This is one of a series of Brexit stories from Lambeth businesses. Lambeth For Europe have been collecting stories from local small and medium sized business owners on the impacts of Brexit on them: now and in the future.
We're a financial technology - fintech - startup based in Vauxhall. marble helps people make a plan for their money, and make good financial decisions. I'm Fiona Mackenzie, and I founded marble. I'm also a Lambeth for Europe member.
"We've also seen great people from the EU who've worked with us and who've now left London- left the UK"
Our Brexit story
London is - rightly - the global hub for fintech. We've got a big financial services industry here, and companies based here can operate across the EU thanks to common regulations (including "passporting"). Plus it's a thrilling place to live and work, so people come from all over to work in fintech in London, and in other cities like Bristol and Edinburgh.
Many of our coders are based in the EU and so we saw an immediate 25% increase in costs due to the post-referendum fall in the pound. Thats's a lot when you're just starting out.
We've also seen great people from the EU who've worked with us and who've now left London- left the UK. That's a real loss to London. You often hear that Berlin's where it's at now.
How Brexit might affect us
There are so many common regulations - on banking, solvency, data, consumer protection - that we are in a great place to be based in London and be able to offer our services across the EU. If the UK leave the EU and the UK keeps the same regulations, we might be able to trade with EU customers from here. But if the UK changes its regulations, firms like ours will have to set up presences in the EU and move business there. That's a real loss to the UK. And it's already happened - with bigger companies setting up in Brussels, Luxembourg or Paris and serving their customers from their. Where the big companies go, others will follow.
See more Brexit Business Stories from Lambeth.