22 April 2017

London's Brexit Major Effect on FinTech TransferWise



UK-based money exchange company, TransferWise Ltd. Co Founder Taavet Hinrikus recently in his speech which was released by Bloomberg Technology said, I quote “While we’re happily headquartered here in London, if I were setting up TransferWise today I would not choose London.”


TransferWise thought about UK Brexit and its Impact

Brexit’s impact unknown
On the question of what impact Brexit will have on the broader money transfer business, a TransferWise spokesperson says:

“Two of the main benefits of being a part of Europe for a Fintech business are passporting but more importantly the free movement of talent. We have no idea yet what the impact of Brexit will be but losing those two things are critical for a Fintech business.”

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The free movement of talent across borders is indeed an issue that would need sorting out post-Brexit.

The Sunday Telegraph’s figures show that there has been a decline in the number of deals that were signed up by the tech industry post the June 23 referendum, with post-referendum deals coming in at 1,583 and pre-referendum at 2,426.

Despite the clouds of Brexit looming, British tech deals hit a high in 2016 according to GP Bullhound . Whether the growth in the tech sector can be maintained post-Brexit is an interesting question.

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