France continues to leash charm offensive on British businesses

Last week, in our article France attempts to lure UK fintech jobs, we reported on a campaign which has been launched by French leaders offering foreign companies “relocation packages” in a bid to lure businesses to Paris.

Now, as further evidence that France’s President Emmanuel Macron plans to use the Brexit vote as a pretext for luring UK businesses, it has emerged that a direct approach has been made to Revolut, a London fintech start-up with 2 million users and valued at more than $1 billion (£760 million).

Despite the approach from France, the Revolut has issued a statement confirming it will remain in London. “London is, and will continue to be, one of the best places in the world to set up and run a fintech company,” says Nikolay Storonsky, who co-founded Revolut three years ago.

In the first half of 2018, the UK’s fintech industry attracted over $16 billion (£12 billion) investment**, as global investors continue to remain bullish, despite concerns about Brexit.

At Beavis Morgan, our dedicated Entrepreneur Support specialists work with entrepreneurial people in the fintech sector in London, assisting at each phase of the development cycle.

We provide startup guidance, advice and assistance in fundraising and investment, support for business growth and development, and the structuring of financially efficient exit strategies.

Our diverse team of tax professionals are also committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.

For more information about how we can assist you and your fintech business, get in touch with Steve Govey or your usual Beavis Morgan Partner.

* France attempts to lure UK fintech jobs, 20 Sep 2018

** Source – UK fintech sector attracts record investment