- The American fintech brand Credit Karma wants to invest more in its UK offices
- The firm said that it has plans to expand its client base in the country
- The company revealed on Monday that it wants to increase the number of employees in its offices in Leeds and London
Credit Karma hrevealed plans of increasing its staff numbers in the UK. The American fintech giant will be hiring more people in its London and Leeds offices to strengthen its UK operations, according to reports, a departure from what other fintechs are doing. The company told reporters on Monday that it will be investing heavily in the country in a bid to “win the market”.
International payments brand TransferWise, on the other hand, applied for a licence in Brussels in January to ensure that its operations won’t be disrupted, regardless of the outcome of Brexit.
"A Belgian licence ensures we can continue to provide a great service globally to our customers, whatever happens with the Brexit deal", Chief Executive Kristo Kaarmann said in a statement in January.
TransferWise specialises in cross border payments while Credit Karma’s focus is providing free credit scores to its customers in the United States. The two companies are very different from each other, experts note, but Credit Karma’s move to bolster its UK operations and TransferWise’s decision to also expand their UK offices is a sign of what the businesses are expecting in the long-term.
It is expected, according to experts, that companies will need additional capital in order to survive a looming crash. Due to this forecast, the country will have a huge need for companies like Credit Karma. Aside from giving free credit scores, Credit Karma also helps clients find loans and credit. Loan applications are expected to go up in the coming months, reports note.
The Telegraph reported back in January that British manufacturers have started building financial buffers in case the United Kingdom does not get a deal.
"It is obvious the bigger the market is, the better it is for fintechs, the faster it is they can start, the more opportunities they have", Wim Mijs, CEO of the European Banking Federation, told CNBC during an interview in early 2019. "If you cut off that market, you're hurting yourself, which is Brexit in one word", Mijs added.
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