Field Fisher Waterhouse LLP has advised new mobile app business, OrSaveIt on a venture capital funding which will fund the development, roll-out and marketing of the savings business' new iPhone app and website.
The OrSaveIt app allows users to "impulse save". Every time a user chooses not to spend money, the amount which has been saved is automatically transferred into a savings account. Users are able to specify particular savings goals they are working towards.
The Fieldfisher team was led by Corporate partner Laurence Lumb assisted by senior associate Tom Ward. The team advised the founders and the company on all areas of the deal including the formation and start-up of the company through to securing and closing the equity investment. Financial Services partner Nicholas Thompsell assisted by senior associate Andrew Massey also advised on the regulatory and financial services aspects of the structure of the platform, whilst IP & Technology Partner Leighton Cassidy assisted by associate Georgina Harris advised OrSaveIt on trade mark and brand protection matters.
Alain Desmier, CEO of OrSaveIt said: "The business of taking and holding a customers money is a complicated and heavily regulated business and the team at Fieldfisher produced clear, on budget and on deadline advice for us. Their advice and subsequent regulatory work forms the core part of our money saving platform, without which our business simply wouldn't exist. Fieldfisher worked with us from the start of our investment process and were vitally important in helping us close the agreement."
Laurence Lumb said: "Mobile apps continue to push technology innovation forward and we are pleased to have advised OrSaveIt on this interesting and unique product. The firm is well placed to advise entrepreneurial and creative technology businesses in the TMT sector with clients that include BBC and Connect TV."
For further information, please contact:
Louise Eckersley, PR Manager, Field Fisher Waterhouse LLP on 020 7861 4120
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