Addleshaw Goddard is launching a new scheme to target financial technology startups with the offer of mentoring and free legal advice.

The AG Elevate scheme, which the firm says is worth up to £500,000, will provide free legal advice and mentoring from the firm's fintech lawyers, for an initial 12-month period.

The programme, which will be launched next week, will be split into two parts – one targeting early-stage startups with no more than £1m of investment, and another for more established businesses with funding of more than £1m.

Businesses selected for the programme will also gain access to the firm's training session and networking events.

Addleshaws fintech head Fiona Ghosh said: "We want to be at the heart of helping firms we work with to be a success. Fintechs often come to market quickly and need nimble advisers that they can work collaboratively with, who are responsive, as well as people they can talk to, who can offer guidance and support, rather than just providers of hard-edged legal advice."

William James, head of the firm's payments team, added: "The companies we support through this programme will have access to some of the very best experience and knowhow from senior lawyers operating in this space, and we are well placed to pass on our expertise through mentoring them."

The news comes after Simmons & Simmons launched a fintech fund earlier this year, which will provide free legal advice valued at £100,000 to four fintech startups. Meanwhile, Slaughter and May also recently announced that it plans to offer free legal advice to up-and-coming tech entrepreneurs selected by a panel of experts including Autonomy co-founder Mike Lynch.