Slaughters selects six more startups to receive free advice in fintech scheme second round

Slaughter and May has chosen six more startups to provide free legal advice to in the second round of its new programme supporting UK fintech entrepreneurs.

The firm unveiled its ‘Fintech Fast Forward’ scheme in October last year, with the first five successful applicants selected this March.

Slaughters began inviting applications for the second round in September, and has now settled on six more companies to join the initiative: insurance data analytics business Digital Fineprint, insurance technology company Flock, machine-learning company Multiply, data engineering service TAB, financial services innovator TrueLayer and private company valuation business Valsys.

The companies will receive £30,000 in free services from the magic circle firm, including legal advice, access to model legal documentation and coaching on pitching and presentations.

Slaughters financial services partner Ben Kingsley (pictured above right) said: “With an uncertain economic environment and challenging headwinds facing many young and growing tech businesses in the UK, we hope the programme will help our new cohort navigate many of the challenges they face, grow their businesses and fulfil their undoubted potential.”

The total of 11 businesses now part of the programme is one more than Slaughters had originally intended to take on during the first 12 months of the scheme, with the firm deciding to increase the size of the first-year cohort due to the quality of applicants. Since launch, more than 50 businesses have applied to the scheme.

The first five companies to join the scheme were cybersecurity company Garrison, online money transfer business WorldRemit, regulatory compliance company Enforcd, small business banking service Tide, and low mileage car insurance provider Just Miles, which has since rebranded as By Miles. Of that cohort, two have now completed the programme – Enforcd and By Miles.

Kingsley said: ”Our first cohort of firms has progressed at different rates. Enforcd and By Miles have now graduated and we are pleased to have been able to continue working with them both outside of the programme; the other three are still progressing through the programme and we expect at least one of them to graduate soon.”

The six new successful companies were selected by a panel led by Kingsley and Slaughters technology and outsourcing head Rob Sumroy, alongside Autonomy co-founder Mike Lynch, Santander UK head of innovation Sigga Sigurdardottir, DeepMind Technologies GC Trevor Callaghan, LocalGlobe partner and fintech lead Suzanne Ashman and Peter Cullum, the founder of the Peter Cullum Centre for Entrepreneurship at Cass Business School.

The panelists are the same as the first round, with the exception of Ashman, who has replaced former LocalGlobe general partner Ophelia Brown following her departure from the company.

Sumroy (pictured above left) added: “The success of Fintech Fast Forward has helped to highlight our commitment as a firm to investing in innovation.”