So far Brexit uncertainty hasn’t dented investment into London’s thriving fintech market. Consultancy KPMG estimated $16 billion was invested in fintech companies in the U.K. in the first half of 2018, the highest of any region in the world.
That could change if more fintech companies start to move operations out of the city.
“We were surprised at how many fintech companies were interested in coming to set up in Luxembourg, to have a presence in Luxembourg, because they need access to the EU single market,” Luxembourg finance minister Pierre Gramegna told CNBC.
Marc Rennard, CEO of Orange Digital Ventures, said it’s too early to predict a fintech exodus from London. Monzo, a London-based fintech valued at $1.3 billion is a member of the firm’s portfolio.
“We hope, as a French guy, thousands of jobs will be transferred from London to Paris,” Rennard said.