Google Ventures just entered the world of fintech with its $25 million investment into Currencycloud, a London based startup. Currencycloud is a five year old startup that “provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast.” The article discusses briefly how this would be a boost to the UK fintech sector after post-Brexit fears have struck much of the British economy. I believe that this will not really help the fintech sector of the British economy because Brexit’s impact is quite large. Due to the trade changes that will occur in the British economy, we will see investors shy away from UK based companies for quite some time. Since the economy relies heavily on trade from the EU, we will see the economy decline overall and see smaller, newer sectors of the economy become quite small and stagnate. It will take some time for the UK to recover from Brexit and see any large growth in its fintech industry because of this, but in time, the UK economy will bounce back and the fintech sector will become quite strong.
Article Link: https://www.cryptocoinsnews.com/google-ventures-conducts-first-fintech-investment/