UK’s Fintech would get short-term boost from Brexit
 

Britain leaving the European Union could give fledgling financial technology companies an immediate boost but deprive them of expansion later on, experts have warned.

Once the Brexit vote to leave is known, traditional banking will flounder and provide some opportunity for new firms.

Britain has sought to lead the way in fostering financial technology – such as platforms that allow individuals to lend small sums to businesses or smartphone apps for payments – to “disrupt” the dominant, big banks on the high street.

Dubbed fintech, the area employs more than 60,000 people with revenues of $9.40 billion in 2015. However this is tiny compared with the overall financial services sector. At the moment none of them is big enough to need a European market.

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