Flash back to the immediate aftermath of the Brexit vote.
“London has committed suicide as a leading fintech centre,” tweeted Traxpay, a German payments platform.
Catchy advertising urged startups to “keep calm and move to Berlin”.
Over two years later, and it’s French President Emmanuel Macron leading the voices to lure fintechs to Paris at London’s expense. The President promotes France as a new home, with talk of €50bn in state investment, hopeful it will entice firms away from the world’s leading fintech hub.
The UK is rightly proud of its position as a global fintech centre. With London’s cluster spinning off into cities across the UK, there are now more than 60,000 people employed across a sector worth $16bn, accounting for 40 per cent of the value of all fintechs across Europe.