Start-ups head east from Brexit
UK start-ups are heading to Eastern Europe to beat Brexit. Poland, Estonia, Romania and Lithuania have become popular destinations, with the latter having tweaked regulations to attract British firms.
Leading London-based bank app company Revolut earlier this year applied for a banking licence in Lithuania, and eight Brit fintechs have now set up shop in the market.
“Lately, we have seen a rising interest from UK-based fintechs eager to find a ‘plan B’ solution for the Brexit scenario,” Mantas Katinas, managing director of the Invest Lithuania agency, tells Wired.
Lithuania is also making a play to become a major cryptocuurency hub and has adopted an attractive regulatory regime toward digital currencies and blockchain solutions.
The capital, Vilnius, is soon to be home to a new Blockchain Centre that aims to be a catalyst for the adoption of the technology. Blockchain Centre Vilnius recently announced a partnership with Microsoft to support delivery of the Microsoft for Startups programme.
“We aim to find new unicorns in the Baltics and support their journey into global business,” Microsoft says.