Britain's booming financial technology industry – known as fintech – faces an exodus of as many as 250 out of 300 firms, which are being lured to other European financial hubs because of Brexit, says an industry insider.
Tobias Schreyer, co-founder of cross-border payments firm PPRO Group, which was formed 11 years ago in Germany but moved its headquarters to London in 2012, has already opened an office in Luxembourg and has four staff there. It has been warned that large banks will relocate out of Britain in early 2017 due to repercussions of Brexit on the industry.
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