Aside from the potential loss of capital, many U.K. fintech industry participants are concerned that the capital will find it harder going forward to entice the best talent due to both tighter immigration policies and concerns that uncertainty and a sense of feeling being unwelcome in a post-Brexit London will persuade promising developers and potential tech stars to look to other cities.
“The most important thing is U.K. remains a magnet for talent…That and attracting capital. Talent and capital are the two most important things in FinTech,” emphasized Wintermeyer.
“30 percent of our own fintech founders or CXOs (corporate officers) are non-British and it’s a really important part of making up the community,” he added.
Beyond hosting a burgeoning fintech community, London is also one of the global epicenters of traditional finance, with many banks and asset managers conducting vast operations from the capital.
The industry’s incumbents and newcomers share space and an overlapping consumer base, yet are enjoying a more constructive phase of cooperation of late according to Wintermeyer.
“Institutions need to innovate – they really need to get down the costs and change the technology in their legacy stacks and get the compliance cost down. Innovators want to innovate and institutions are a good source of capital for them,” he explained.
“So we are in an unprecedented period of collaboration.”