Impact of Brexit, US politics being felt by fintech firms, says Western Union’s head of partnerships – CNBC
Hamilton said that Brexit, too, worried her in regard to investment in fintech and the kind of “cross-border” approach to finance that companies such as hers rely on.
She said that, although negotiations surrounding the U.K.’s exit from the EU are “still fairly early,” “this particular question around the movement of people as well as the ability for the U.K. to do business with the EU in an easy way as it is today is going to drive how the market responds to it more broadly.”
Hamilton added: “I do have some concern for the fintech industry.” She referred to a report by the independent fintech industry body Innovate Finance, which saw venture capital investment in U.K. fintech startups fall by 33.7 percent last year. On the other hand, venture capital investment in fintech globally rose by 10.9 percent.
“Clearly there’s been an impact in the U.K. already, and that’s something that we just have to watch very carefully,” Hamilton said. “As far as the overall rise of protectionism (is concerned), I think there was quite a lot of concern after Brexit and the U.S. election.”