The $1 billion unicorn is the crown jewel in London’s fintech scene, but speaking at the International Fintech Conference in London yesterday cofounder Taavet Hinrikus said that if he were starting the company today (as opposed to when he did back in 2011) he wouldn’t choose London to do it in anymore, reports Bloomberg. Yep, blame Brexit:
“While we’re happily headquartered here in London, if I were setting up TransferWise today I would not choose London. We have no idea what Brexit will mean for the city or for the country and that uncertainty is damaging.”
Hinrikus cited loss of access to the EU’s single market and the loss of access to skilled migrants from Europe after Brexit completes as the main reasons he would choose a different European city to found TransferWise in if he were doing it today.