Brexit is proving bad for just about everyone in UK business and London’s Fintech sector is not immune. The biggest problem is uncertainty. In many ways, the effects of even an eventual No-Deal Brexit are already priced in by businesses and their workers. Remittance company TransferWise has sought a license in Belgium as a result of the drama in Parliament and other businesses (and the talent they depend upon) are doing likewise.
Even two years into Brexit negotiations, no one knows the answers to simple questions like “When will Brexit occur, if it happens at all?”, “With whom will our business be able to trade, and at what cost?”, and “Will a No-Deal Brexit result in talent fleeing London?”. As a result, it’s impossible to say which would be worse for British fintech companies – a swift N0-Deal or the protracted divorce negotiations we’ve been suffering through these many months.
The biggest question is trade. London fintech exists because of the liberal world order and the ease of commerce, travel, and…