A fast-track 10-month programme providing legal advice and mentoring to ambitious FinTech start-ups is now open for applications.
Some of Addleshaw Goddard’s most experienced FinTech lawyers will work with the chosen start-ups to help them overcome legislative and regulatory challenges as they experience growth.
The 2019 initiative was announced yesterday (07 March 2019), at an event for aspiring tech start-ups in Leeds.
Michael Common, CEO of Nivo, an app that reduces the hassle of signing up for financial products such as loans, and former ‘AG Elevate’ participant, said: “Data protection and privacy is at the top of the agenda for tech start-up thanks to the rise of fake news, the Cambridge Analytica scandal and the introduction of GDPR. Resources are often stretched in start-ups, but it is vital to seek specialist legal advice in a sector where regulations are constantly evolving and becoming even more complex.
“Addleshaw Goddard’s advice was central to the growth of our business as it was so wide-reaching, from advice on the legally binding nature of e-signatures on our app to navigating Open Banking regulations, and even fundraising. We’ve reached a number of milestones since our involvement with AG Elevate, including £10m worth of loans completed using the app, and are actively looking to expand our team.”
David Anderson, partner at Addleshaw Goddard who specialises in working with technology companies, said: “With the introduction of PSD2, Open Banking and changing customer attitudes, FinTechs have an opportunity to further innovate in a sector that is rapidly changing. While start-ups are agile and can quickly identify opportunities and adapt to market needs, this shouldn’t be at the expense of proper regulatory implementation.
“Our aim is to help FinTech start-ups negotiate often complex regulatory and legislative issues, easing the burden on both finances and resource, allowing them to focus on the fundamentals of growth – developing the product, growing the customer base and applying for funding.”
Other FinTechs who have been part of the AG Elevate programme include Halotrade, a blockchain enabled Fintech start-up focused on the delivery of sustainable supply chain financing, and Delio, which works with leading global financial institutions to deliver customised technology platforms for the distribution, transaction and reporting of private equity, private debt, real estate.
Addleshaw Goddard has a dedicated FinTech and Payments team with over 30 senior lawyers and was recognised as one of the top ten ‘Most Innovative Law Firms’ in Europe at the 2018 Financial Times Most Innovative Lawyers awards.
Applications are open from 8 March 2019 to FinTechs across the world.
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