In the past week, there have been innumerable predictions regarding the vast array of challenges that the UK economy now faces. Given that uncertainty breeds inaction, a number of these views are not without merit, however, within the situation we now finds ourselves lies an opportunity for the agile, technology-driven, hungry start-ups that populate the London FinTech scene. One might argue that the need to shore up SMEs' finances and offer some certainty to such businesses has never been greater; arguably neither has there been such a wide array of non-traditional lenders ready to step up and fill the void left by capital-constrained banks.
Gloomy projections of London’s forthcoming tech decline are now ten-a-penny. And for financial technology, forecasts are particularly bleak, with banks and start-ups alike seen ready to abandon the UK for more welcoming climes in Dublin, Paris, Stockholm or Frankfurt. However, these fears are overblown. Indeed, Brexit could be the making of the UK’s fintech sector – and even the trigger point that transforms some British companies into world leaders.