John Detrixhe: Brexit cynics were wrong about London’s fintech companies

John Detrixhe has argued that the sun is still shining for start-ups in London. Here is sample from his piece from Quartz Magazine:

A year-and-a-half since Britain voted to leave the European Union and Jeremy Sosabowski, co-founder of AlgoDynamix, says the technology scene remains solid: There’s plenty of money out there for entrepreneurs and little sign that it will dry up anytime soon.

“It looks very robust,” said Sosabowski, whose company provides risk forecasting for financial markets and has raised money from Amadeus Capital Partners. The firm has offices in London and Cambridge. “It’s almost worryingly robust.”

Below the surface there are reasons to be concerned, but the data so far looks positive. UK companies raised $7.7 billion last year, more than double that of 2016, according to Dealroom. Fintech companies raked in $2.9 billion, the biggest share. TransferWise raised £211 million ($286 million) while Funding Circle took in £81.9 million, according to lobby group London & Partners.

Read more here.