We caught up with our friends at Simmons & Simmons the other day.
They had just announced their new FinTech Fund businesses for 2017. We were proud to be one of the winners in 2016.
The official launch event in London was at the international law firm’s Moorgate offices and they named the next recipients of the support provided through the Simmons & Simmons FinTech Fund.
This 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, Simmons & Simmons has set aside £100,000 to help four exciting
FinTech start-ups solve those problems through the provision of free of charge legal advice.
Railsbank was one of the first four businesses to win this award last year.
The successful businesses this year are:
• BestX - a software company providing independent trade technology and TCA analytics to enable clients to achieve and demonstrate Best Execution. Oliver Jerome, Co-Founder & Director, said: “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;"
• Laka- a bicycle insurance product earning revenues whilst acting in their customers’ best interest: settling their claims. Tobias Taupitz, Founder and CEO, said: “We are excited to be working with Simmons & Simmons on our journey to restore trust in the insurance industry."
• Xelix - a SaaS tool that facilitates the process of early settlement discount between large corporates and their suppliers. Paul Roiter, Co-founder: “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;"
• Feedstock - a research analytics, valuation and compliance solution for the asset management industry. Charlie Henderson, Founder: "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."
Partner and head of FinTech at Simmons & Simmons Angus McLean said: “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.”