Partner Article

FinTech firm bucks Brexit gloom in record week

London-based FinTech firm FairFX enjoyed a bumper week during the EU Referendum, defying the Brexit gloom that has hit markets and businesses.

In a statement to the stock exchange this morning, the City-based business revealed that its revenues were up 30% on its previous record week achieved last summer, and up over 50% on the same week last year.

The business, who provide a range of currency and exchange services, saw a marked uptick in activity towards the end of last week, likely in response to holidaymakers and consumers exchanging their pounds sterling before Thursday’s vote.

FairFX Chief Executive Officer, Ian Strafford-Taylor, said he was ‘immensely proud’ of his organisation’s achievements last week and added: “Our infrastructure enabled us to carry on providing our services to customers through the whole process, whilst we also had people in place 24/7 to constantly update our rates and ensure minimal FX risk.

“To come through this period with a record week only goes to emphasise how resilient and scalable our business model has become.”

A number of FX providers, including online remittance business Azimo, opted to halt trading during Thursday and Friday out of fears that market volatility would make it impossible to guarantee the safety of their customers’ cash.

Meanwhile, the consequences of Thursday’s out vote on the wider financial services sector are beginning to bite, with rumours swirling that big firms are already set to relocate thousands of staff to other European capitals amidst predictions that 100,000 jobs could go.

In a bid to safeguard London’s foremost position as a financial capital, Sadiq Khan has vowed to fight for the capital’s access to European markets in comments to City AM this morning.

It comes after claims by the Bank of France Governor, Francois Villeroy de Galhau, that UK-regulated banks could only use the EU ‘passporting’ system if the government signed up to all of the rules of the single market, an agreement which the City of London Corporation estimates to be worth £10bn to UK firms.

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