Allens has joined leading corporate and financial organisations in launching Sydney's independent, not-for-profit fintech hub, Stone & Chalk, tonight.
Stone & Chalk, which was officially launched tonight by NSW Minister for Industry, Resources and Energy Anthony Roberts, will operate out of a 2300 square metre space at 50 Bridge Street in Sydney's CBD.
More than 40 fintech startups and companies have already signed on to set up their headquarters at Stone & Chalk, with more companies to be welcomed in the coming months.
Allens Partner and head of the firm's Technology, Media & Telecommunications practice Niranjan Arasaratnam said Stone & Chalk was an exciting venture in a rapidly growing sector.
'We see fintech as a growing sector of both the Australian and global economy, so the opportunity to be involved in Stone & Chalk was a logical step for us,' Niranjan said.
'Disruption is the new normal in many sectors and fintech is certainly having an enormous impact on the way financial services are being delivered to the public.
'Our involvement in Stone & Chalk is also a natural continuation of the work we are doing in the startup sector through our Allens Accelerate practice which, in itself, is an attempt to disrupt ourselves and the legal market. Allens Accelerate offers startups a free suite of documents and fixed-price legal fees as a way of making sure they begin their life on the best possible footing.'
Stone & Chalk CEO Alex Scandurra said the aim of the hub was to attract the highest quality fintech startups in Australia, co-locate them under one roof, and help fast-track their growth.
'We have been inspired by the talent and diversity of the startups who have applied, and the potential they have to transform Australia's multi-billion financial services sector,' Alex said.
The initial startups now resident at Stone & Chalk span a wide range of industries and technologies.
For more information on the hub, including the list of corporate partners and startups, go to www.stoneandchalk.com.au.
For more information on Allens Accelerate, go to https://www.allens.com.au/sectors-services/services/allens-accelerate/
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.