Transferwise sets up in Brussels ahead of Brexit

Transferwise, the London-based online foreign exchange start-up, has chosen Brussels as the place to Brexit-proof its business.

The firm has applied to Belgian regulators for a money transfer licence to ensure it can continue to easily move money around in the event of the UK crashing out of the EU without a deal.

Transferwise chief executive Kristo Kaarmann said: "A Belgian licence ensures we can continue to provide a great service globally to our customers, whatever happens with Brexit."

The tech firm has set up a small office in Brussels, where staff will work mainly on regulatory issues and compliance. None of the 200 staff in its London HQ will be transferred to Belgium, the company said.

Transferwise was founded in Estonia in 2011 and claims to move more than €3 billion of funds around the world every month.

Kaarmann added: "Brussels is at the heart of all EU affairs, so establishing an office in the city makes great sense for us. The National Bank of Belgium impressed us with its understanding of the payments sector and openness to innovation, while at the same time being a strong and trusted regulator."