Marit Rodevand chose to build her financial crime prevention startup in London rather than San Francisco because, despite its challenges, the UK capital offers a genuine commitment to tackling money laundering
In my first few days after moving to my Islington flatshare, as I watched my new rat neighbour scurry into a drainpipe, I could have wondered: “Did I really choose this over Silicon Valley?”
As a tech founder looking to make the next step out of my native Oslo, I knew that being on the ground was crucial. Yes, emails and Slack messages are efficient (less so video calls when you’re accidentally on mute) – but actually being around in person to make connections is how the world of business works.
In September, I found myself in the fortunate position that I held a six-month visa option for both the UK and the US. We’ve been steadily building momentum in the UK over the last few years (via regular flights on Norwegian Air) but now I had San Francisco as a potential option. A place where Scandi founders disappear and reinvent themselves with new accents, where cafes are running more Claude prompts than most banks, and words like “moat” and “tech stack” are proudly displayed on ad billboards.
A meal-replacement drink or a can of Carling?
It felt like the scene in The Matrix where Morpheus presents the red and blue pill to Neo. Except in one hand was a meal-replacement drink and the other a can of Carling.
But I chose London. Why?
As a founder, you’re searching for the sweet spot where the problem you’re looking to solve exists and so does the desire to fix it. For me, that problem is money laundering and financial crime.
Journalist Oliver Bullough boldly declared London as ‘butler to the world’ in his seminal book on the topic – with the City of London at the very heart. Recent stats back that up. According to figures from the Finance Innovation Lab, £325bn of dirty money from financial crime, money laundering, corruption, illegal trade and tax dodging flows through the UK every year. Now, I’m just a 23-minute tube journey from the heart of it (possibly commuting with Mr Rat next door).
There’s a real problem, but also a genuine desire to fix it. I regularly speak with Chief Compliance Officers, MLROs, regulators, and law enforcement on The Laundry podcast and I’ve yet to find one who doesn’t think this is a fight worth having. That the high street front businesses, the trafficking, and the sanctions evasions are not a thorn in their side. My hope is that what we offer can turn that desire for change into concrete action.
So when I compare that with how things look across the water. A regime that recently declared its beneficial ownership records would be destroyed, where a politically exposed person by any standards can have his wedding paid for by a benevolent oligarch, or where one of Silicon Valley’s biggest figures declares government-funded NGOs “a giant money laundering scheme” without any evidence. I see a nation with similar problems, but not a serious desire to make a difference.
The story I’ve read is supposed to run the other way. Founders fleeing Britain for lower taxes and deeper VC pockets. I had the ticket and didn’t use it.
I’m still wrestling with my Norwegian-ness on the ground here, whether that’s ranting about badly designed door handles (Andy Burnham, fix this), or looking the wrong way when I cross the road. But what I find in the historic pubs on Thursday drinks, in reverence for the meal deal, and the real-life conversation that punctuates an efficient business chat, is that this is a city that welcomes founders with ideas while also putting them to the test with typical sardonic wit.
Keep your robo-taxis for now. Mr Rat and I have work to do.
Marit Rodevand is founder and CEO of Strise