A London law firm is to set aside £100,000 per annum to provide free legal advice to fintech startups.
Simmons & Simmons says it has earmarked the cash so as to help 'three or four' startups solve some of the difficult legal problems they often encounter at the infancy of their businesses.
Partner and leader of the firm’s international fintech team, Angus McLean, comments: “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.”
To qualify, each business will have to demonstrate that they have received more than £1 million in funding and been accepted onto one of the leading UK fintech accelerators.
The firm says it does not expect to take equity in return for providing the free advice.
Managing partner Jeremy Hoyland states: “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.”