R3 commits to London despite Brexit uncertainty

R3 commits to London despite Brexit uncertainty

R3, the enterprise blockchain software company, has doubled the size of its London hub amidst Brexit precariousness.

The extra space will cater for a rapidly growing engineering team, supporting the companies vigorous plan to hire 40 new members in the capital and to increase its global headcount from 215 to 300 by the close of 2019.

David E. Rutter, CEO of R3, said: “There is enormous opportunity for London post-Brexit. While there clearly remain some uncertainties, we believe the city is well placed and established to thrive in the coming years. That’s why we are confident in making this substantial long-term commitment now.”

The firm’s London expansion forms just part of its rapid growth plans, with evaluation already underway to decide the ideal location for an additional engineering center set to open in 2020. According to the company, the enlargement of their engineering team will ensure that the businesses who build their applications on R3’s Corda blockchain can continue to deploy solutions “simply and successfully”.

Rutter states that “as our software gains more use cases and across more sectors, we will be looking to invest further in top talent - London and elsewhere.”

The development exemplifies how London has gained a reputation as a global technology stronghold. In 2018, despite ongoing Brexit negotiations, the capital received more Foreign Direct Investment than any other city. Boasting over half of FinTech50’s leading fintech firms, it seems unsurprising that both EY and Deloitte ranked it as the top global fintech hub.

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