A 2016 study by KPMG and H2 Ventures found that London hosts 17 of the top 50 international FinTech companies; however, much of the talent at these companies (42%) comes from outside the United Kingdom (UK). With Brexit looming, the FinTech skills gap in the UK is expected to widen significantly and jeopardize FinTech innovation sustainability in the UK. In fact, many respondents to the survey indicated that concern over Brexit is already limiting their access to talent from outside the UK.
While it is still too early to know the exact impact Brexit will have on FinTech companies in the UK, there is a sense of urgency within the sector to act now in order to ensure the its survival. Specifically, many believe that FinTech companies, teaching establishments and the government need to start working together now to nurture a better understanding of new-breed finance companies and the opportunities associated with working in FinTech. This includes the development of training academies and work-related training programs.