London has historically been considered the centre of European financial services. Now it is also viewed as the capital of financial technology (FinTech). However, with the likelihood of a no-deal Brexit becoming ever more real, and increasing attempts to lure FinTech firms to the continent, London’s title is under threat.
London provides a haven where FinTechs have been able to grow operational expertise, supported by the combination of significant and sophisticated investment, tech–skilled talent, tech-minded people, a pragmatic and forward-thinking regulator, and a supportive government with its own strategy on FinTech. These have been the key ingredients for a rich stew that has allowed operational expertise to grow in this new sub-sector. This recipe has resulted in London enjoying so much FinTech success that it now has the highest number of unicorn FinTech companies in Europe. With less than 100 days until the United Kingdom’s departure from the European Union, it is more important than ever for Britain to consider how to best retain its FinTechs. Read more about London’s FinTech dominance on our FinTech Update blog.