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.”