Leading London law firm Slaughter and May is looking to bolster its position in the UK fintech scene by picking five new companies it is backing to succeed. The firm, which launched its Fintech Fast Forward programme last October, selected  a leading panel of judges to pick the companies. The successful businesses, which operate in fintech, regtech, insurtech and cyber security, will receive up to £30,000 in value add services and are the first cohort to formally join the legal incubation programme. They were chosen from a total of 25 businesses which applied to join the programme. 

Judging panel

The Slaughter and May judging panel included heavyweight tech leaders such as  Mike Lynch, CEO of Invoke Capital; Trevor Callaghan, General Counsel of DeepMind Technologies; Ophelia Brown, General Partner at LocalGlobe, Sigga Sigurdardottir, Chief Customer and Innovation Officer UK at Santander and Peter Cullum, CBE, founder of the Peter Cullum Centre for Entrepreneurship at Cass Business School.

Winners

The five businesses who have been selected as the first group of new businesses to join the programme are:

•Enforcd - Enforcd uses technology to aid regulatory compliance. Its flagship product is EDB – The Enforcement Database, which uses global regulatory enforcement data, related news and insights to help firms identify, manage and mitigate the conduct risks they face.

•Tide  – Tide is a banking service designed for small businesses. The mobile app scans an ID, such as a passport, establishes identity and then allows the user to set up a business current account in approximately 3 minutes.

•Garrison  - Garrison is a cyber security company based in London, which is developing a highly effective anti-malware solution for enterprise cyber defences.

•Just Miles  – Just Miles is a car insurance provider aimed at people who live in cities and use their car infrequently. After paying a small monthly subscription to cover the car when it is parked, Just Miles uses telematics to charge customers on a pay as you drive basis.

•WorldRemit - WorldRemit is an online service that helps its customers send money to friends and family living abroad, using a computer, smartphone or tablet, offering a convenient, low-cost alternative to traditional money transfer options.

Depth of talent

Ben Kingsley, partner at Slaughter and May, said: 'A surge of interest in areas such as fintech, blockchain, machine learning and data analytics has spawned opportunities for the firm both to acquire exciting new clients and to help existing clients capitalise on the benefits of technology advances. The Fintech Fast Forward programme recognises the depth of talent which exists in the UK’s entrepreneur population and the great response to this initiative, from such a diverse range of tech businesses, has reaffirmed my belief that the UK tech sector is robust and in good shape for the future.'