Firm Announces First FinTech Fund Recipients for 2016

13 Oct 2016

International law firm Simmons & Simmons has today announced the start-up businesses that are to be the first recipients of support through the Simmons & Simmons FinTech Fund.

The Simmons & Simmons FinTech Fund launched in May 2016 and is 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 organisations identified for support are:

  • Alterest - Bringing transparency to non-bank credit markets
  • Cuvva - Hourly car insurance on-demand
  • Railsbank - Banking as a platform
  • Tallysticks - Using blockchain to automate invoicing processes

Partner and head of the firm’s International FinTech Team, Angus McLean, commented: “We were impressed by the strength of the start-up businesses we met through our evaluation process and we’re delighted to have identified four promising and exciting businesses to work with through the Simmons & Simmons FinTech Fund. For these start-ups, the FinTech fund could make a real difference, or could even be what gets them off the ground, and it’s through this support that we hope to make a significant contribution to the wider FinTech community.”

The firm will provide further details on each of the businesses and their plans in relation to the Fund later this month.

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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. 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.

4. The Simmons & Simmons FinTech Fund was announced on 25 May (press release here) and formally launched at the firm’s annual legal update for the TMT sector the following day. It has been shortlisted for the Legal Services Innovation Award at the upcoming British Legal Awards (to be announced 24 November). The firm's commitment to innovation includes a partner-led Innovation Group (of which Angus McLean is a member).

5. For all firmwide news and expert commentary, visit our website at simmons-simmons.com or our award-winning online legal service at elexica.com.

6. News is also published via the firm’s page on LinkedIn at linkedin.com/company/simmons-&-simmons.

7. More information on each of the 2016 recipients are available on their websites: Alterest (http://alterest.co/); Cuvva (https://cuvva.co/); Railsbank (http://www.railsbank.com/) and Tallysticks (http://tallysticks.io/)

8. For further information, please contact Jodi Young, Head of Marketing & Communications on +44 20 7825 3134 or at jodi.young@simmons-simmons.com , or Lauryn McKinney, Communications & PR Executive on +44 20 7825 3764 or email lauryn.mckinney@simmons-simmons.com