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Several weeks ago, we covered the debate around Brexit. In the run-up to the pivotal referendum, a large number of startup founders have thrown their lot in with the 'Stay' campaign, citing talent and market access as key reasons for remaining in the EU.
Azimo founder Michael Kent has gone one further, stating that leaving the EU would 'kill' fintech in London.
It’s no secret that hundreds of UK FinTech businesses, from payments and lending to insurance and asset management, enjoy the UK’s clear, forward-thinking regulatory regime. But what people might not know is that nearly all of those companies also depend on the ability and legal right to passport those services to the rest of Europe. If we leave the EU, those rights will very likely end and that will mean moving some, and in some cases all, operations to elsewhere in Europe: Frankfurt, Amsterdam and Dublin are among the most obvious choices.
