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  • 07.14.16

British fintech firm Azimo is looking to leave London because of Brexit

The online money transfer company’s CEO told Reuters that Brexit has caused too much uncertainty for fintech so the company is seriously courting suitors from other EU countries now, looking for a new place to call home. The country’s British cofounder and CEO Michael Kent noted the following in his interview:

• “Whilst we are regulated out of the U.K. at the moment, we’re talking to regulators in other jurisdictions about changing that, because we have hundreds of thousands of customers in continental Europe and we’re not about to give up on them. To become a fintech hub, you need people, capital, and the regulatory environment. Unfortunately, Brexit puts a question mark next to all of those.

• “The French have said, ‘We’ll roll out the red carpet.’ We got a thing from [another] one of the regulators recently saying, ‘Have you considered this jurisdiction?’ We will never leave the U.K. completely; we will always have a presence in London because a lot of our customers are British and we don’t think they’re going anywhere. But we will think about the deployment of our financial and our staff resources. And we’re thinking about it now, because I can’t wait two years to find out what happens.

MG