Avokaado expands into banking, launches cooperation with Swedbank

Estonia’s flagship legal tech startup Avokaado announced cooperation with Swedbank, the largest Nordic-Baltic banking group, bringing automated contract lifecycle management to the traditional banking sector.

Through the partnership, Swedbank invites business customers to draft, negotiate, sign and store contracts online on the Avokaado platform that reduces time spent on working with documents from hours to minutes, as reported by existing Avokaado users.

„We at Swedbank are driven by helping the Estonian companies to grow. Through the years we have promoted financial literacy and entrepreneurship. We believe working along with Estonian startups, like Avokaado, will bring great value to our business customers in taking the digital leap towards data-driven contract processes,“ said Aira Nigul-Lepp, Head of Business Banking Department at Swedbank in Estonia, where the bank holds a 60% market share of all payments.

The campaign runs throughout the year and will spread a new generation of smart document management workflow to small and medium-sized companies, opening up the ever-growing legal content provided by lawyers.

Founder of Avokaado, Mariana Hagström, said that there is a race to diversify the range of services to clients and large companies are constantly looking to provide access to new and innovative solutions.

„There are real benefits to be gained in productivity through technology in smart contract creation. The bulk of work with legal documents, previously done manually, can now be easily turned into data-driven highly automated digital processes. Together with Swedbank, we advance the spread of technology to help increase the productivity of small and medium-sized businesses,“ commented Hagström.

At the end of 2020, Avokaado rolled out a successful partnership with Tele2 – a major telecommunications operator in the Nordic and Baltic countries. Launched in 2016, the Avokaado platform is actively used by companies in the Baltics, Finland, Norway, Poland, Belgium, and Luxembourg. Avokaado’s mission is to bridge the gap between legal and business operations by providing a platform where the lifecycle of everyday contracts could be effectively managed.