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This week, a van sporting a billboard reading, "Dear start-ups, keep calm and move to Berlin," was spotted in the city! As London fintech firms worry that investment will dry up amid uncertainty, the Industry is organizing to lobby for single market access and free movement of labour.
Fintech leaders have been scrambling to understand what losing their connection to the EU will mean for their growth plans, and what they should be doing about it. Lawrence Wintermeyer, the CEO of Innovate Finance, a trade group that sponsored the gathering, said the industry’s top priority was lobbying the government to preserve two crucial measures: unfettered access to Europe’s single market through a process called "passporting," and the ability of EU citizens to easily come to work in the U.K. With a new prime minister not expected to take control until September, and months of negotiations with Brussels to follow after that, Wintermeyer is concerned that a long period of limbo will prompt angel investors and VCs to look elsewhere for opportunities.
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