Elizabeth Lumley of StartUpBootCamp 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.

Elizabeth Lumley, London Managing Director at Startupbootcamp FinTech, co-Managing Director and co-founder Startupbootcamp Insurance at Startupbootcamp

London, England

@LizLum | LinkedIn Profile

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

Right now it is a pain in the ass. Everyone – on both sides – is acting in a very emotional way. Very simply – look at it this way. London (and I am focusing on London because that is where the majority of FinTech is based) has been a global trading hub for 500 years. The EU has been an entity for 26 years. Do not confuse Europe with the EU. Will Europe survive – yes. Will the UK survive - Yes, it will. Will it is a pain the ass? Yes, it will. The UK still a member of the European Union for two more years – that is a fact, not a political view point. Will *something* better come out of this *protest* vote – a better free movement and trade deal with the EU – or the UK not even leaving the EU at all in the long run? My educated guess is yes.

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

I don’t see how it would make any difference.

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

The worse is the emotion and the hurt feelings. Many people I know who live in the UK, and were not born in the UK, have taken this vote very personally. I don’t blame them. It will be hard to win over people who think 52% of the country just slammed a door in their face. The best thing? Knowledge. Now we have a clear idea of cultural and socio-economic divides in the UK – that many people were ignoring. In a way – FinTech is best positioned to bridge some of those gaps. We should use that knowledge to our advantage and as a way to heal the UK. Don’t go down the route the USA has gone down – a nation of US and Them of so-called East Coast elites and Real Americans – that road led to Donald Trump – no one in their right mind would want to choose that route.

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

I am an immigrant (although, not from the EU). The UK is a great country – it is more culturally diverse and welcoming that many countries in Europe. Yes there are racists assholes – but a leave vote didn’t create those groups and a remain vote wouldn’t have suppressed them. Only by remaining a rich and culturally diverse country can we create the type of nation we all want to live in.

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

There have been some rumours of investors getting nervous – but all in all – again as I said in the beginning. London has been an international trading hub for 500 years. We did not leave the EU on June 23^rd, 2016. Sadiq Khan made a true and correct statement after the Brexit vote – London is open for business. And will be for some time to come.