Brexit was an outcome I think it’s fair to say that the majority of the UK fintech community was neither desiring or expecting, but whenever there is change and uncertainty, there is opportunity.
Now that the dust is settling, it is time to take a dispassionate view and focus on the positives and opportunities that the situation might create, rather than the negatives. This approach is after all one of the key traits of the entrepreneurial mindset. To quote Dale Carnegie, “If you have a lemon, make lemonade.”
Brexit could actually prove to be a boon to fintech innovation in the UK. One possibility is that, freed from the burden of EU over-regulation, the UK could become an even more attractive place for fintech startups. The UK government is already very supportive of entrepreneurs, new businesses and fintech, and I imagine that this support will now intensify.
UK fintechs will also be in a unique position to leverage their size and nimble nature to seize post-Brexit opportunities and deal with post-Brexit challenges far quicker than larger, more risk averse incumbents; incumbents who remain locked into routines and processes that prevent swift and decisive alterations to existing business models, making them ripe for disruption.
Interestingly, during the referendum Revolut was one of the only app based FX platforms who stood by all our British and European customers and continued providing the interbank rate during extreme market volatility. As a result we saw a 50% increase in user acquisition. Whenever there is change and uncertainty, there is opportunity.
With talk of Brexit comes talk of London. Whether in or out of the EU, London remains one of the coolest cities to live on the planet, and when it comes to attracting top fintech talent, this is an ace in the hole.
By Edward Cooper, Head of Mobile, Revolut