Social trading app Shares set to exit UK market
Social trading and investing app Shares is set to exit the UK market after two years of operations in the country, with the company making the decision to “focus on the French and EU markets”.
Social trading app Shares prepares for UK exit
The company first informed UK account holders in June of its decision to close the Shares app in the UK, and will cease operations in the country completely from 30 August 2024.
Users were told they had until 19 July to sell their positions themselves, with Shares saying on a notice posted to the company’s website that between 19 July and 30 August, the company will “sell all remaining positions at market price and return the cash to the linked payment means, banking account or cash”.
Aside from the UK, the app also operates in Poland, Belgium and France, where the company maintains its headquarters.
“Although Shares is stopping its activities in the UK, the company will keep operating in France and other EU countries, which means we will always be available to answer your questions and help you in any way we can,” the company says in its notice to UK users.
Founded in 2021, Shares operates an app which combines US fractional share trading with social media features, including the ability for users to share their investment strategies and thoughts with other users, an activity feed, group watchlists, member profiles and a chat function.
Its entry into the UK market was first secured through a $40 million Valar Ventures-led Series A funding round completed in February 2022. The company later secured an additional $40 million in a Series B round in July 2022.
The company was contacted by FinTech Futures for comment.
