The UK has been known as the financial centre of the world for a long time. Aside from politics and history, this can be further argued by the UK’s: timezone, languages, legal systems, proximity to expertise, proximity to customers, and being the fastest growing tech centre in the world.
For fintechs, this means that the UK is the ideal growth hub for ‘unicorns’ – ambitious start-ups looking to surpass the £1bn mark. However, many will still wonder, does Brexit affect the ability for fintechs to grow? Will the UK attract less talented entrepreneurs, will start-ups find it more difficult to access capital, and ultimately will fintechs have access to the single market post-Brexit….?
The truth is we still don’t know. Until a deal is struck, opportunities or obstacles can only be speculated on. So far… the affects have been relatively minimal.
Jan-Michael Gorecki CEO of Kyolab believes that “Brexit has been more about speculation than actual impact for us”.
The UK fintech community has still managed to grow despite the results of the referendum. If anything is certain, it’s that the regulators want to continue to support this growing sector, encouraging innovation and drawing talented people from across the world.
If investment and skills from Europe start to move towards other countries, this loss will be compensated from territories such as Asia, and London will remain the global fintech hub.