Guste Sadaunykaite of TransferGo on Brexit’s impact on the future of Fintech

In the wake of the Brexit vote to Leave, we asked London based FemTechLeaders to share their thoughts on the impact the results of the referendum will have on Fintech and Banking. This ongoing series includes extended interviews from those featured in American Banker, amongst others.

Guste Sadaunykaite, Head of Brand and Communications at TransferGo

London, England

@Guste_FlaGeolet | LinkedIn Profile

What do you think the short term and long term consequences for Fintech will be in the UK after the Leave vote?

I personally believe this is the most devastating outcome for the community. Fintech is built on connectivity and international relations. It’s been great to see how diverse and inclusive this industry is. It’s a shame that a vote that had no real reason to happen, now is shaping our lives in the new and unexpected way. Long term, I believe that London might lose its status as the most connecting and buzzing fintech center and Berlin and other European cities will have more opportunities to grow in the space, which won’t be that bad, but at the same time, it’s be better if that happens naturally rather because of the current circumstances.

How will the Leave vote affect the relationship between banks and fintech, and the appetite for collaboration?

In case of TransferGo, the only thing that saved us from crashing during the Brexit was the extensive partnership with banks and unique infrastructure, which enabled company to manage the risk and high volatility. That shows me that probably only in the face of something like that, only connectivity and cooperation can be a key to success. I believe this shows to the entrepreneurs as well as to the customers that the relationship should always be built looking for the positive outcomes rather than the revolt or protest. Because of the later two, the unfortunate ‘leave’ vote won the referendum as well and that’s not the legit reason to make such a crucial decision for the country.

What is the best/worst thing about the result of the referendum?

Worst is that people didn’t know what they are actually voting for or against. It’s just a very unfortunate end, which could have been avoided. It’s hard to find the best thing about Brexit. Maybe just the fact that it’s nice to hear that Fintech is standing strong and united for the times to come and that like Innovate Finance announced, they’ll ensure that there is a continuation of powerful, borderless and global movement of labour and London remains the world’s largest financial services hub.

A lot of FemTechLeaders in the UK are EU immigrants. What does this result mean to you personally if you are an immigrant?

I must say, I was shocked and disappointed. It might take a little bit of time for me to wrap my head around the fact that the UK does not see the value in the inclusivity and exchange of multicultural experiences. I am fortunate enough to have my closest circle of British people around me to have voted remain, as they understood the implications of the vote and as they see UK doing better in the context on the EU rather than outside it. I’m glad that I do not have to feel more foreign after the vote, but I must admit that it made me think more about who I really am and whether the way I see myself living in London differs from the way people see me. It’s an interesting internal debate that I might definitely have for a while.

What do you think will be the effect on London as the leading Fintech hub?

Nothing happens overnight and I believe that community that is based on inclusiveness will continue to be so desperate the exit. Nevertheless, a lot will depend on the new laws on movement of labour and shared economy. It’s unfortunate that we cannot really do much now, but stay united and wait to see how it’ll all unravel.