Financial technology (FinTech) is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance.
Hogan Lovells law firm announces during United Kingdom FinTech Week that applications are open to its Global FinTech Mentor and Momentum Program for 2021-22. This year, the firm will focus on selecting and supporting female led FinTechs, as part of its commitment to diversity and inclusion.
To date around 10% of successful applicants for the Program have had women founders or leaders, including Dozens, Flexy and Rodi.
The Program is open to FinTechs at any stage of development, from start-ups to more established growth players. Interested businesses, particularly in the areas of banking, lending, payments, insurance, investments, and sustainable finance, are welcome to apply throughout 2021 for complimentary or subsidised support from Hogan Lovells.
The law firm is committed to empowering the female FinTech community, and is aiming for at least half of successful applications from female led FinTechs.
Globally, just 3% of FinTechs were founded by women as of 2019, according to Deloitte Insights published in October 2020, which also found that funding for FinTechs founded or co-founded by women was significantly less than for men. Innovate finance reported in January this year that female founded FinTechs accounted for 17% of the United Kingdom’s total FinTech venture capital investments over 2020, up 6% from 2019.
Yet KPMG’s United Kingdom FinTech Focus 2020 found that female founded FinTechs are more resilient to the pandemic, with more in cash reserves.
Launched at Innovate Finance Global Summit in April 2017, the successful Program is entering its fifth year. To date, Hogan Lovells investment has totalled over a million pounds in support of around 25 FinTechs; providing each with up to £25,000 in free legal services, together with a 30% discount to the free advice, to make it go further.
This is in addition to the same discount on advice provided after or outside the scope of the program, as well as access to industry events and networking opportunities with the firm’s existing clients in the FinTech space.
Hogan Lovells is ideally placed to provide this support, long positioned at the heart of the FinTech industry. The firm advised on the establishment of the United Kingdom’s first internet only bank; on the launch of Zopa – the world’s first peer-to-peer lender; and of a mobile P2P payments service – the first of its kind in the United Kingdom market.
Head of Financial Services Rachel Kent co-chaired the policy and regulation chapter of the recently published United Kingdom FinTech Strategic Review, in February 2021.