New FinTech Fund businesses for 2017
22 Sep 2017
Simmons & Simmons selects new FinTech Fund businesses for 2017
At an official launch event in London yesterday, international law firm Simmons & Simmons announced the start-up businesses that are to become the second cohort of 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 in the infancy of their businesses. For the second year running the firm has set aside £100,000 to help four exciting FinTech start-ups solve those problems through the provision of free of charge legal advice.
The successful businesses are:
• BestX - a software company providing independent trade technology and TCA analytics to enable clients to achieve and demonstrate Best Execution. “We are delighted to have been chosen as one of the recipients of Simmons & Simmons' FinTech Fund. For a small business, legal costs form a large part of our cost base. So to be offered the chance to utilise the services of such a well-respected law firm means that we are better able to dedicate our resources to developing our product and expanding our company." (Oliver Jerome, Co-Founder & Director).
• Laka- a bicycle insurance product earning revenues whilst acting in their customers’ best interest: settling their claims. “We are excited to be working with Simmons & Simmons on our journey to restore trust in the insurance industry." (Tobias Taupitz, Founder & CEO).
• Xelix - a SaaS tool that facilitates the process of early settlement discount between large corporates and their suppliers. “The Simmons & Simmons Fintech fund is a fantastic initiative to support early stage start-ups and we are delighted to have their support as we grow." (Paul Roiter, Co-founder).
• Feedstock - a research analytics, valuation and compliance solution for the asset management industry. "We are delighted to have won the Simmons & Simmons FinTech Fund and we are looking forward to working with the team as we expand our business." (Charlie Henderson, Founder).
Partner and head of FinTech at Simmons & Simmons, Angus McLean, commented: “We are delighted to be able to support four such exciting businesses through the second round of the fund. The quality of this year’s applicants was very high, but BestX, Laka, Xelix and Feedstock all really impressed the Investment Committee. It bodes well for the long term future of the FinTech sector in the UK that we continue to be able to produce businesses with such great potential. We look forward to helping all four businesses realise their long term ambitions through the support offered by the fund.”.
Last year’s fund has already proved invaluable to the first cohort of recipient companies and this video sets out some of their thoughts.
The fund enables these young businesses to solve the challenging legal or regulatory problems that could otherwise slow down their development or, in some cases, prevent them from getting off the ground. It also fosters innovation in helping businesses deliver their products to market more quickly. Research from Simmons & Simmons’ Hyperfinance report highlights the importance that FinTech businesses play in accelerating innovation across the financial services sector; the firm’s fund, therefore, acts as a catalyst for growth throughout the sector.