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With Britain's exit from the EU last week, some high-profile tech companies are now threatening to pull out of the UK, international employees are questioning their immigration status, and new VC funding appears to be uncertain. More than one-third of Q1 venture capital investment in Europe was made in London, where startups have benefitted from the free flow of European labor and an unobstructed path to EU-wide regulatory approvals. Some startups such as Berlin-based Number26 are reconsidering entry into the UK market.
Berlin, London's biggest rival for new tech firms, is likely to become more attractive as a European base, nearly a dozen entrepreneurs told Reuters. Aspiring fintech hubs including Frankfurt, Amsterdam, Dublin and Switzerland also could see more investment shift in their direction, financial services players said. (reut.rs/28UIkE7) Matthias Kroener, head of Munich-based Internet bank Fidor, which entered Britain only last year, said: "Fintechs with the European market in their sights, may pull the plug on London because as young companies with the smallest roots they can react fastest and move first."
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