A number of London based fintech CEOs received a “Dear CEO” letter this week from the Irish central bank setting out the implications for any firm that continues to operate in the Irish market without local authorisations in the event of a hard Brexit. “It is a criminal offence for an unauthorised firm to continue to provide services in Ireland", the letter informed those CEOs.
“Brexit has put young, mobile tech talent off the UK as a place to build a career. I hear it every day,” Mr Kent said. “Coupled with very high prices for everything in London, now Amsterdam, Paris, Berlin or Lisbon look more attractive. They are the future clusters.” Despite all that, UK fintech investment from the likes of private equity and venture capital jumped 56 per cent to $3.9bn last year, more than half the total invested in the region and four-and-a-half times more than second-placed Germany ($845m), according to data from Accenture and CB Insights.