To escape Brexit, UK startups are flocking to Eastern Europe

Amidst the uncertainty of Brexit, more and more UK companies are rushing to open offices on the continent. While cities like Frankfurt, Paris and Amsterdam are appealing second homes for big companies, some up-and-coming fintech startups are instead looking further east. While before early-stage startups would fight to be part of London’s buzz, they are now turning to Estonia, Lithuania, Poland and Romania as cheaper, less risky locations to make their mark.

Take Lithuania, which even changed onerous regulations to draw UK talent, with the Bank of Lithuania creating a special e-licensing tool last year to make the submission of information for an operating banking license easier and more efficient. Eight UK fintechs now have hubs in Lithuania. “Lately, we have seen a rising interest from UK-based fintechs eager to find a ‘plan B’ solution for the Brexit scenario,” says Mantas Katinas, managing director of Invest Lithuania, a government agency set up to attract foreign investment to the country.

Read more on Wired UK

 

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