On Thursday 03 October 2019, there was an official launch event in London, leading international law firm Simmons & Simmons announced the businesses that will make up the fourth cohort to receive support from the firm’s FinTech Fund.
Watch the video of the event here
The FinTech Fund was first launched in May 2016, it was the first programme of its kind to support start-up FinTech businesses through various legal challenges they can face in their early stages. The firm has set aside another £100k to help FinTech businesses through the provision of free legal advice, taking the firm’s total investment in the sector to over £400k.
Angus McLean, partner and head of Simmons & Simmons international FinTech team said:
“We are really excited to be announcing the fourth cohort of our FinTech Fund, a lot has changed in the FinTech market since we launched the Fund in 2016. We have revised one of the criteria this year to reflect the increase in the level of funding that is now available to UK FinTech firms, with seed rounds now looking more like the Series A rounds of a few years ago. A real sign of the growing maturity of the market. We are also delighted to be supporting a US-based business for the first time. Over the last 12-18 months we have seen a number of our FinTech clients ramp up their international expansion plans, so it is great to be able to support a business that is looking to the UK as part of its strategic expansion. We are looking forward to helping all of the businesses solve the challenging legal issues FinTech firms face along their journey.”
Thomas Wolf, founder of EdAId and one of the winners last year, added:
“In Simmons & Simmons we found not only a law firm that were able to provide clear, robust and commercially minded legal advice. They were also able to appreciate the unique challenges facing any fintech startup. On a personal level as a founder their empathy, direct financial support and nuance with which they backed EdAid has been instrumental in our growth.”
The FinTech team at Simmons & Simmons has chosen four exciting businesses that have the ability to take advantage of these developments and market uncertainties to make a significant impact on the financial service industry. The four successful winners of the 2019 FinTech Fund are:
SteelEye specialises in regulatory compliance technology and data analytics, offering solutions for MiFID II, MAR, EMIR, SM&CR and more. Its mission is to help financial firms comply smarter and fully leverage their data by organising and understanding varied and extensive data sets. SteelEye’s Big Data technology organises a firm’s data under a single lens to ensure their clients are able to easily and cost-effectively meet the obligations set out by financial regulators.
Rungway is transforming how employees give and get advice. Asking questions with the option of controlled anonymity, individuals on every rung of the ladder can tap into the experience and encouragement of the whole organisation - no matter where or who they are. With all levels visibly supporting each other, business leaders surface the unheard conversations that prevent you understanding employee needs, while embedding a genuine and connected culture of inclusion.
Liquidly is building manager-specific trading infrastructure for illiquid assets aiming to enable fund managers to offer their investors liquidity. The current illiquidity paradigm for Private Markets is inefficient as the secondary process for the manager is labour-intensive with legal risks. Liquidly’s solution enables liquidity by allowing managers to utilise longer-lock or permanent capital vehicles.
Propio is leveraging the power of property-backed investing to help people make the most of their money. Their simple, jargon-free investment platform allows people to invest from £100 on their phone via an ISA. Investor money is lent to help finance UK property development and then paid back after 12-months. Since launching, they've built a community of over 2,000 users who have invested £11m, delivering a blended return of 6.4% a year without ever losing a penny of investor money.
