Snap goes to Britain

The company behind messaging app Snapchat will place its European base in Britain in a vote of confidence in the economy after the vote to leave the European Union.

Snap’s decision runs counter to that of tech giants like Apple and Google, who have chosen lower tax bases like Ireland. It also comes amid public frustration over alleged tax avoidance schemes of multinational corporations.

Snap, which has 75 staff members in Britain, will pay that nation’s corporation tax on its international profits.

The Los Angeles company has 150 million users a day worldwide and is planning an initial public offering with a reported valuation nearing $25 billion.