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EU Referendum Brexit Europe

Europe lures UK startups in wake of Brexit vote


By John Glenday, Reporter

July 5, 2016 | 2 min read

European nations including Ireland and Switzerland have begun to actively poach UK startup businesses in the wake of the country’s vote to exit the European Union.

Amid concerns that Brexit may make it harder for British firms to source talent and raise capital some have reported receiving solicitations from officials enquiring as to whether they wish to begin operations across the channel or even migrate business entirely.

Amongst them is TransferWise, a fintech company based in London with a valuation of over $1bn, which has welcomed the clamour of inducements since the vote.

Despite such enquiries Transferwise chief executive Taavet Hinkus vowed to remain in the UK, for now.

He wrote: “Five years ago, we chose to base TransferWise here in the UK — and we’ll continue that plan. I don’t know if it’s going to be possible long term. No one knows what comes next. But if we can, we’ll make it happen. And if we can help to grow the UK economy and help it stay competitive at a time when it needs it most, we will.”

Not everyone is willing to stick it out however with software provider Conversocial weighing up its options on a move to Ireland or Germany and meet up app Sup investigating a switch to the US.

EU Referendum Brexit Europe

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