By Charlie Conchie
Robinhood rival Public.com is planning to shutter its UK business just eight months after launch, the firm has told its customers today.
In an email to customers, seen by City A.M., the US-based share trading app said it would be “suspending operations in the UK” as of 3rd May but its US business would continue unaffected.
Based in New York, Public.com allowed UK users to invest in US stocks, ETFs, treasuries, alternatives, and crypto.
The move to suspend its UK operations marks a sharp turnaround for the firm which launched to much fanfare in July in its first foray outside the US.
At the time of the launch, the firm’s chief Leif Abraham described London as “the financial epicenter of Europe” and a “natural place for Public to start our international expansion”.
The firm did not tell customers why it was suspending its UK operations and did not immediately respond to a request for comment.
The decision to pull out comes amid growing competition in the retail investing market in the UK following the launch of US firm Robinhood last year.
The UK has proved a tricky market to break into for US based trading platforms. Robinhood was forced to twice shelve its UK expansion plans before its successful launch last year, in a move that won the backing of the government.
