Home / Tech / ‘Even post-Brexit, London would still be top of my list’: Entrepreneurs urge UK fintech after TransferWise CEO’s comments

‘Even post-Brexit, London would still be top of my list’: Entrepreneurs urge UK fintech after TransferWise CEO’s comments


Revolut Nikolay_CEO  Founder v2
Revolut cofounder and CEO
Nikolay Storonsky.

Revolut

LONDON — Two expat fintech entrepreneurs have played down the
intensity impact of Brexit on UK fintech, after the CEO of
TransferWise last week warned he would not select Britain to set
up his business today.

TransferWise CEO Taavet Hinrikus
pronounced at a discussion last week:
“If we was sourroundings up
TransferWise today, we substantially would not select London.”

He cited worries around entrance to talent and the ability to trade
with the EU and told the audience, which enclosed the Chancellor
and the Governor of the Bank of England: “If London wants to
concrete its position as the fintech collateral of the world, it needs
to take some movement — movement in particular.”

The Russian founder of fintech startup Revolut and the Australian
founder of CurrencyFair have come out in counterclaim of the UK’s
fintech certification post-Brexit, contacting Business Insider to
respond to Hinrikus’ comments.

Nikolay Storonsky, the CEO of banking sell business Revolut,
pronounced in an emailed statement: “As a Russian immigrant to the UK,
we have built a home and a business here and if we was starting
over we would make accurately the same decisions and even post-Brexit
London would still be top of my list.

“Challenges may be confronting the country in the arise of the Brexit
opinion and once it leaves the EU, but that doesn’t meant London is
giving up its climax as the global FinTech collateral anytime soon
and nor is Revolut as an desirous UK business with global
ambitions.”

Brett Meyers, the founder of banking marketplace CurrencyFair,
told Business Insider he feel Hinrikus had overestimated the
intensity impact of Brexit on fintech. In fact, he says,
businesses like his are looking to enhance to the UK as a result
of Brexit.

CurrencyFair is formed in Dublin but Meyers said: “Our biggest
patron bottom is in the UK and it’s one of the categorical aim areas,
it continues to be so quite on the SME side as we move
forward.”

Finance businesses are worried that Britain will remove passporting
rights in Brexit negotiations, definition they will not be means to
sell products and services to the EU using a internal licence. This
has led companies like
TransferWise and rival income send service Azimo to set up new
subsidiaries in EU countries.

But this cuts both ways — EU formed businesses like CurrencyFair
won’t be means to sell into the UK unless they have a licensed
auxiliary there.


CurrencyFair Brett Meyers
CurrencyFair founder Brett
Meyers.

CurrencyFair

“Basically any organisation that does business opposite the EU and the UK
kind of needs a participation in both and a law in both,”
Meyers says. “It no-brainer really to get set up there now.”

CurrencyFair will likely open a UK bureau after this year, he
says, which could residence as many as 10 staff. CurrencyFair employs
around 95 people in total.

Storonsky pronounced in his emailed statement: “Fintech companies chose
to set anchor in the collateral city, with extraordinary entrance to top of
tech talent, an adaptive regulatory environment, and the strength
of its normal financial services zone and there is no
doubt in the minds that London will sojourn a heart for Fintech
irrespective of what a few fear mongering people competence say.”

While Meyers thinks the impact of Brexit on firms doing business
with or formed in the UK will be mostly neutral, he does think
that abroad businesses looking to enhance may equivocate Britain.

He said: “I was at a breakfast recently with the Irish-Australia
Chamber of Commerce. If you demeanour at firms in, say, Australia they
kind of have two choices for a identical culture, same denunciation as
a beachhead in Europe: the UK or Ireland. Now they’ll be looking
very much at Ireland.”

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