Slaughters announces second round of fintech innovation scheme

Slaughter and May has announced that it is inviting applications for the second stage of its fintech entrepreneurs programme.

The firm is looking for a further five UK-based technology businesses, each of which will receive 30,000 in free services including legal advice, access to model legal documentation and tailored coaching in areas such as pitching and presentations.

The latest application round for the scheme closes 2 October.

The magic circle firm unveiled its 'Fintech Fast Forward' scheme last October , and opened the first round of applications for the scheme the following month. In March, it selected the first five companies to join the programme, including Enforced, a global regulatory enforcement database, and Garrison, a cybersecurity start-up.

The firm is expecting to identify around 10 UK-based tech startups to support per year.

Financial services partner Ben Kingsley (pictured), who sits on the selection panel alongside the firm's head of technology and outsourcing Rob Sumroy (pictured), said: We have greatly enjoyed working with the initial cohort and we look forward to continuing to work alongside them as we now look for another group of innovative and entrepreneurial companies to join the programme.

Slaughters is looking for businesses operating in fintech, insurtech, regtech, datatech, legal tech, DLT, data analytics or AI.

Other firms that run similar programmes included Simmons & Simmons, which launched a 100,000 fintech fund in May last year and in October 2016 announced its first fund recipients, including Alterest, which brings transparency to non-bank credit markets, and Cuvva, which provides hourly car insurance on demand.

Last year, Addleshaw Goddard also announced that it was launching the AG Elevate scheme , which the firm said was worth up to 500,000, to offer mentoring and free legal advice to financial technology startups.