PYMNTS Daily Data Dive: Post-Brexit Exit

The Brexit vote is reverberating among FinTechs based in London that are uncertain of their legal standing in the U.K. post-Brexit. Many are taking advantage of a ruling that allows them to relocate to Europe to retain access to the EU single market. Cities such as Dublin, Frankfurt and Paris are actively wooing firms.

WB21 Pte, a Singapore payments solutions provider based in London, is moving its operations to Berlin and is citing Britain’s Brexit vote as the clincher in its decision to relocate, according to The Wall Street Journal. Many other firms will follow suit; KPMG estimates that three-quarters of U.K.-based firms will relocate to Europe, taking much needed commerce and jobs with them. Some firms are awaiting the outcome of negotiations between the U.K. and the EU, which will address trade, taxation, labor laws and infrastructure.

Here is the data:

$5.2 billion | The transaction volume of WB21 Pte, including cross-border payments, account services and money transfers

1 million | The number of customers served by WB21 Pte

200 | The number of new jobs that would have been available in London but that will now be offered in Berlin

75% | The percentage of FinTech firms expected to relocate to Europe from the U.K. post-Brexit, according to KPMG

20 | The number of existing London-based positions that will be moved to Berlin out of a total of 25