Paris Takes on London as FinTech Capital in Wake of Brexit

January 26, 2017 - 2 minutes read

This time last year, few developers would think of the Parisian tech scene when they thought of FinTech and mobile banking app development.

In the wake of Brexit, the tech community is starting to see that change. Just this week, Paris held it’s first FinTech Forum event, highlighting exciting work going on in the French capital and drawing interest from developers, startups, and investors who otherwise might look to London for FinTech opportunities.

The change, of course, can be blamed on Brexit—England’s controversial vote to separate from the European Union, which has thrown their large and complex banking system into a bit of confusion. For now, London safely remains the financial center of Europe, operating as a major clearing house for the region. Analysts expect the nation’s banks to lose as much as $77 billion once the Brexit movement becomes official. The result: members of the European union are competing to see who will be the next economic center for the continent. Paris, with it’s thriving tech scene, is emerging as a strong contender.

While Paris has long held a dynamic artificial intelligence and backend development economy, “hotter” startup areas like FinTech have traditionally booked it for London or San Francisco upon maturity. That stands to change, and French app developers know it.

With over 1,500 international delegates in attendance, the FinTech Forum shows a bright future for mobile app developers in Europe, or even San Francisco app developers looking to engage with the Euro market.

This time next year, there’ll be more competition and choice in the European tech economy. From a mobile perspective, Brexit could give at least as much energy to emerging startup markets as it takes from the London tech scene—translating to an overall “win” for the global mobile economy.

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