Fintech giant Transferwise to create EU headquarters before Brexit

Transferwise, one of the largest fintech firms in Europe, will move its European headquarters from London before the UK completes its exit from the EU, its chief executive has confirmed.

The fintech company will keep its global headquarters in London, where it employs 120 people, because most of its business is done in the UK, Reuters reports.

The location for the European headquarters has not been decided.

Chief executive Taavet Hinrikus, who co-founded the $1bn firm with Kristo Kaarmann, says they would not establish the company in Britain if they were setting it up now as he argues Brexit creates too much uncertainty.

Hinrikus, who along with his co-founder is Estonian, says they will establish a European headquarters to take advantage of passporting and that it will be up and running by March 2019.