Addleshaw Goddard has named the six FinTechs that have been picked for its 2018 ‘AG Elevate’ programme.
This cohort of companies, which have each got a developed product and had previous funding, will receive advice and guidance on legal and commercial matters. Each will receive up to 30 hours of free legal advice over the year, alongside access to briefings, seminars and regulatory developments and networking opportunities.
The companies are currently being assigned a mentor from Addleshaw’s Elvate FinTech team.
This year’s group includes, London-based Lendable and Halotrade, Manchester-based Airtime Rewards and Nivo, Dublin-based Trezeo and Lituania/London-based Worapay.
Lendable implements machine learning technology to automate credit underwriting and offer instant personal loans. The company picked up a £300m investment from specialty lender Castle Trust Capital late last year.
Halotrade uses blockchain technology to offer a decentralised ethical supply chain financing solution. Through the platform, suppliers can access working capital finance at a lower rate than through financial institutions. The platform works by offering an end-to-end supply chain tracking to ensure ethical compliance, if this is kept, Halotrade provides financing for the invoice to support small suppliers in emerging markets receive quicker access to working capital.
Airtime Rewards is a mobile platform that boosts consumer loyalty and rewards. The app enables a use to earn rewards to discount phone bills, from using the platform to make payments at in-store and online retailers.
Nivo helps businesses to simplify the onboarding processes by combining mobile identity verification and secure messaging services. The platform uses a Jumio-powered ID scan to improve verification, and cut fraud. Businesses can also communicate with customers and send documents securely through the app.
Trezeo is a business account that helps those operating in the ‘gig economy’ by integrating income and saving management. The platform works by a user receiving a regular pay cheque, which will support them enough to pay bills and live. Extra money earned in a month will be put in to savings, to support the consumer when they earn less money in a week.
Worapay develops mobile ordering and payment technology, and is already used by Lloyds Banking Group and Mastercard. The platform helps a retailer to accept mobile payments for both in-store and online branches. The company also supports retailers, banks, telecoms, financial institutions and FinTechs to implement cross-border P2P remittance, mobile payment, and online shopping solutions to their own offerings.
AG’s FinTech Group head, Fiona Ghosh said: “We are delighted to welcome such a diverse and innovative group of businesses into our 2018 programme – all are at very exciting junctures in their growth cycle and we are committed to developing strong ties with them as well as adding commercial value to their existing strategies. All stages of FinTechs are interesting to us but, as the FinTech market has matured rapidly, we have reflected that in this year’s cohort”.
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