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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
When the UK fintech company Wise announced last week that it would move its primary listing to New York, it sounded like more bad news for the London Stock Exchange. But the decision by its Estonian founders and board to seek growth and liquidity in the US was worse than that.
Since Wise has picked America for its larger investor pool and potential for a higher valuation, so may Revolut, which started in an incubator in Canary Wharf and was valued at $45bn in its last funding round. The UK’s patient efforts to cultivate a valuable fintech cluster in the City of London will culminate in the cream of the crop taking what the country has to offer and then moving.
That is rather ungrateful, but what can the UK expect? These companies are majority owned and funded by international investors and have little inbuilt…
