Firm Launches First Fund of its Kind to Support FinTech Start-ups
26 May 2016
International law firm Simmons & Simmons has today launched the first fund of its kind designed to help early stage FinTech businesses solve some of the difficult legal problems they often encounter at the infancy of their businesses.
The firm has set aside £100,000 a year for the Simmons & Simmons FinTech Fund so as to help three or four exciting UK FinTech start-ups solve those problems through the provision of free of charge legal advice.
Partner and leader of the firm’s International FinTech Team, Angus McLean, commented: “Early stage FinTech businesses in the UK currently face challenges finding the right kind of legal support. Our vision is for the S&S FinTech Fund to help promising start-ups solve challenging legal or regulatory problems that could otherwise slow down their development or, in some cases, prevent them from getting off the ground at all.”
The fund will provide legal advice up to the value of £33,000, free of charge, to three or four such businesses each year. The firm does not expect to take equity in return for providing that advice. To qualify for support via the fund, FinTech businesses will have to meet eligibility criteria including a requirement that they have received no more than £1million of investment, and that they have been accepted onto one of the leading UK FinTech accelerator programmes or have been referred to Simmons & Simmons by a leading FinTech focused VC investor.
Managing Partner Jeremy Hoyland commented: “The firm already acts for some of the leading FinTech businesses in the UK. The Simmons & Simmons FinTech Fund will allow us to use our specialist expertise to contribute meaningful support to the UK FinTech sector, while also building strong relationships with the next generation of exciting FinTech businesses.”
Notes to editors:
1. We are a leading international law firm with fully integrated teams working through offices in Europe, the Middle East and Asia, and bring experienced professionals to some of the most active growth markets today. Our focus on a small number of sectors means we are able to understand and respond to our clients’ needs. Our industry sectors are: Asset Management & Investment Funds, Financial Institutions, Life Sciences and Telecoms, Media & Technology (TMT). We also focus on the E&I market, in particular through our international projects and construction teams. We have a track record for innovation and delivering value to clients through new ways of working.
2. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name “Simmons & Simmons” or one or more of those practices as the context requires. The word “partner” refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP’s affiliated practices. For further information on the international entities and practices, refer to simmons-simmons.com/legalresp
3. For all firmwide news and expert commentary, visit our website at simmons-simmons.com or our award-winning online legal service at elexica.com.
4. News is also published via the firm’s page on LinkedIn at linkedin.com/company/simmons-&-simmons.
5. In response to growing demand in this area, Simmons & Simmons has established an International FinTech Team made up of expert lawyers from across all practice areas within the firm to provide a full-service offering to clients operating in the FinTech sector. The team members are recognised as leaders in their fields and have extensive experience of advising businesses in both the financial services and technology industries.
6. For further information or to arrange an interview with Angus McLean, please contact Heather McMaster, Senior Communications & PR Executive on +44 207 825 3962 or at email@example.com, or Lauryn Mann, Communications & PR Executive on +44 20 7825 3764 or email firstname.lastname@example.org