Brexit: London’s Fintech Sector is Falling Down
Following the Brexit vote, many fintech employees are now marching towards Berlin. The recent Brexit vote in favor of Britain leaving the European Union has so far had mixed consequences. While there are few sectors that tend to benefit from it, London’s financial sector is not one among them. London has been trying hard over the past few years to gain the distinction of being the fintech capital of Europe. This ambition has led to the creation of a favorable atmosphere for many fintech startups, including those dealing with cryptocurrency and blockchain technology. With the country is now....
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Following the Brexit vote in June, there has been a significant drop in venture capital funding in London, prompting some to think that the city could lose its position as the FinTech capital. According to a report from the Financial Times, new figures released show that funding in the FinTech sector dropped in 2016. Innovate Finance, the U.K.’s financial technology trade body, found that since Brexit venture capital funding dropped as FinTech companies in the U.K. deal with the Brexit effects. Innovate Finance reported that, globally, venture capital funding for FinTech companies grew....
Sweden has emerged as a favorable alternative to fintech companies planning to set up base in EU following Brexit. With Brexit around the corner, Sweden could present itself as one of the alternative destinations for the European financial industry. The upcoming Brexit has turned into a speculator’s game. Britain’s exit from the European Union is expected to have a divisive effect on the country’s thriving finance and financial technology sector. All the efforts put in by the City of London to foster a healthy fintech ecosystem may go to waste as companies risk losing free access to the EU....
The recent Supreme Court ruling requires the British government to get parliamentary approval before initiating the Brexit process, fintech industry faces uncertainty. Brexit is a crucial event for the fintech and blockchain sector. The post-Brexit world will decide the fate of the European Fintech ecosystem. But the separation of England from the European Union may not be happening anytime soon. According to reports, the English Supreme Court has ruled that the Prime Minister of Great Britain, Theresa May has to seek the approval of the parliament before setting the wheels of Brexit in....
The founder and CEO of Starling, a digital bank, has expressed her views stating that EU laws have helped to shape the U.K.’s FinTech sector, but she fears that the result of Brexit could see the sector stalling. Anne Boden, who set up Starling in 2014, praised the EU by saying that it had come up with ‘very good payment and banking legislation,’ according to a report to the Financial Times. She said: I know the traditional banks don’t always like it, but if you look at it from a competition and innovation point of view, and especially for the development of fintech, then European....