Snap Inc., a tech firm known for its picture-messaging application boasting 150 million daily users around the world (Snapchat), selected London to be its new international headquarters. This decision will favor Britain’s tech industry as it expects to withdraw from the United Kingdom.
London is still home to a large pool of creative talent especially in tech, making it a favorable location to build a global business according to Snap Inc. Its location provides global financial access and a prime spot for making capital for larger companies.
Snap Group UK general manager Claire Valoti told the Financial Times that it chose because the United Kingdom because it is “where our advertising clients are, where more than 10 million daily Snapchatters are, and where we've already begun to hire talent." The company plans to use the London office to handle all the sales outside of the United States.
Other top tech titans like Google and Facebook have already made moves into London. According to Reuters, Google has invested a billion-pound investment in London, while Facebook is expanding its presence by 50%.