Simmons & Simmons has announced the names of the first startups to receive free support from its new FinTech Fund, which include blockchain invoicing provider Tallysticks.
The £100,000 fund, which was launched in May 2016, will help early stage FinTech businesses solve some of the difficult legal problems they often encounter while their businesses are immature.
The UK-based organisations identified for support are Alterest, which brings transparency to non-bank credit markets; Cuvva, a Scotland-based startup which provides hourly car insurance on-demand; Railsbank, a platform to connect FinTech companies and smaller banks; and Canary Wharf-headquartered start-up Tallysticks, which uses blockchain to automate invoicing processes. Tallysticks was one of the few startups accepted into Barclays’ Accelerator program earlier this year.
Angus McLean, head of Simmons international FinTech Team, said: “We were impressed by the strength of the start-up businesses we met through our evaluation process and we’re delighted to have identified four promising and exciting businesses to work with through the Simmons & Simmons FinTech Fund. For these start-ups, the FinTech fund could make a real difference, or could even be what gets them off the ground, and it’s through this support that we hope to make a significant contribution to the wider FinTech community.”