London risks losing its crown as the world’s top “fintech” city as new numbers show funding to the sector dropping sharply post Brexit.
“I would say there’s no need to panic right now,” said Mr Mead. “I’ve not heard any fintechs saying they don’t like London any more. “You’ve still got access to European banks — either as customers or as distribution channels — and if they move [because of Brexit] it’s going to be years before they do that. You can worry about that later.” Innovate Finance is urging the government make a series of changes to protect the sector, including granting investors tax breaks and making it easier for potential employees to get a “tech nation visa”.