Does this action give confidence in financial growth after Brexit?
Alfa Financial is manoeuvring to secure a bigger segment of the finance asset market by listing on the London Stock Exchange.
The plan is to sell close to a quarter of Alfa Financial shares so as to gain traction in the market and grow. This move is set rank Alfa as the biggest tech group to enter the market since 2015.
The company is aiming for a £800 million initial public offering (IPO), according to Reuters, and it is planning to gain ground on in-house, legacy systems that are now struggling to suit regulations. According to PwC, the asset finance market was valued at $5.4 trillion by 2015.
Alfa Financial is already an extremely high profile player in the space, boasting customers that include Barclays, Mercedes-Benz and Bank of America.
This move shows confidence in business success despite the concern that has been expressed surrounding the effects that leaving the EU could have on financial services in the UK. The bold plan adds to a growing tone of unbending confidence in financial success and growth in light of and after Brexit.
A show of confidence can be seen in the statistic that emerging technologies have contributed to London tech firms pulling in a massive £1 billion since the Brexit vote was cast. Many of these new technologies are geared towards enhancing financial services processes.
Another aspect of the post-Brexit vote confidence from the tech industry is evident in the 12 per cent growth of IT jobs in the UK, a crucial focus area in regard to Brexit, as a widening skills gap has also been a cause for concern.