London to remain fintech hub of Europe despite Brexit, study says

The financial technology sector will continue to thrive in London, even as uncertainty coupled with Brexit continues to weigh on the economy, according to a study.

Early Metrics, a global rating agency for start-ups in addition to tiny to medium-sized enterprises (SMEs), found which the British capital still outranked which of its European peers.

Based on analysis of 1,500 fintech firms across the continent, the study found which London’s leadership inside fintech arena had felt a clear challenge via the U.K.’s vote to leave the European Union. however Early Metrics said which, despite This particular, London was “likely to remain Europe’s fintech hub inside medium term.”

“The U.K. can be currently facing its most serious challenge so far as the fintech hub of Europe,” Antoine Baschiera, CEO of Early Metrics, said in a statement Monday.

“Although the item’s too early to draw any definitive conclusions on what impact Brexit will have, companies are already assessing the implications of fundraising, talent acquisition in addition to talent retention. Many fintech businesses rely on fast developing technologies in order to maintain a competitor advantage. This particular requires a company to be able to move quickly in addition to have access to the right talent across borders.”

London was host to 17 of the top 50 international fintech firms, according to a study by KPMG in addition to H2 Ventures last year. The first half of 2017 saw $564 million of funding invested in British fintech start-ups, according to industry body Innovate Finance.

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