With the UK’s unexpected decision to leave the European Union (EU), co-founder of Crowdcube, Luke Lang, shared the equity crowdfunding portal’s reaction to the decision.
As previously reported, the UK continues to remain in collective shock as the largely unexpected result of the EU referendum will see the country depart the European Union. As markets react to the many questions being asked by policy makers and financial firms, participants in the alternative finance sector are reassuring their clients and investors they can weather the storm. Crowdcube was no exception.
Lang penned in a blog post on Friday:
“As I’m sure you’ll know, today we woke up to the news that the UK has voted to leave the European Union. Crowdcube has been at the vanguard of alternative finance since our launch in 2011 and is proud to have played a role in cementing Britain’s position as a global fintech leader. The UK government has made it a priority to support the emergence of alternative finance markets and companies like Crowdcube, and we remain committed to working with key stakeholders to preserve the UK’s position as a global fintech hub.
“We have the largest community of investors of any equity crowdfunding platform in the world and are privileged to have helped hundreds of exceptional entrepreneurs and amazing businesses raise investment. Our investor community is extremely diverse, which is a strength in times of uncertainty, and they are as passionate as we are about backing ambitious British businesses seeking growth capital. To date, they have invested more than £170 million into over 350 businesses since we launched in 2011, with £110 million raised since the beginning of 2015.”
Lang went on to explain that British fintech is currently thriving and while the vote was surprising, the folks at Crowdcube remain confident that “the economy is fundamentally strong”:
“The UK’s equity investment market, which is estimated to be worth £5 billion, will remain vibrant and Crowdcube’s market share will continue to grow as more UK investors want to diversify their investment portfolio and gain access to this long term but potentially highly lucrative asset class. As a business that pioneered the democratisation of investment into private companies we respect the democratic decision of the UK public and look forward with optimism for the future as we stand alongside the rest of the british entrepreneurial community and plot a path through any uncertainty and taking advantages of any new opportunities.”
In regards to the future, Luke added:
“And of course, everyone at Crowdcube remains devoted to providing our investors with great investment opportunities and funding great British businesses.”