Opinion⎥Fintech: making France “the place to be”

Discover the article Opinion⎥Fintech: making France "the place to be", by Alexandra Kritchmar in Les Echos.

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Since 2016, the Brexit saga has continued to fuel the fears of The City. These uncertainties are all the more legitimate in view of the prospect of a "hard Brexit", a dreaded scenario that would hit British fintechs hard by depriving them of their "financial passport". While the European chessboard is in the process of being redefined, France must do well.

The banking license at the heart of concerns

Revolut, TransferWise, Funding Circle… These British unicorns have enabled London to consolidate its position as the European capital of fintech. A strategic and coveted place that a "hard Brexit" could well undermine given the size of this new financial industry which, in the United Kingdom, has no less than 60 talents from all over the world. In addition, with an increase of 000% compared to 18, the 2017 billion euros raised in 3,3 by the British fintech attest to the confidence of investors ... and reassure.

However, this stability could only be short-lived if Brexit were to deprive these fintechs of their "financial passport" since in the event of an exit without an agreement from the Union, they would no longer be authorized to send their products and services. to the 500 million consumers of the single market, for lack of European banking authorization.

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