US growth investor Motive Partners has chosen Canary Wharf as a home for its new European hub.
The firm, which focuses on fintech investments and has already made two deals, said it was “essential” to have a base in London due to its status as a fintech capital.
“You can’t claim to be an important investment management or private equity player in financial technology if you’re not at the epicentre, which is London,” said Motive’s Rob Heyvaert.
Before opening its own office last night, Motive formerly used temporary office space at Level39, the Canary Wharf Group-owned fintech membership club.
The organisation, which consists of around 1,250 people from 48 different countries working for around 280 different companies, allows large and small firms to interact while also offering shared workspaces.
“The world is beating a path to London’s door,” said Ben Brabyn, head of Level39. “It’s really important that we don’t take that for granted, and we must all work hard to develop that position, but Canary Wharf is – according to a Milken Institute report – at the heart of the most productive part of Europe. That’s of value to the whole of Europe.”
While based in the Level39 office, Motive was convinced of London’s status as a fintech centre – and Heyvaert believes the city will “absolutely” hold its own in the face of Brexit.
“The talent is here, the banks are here – it’s a much harder job to shift that from one place to another,” he said.
“We feel that the regulators and the people in government are doing everything they can where fintech might be that exception [to a post-Brexit struggle].”