to shut down UK operation after eight months

Rick Steves’s UK withdrawal reflects broader market dynamics, where increased competition among retail investing platforms, including newcomers like Robinhood and Webull, pressures companies to consolidate their efforts in their most profitable or strategic markets. has announced its decision to exit the UK market only eight months following its launch, with the aim of concentrating on its US operations, according to a City A.M. report.

The US-based stock trading platform informed its UK users via email, which City A.M. had access to, that it would cease operations in the UK from May 3rd, but its US business would not be affected by this change. Further details from a spokesperson revealed that all UK accounts are set to be closed after April 2024.

The spokesperson elaborated on the reasons behind this strategic pivot, citing the platform’s rapid growth in the US market, fueled by recent introductions such as a high-yield account offering five percent interest, corporate bonds, and options trading. This success led to the decision to refocus efforts and resources on the US market, the spokesperson claimed. launched in the UK last year after raising $300 million, headquartered in New York, had offered UK users the opportunity to invest in a variety of financial instruments, including US stocks, ETFs, treasuries, alternative investments, and cryptocurrencies.

This move to suspend UK operations comes quite as a shock as the brokerage firm was enthusiastic about entering the FCA-regulated market last year, when CEO Leif Abraham said: “London and the broader UK market has always been the financial epicenter of Europe, so it’s a natural place for Public to start our international expansion.”

The international expansion of Public followed a $300 million funding round with investors including Accel, Greycroft, Lakestar, Maria Sharapova, and JJ Watt, the new owner of Burnley FC.

The move raises questions about the future of’s London office and its employees. The company, which is based in New York, also has operations in Amsterdam and Copenhagen.’s UK withdrawal reflects broader market dynamics, where increased competition among retail investing platforms, including newcomers like Robinhood and Webull, pressures companies to consolidate their efforts in their most profitable or strategic markets.

The UK market’s competitiveness, highlighted by the recent entry of multiple US firms, has led to intense scrutiny of the market’s capacity to support new entrants.

This environment has made the UK a difficult market for US brokers to succeed in, as evidenced by Robinhood’s initial struggles to launch in the UK.’s decision to exit the UK market is a significant development in the ongoing evolution of the global retail investing landscape, marking a retreat in the face of mounting competition and market saturation challenges.

Webull also launched in the UK last year after securing authorization from the FCA in October 2022. FX & CFD industry veteran Nick Saunders is leading the UK operation of Webull. The executive was appointed in September 2021 to get the broker ready for the 2023 launch, including securing an FCA license and the hiring process.

FXCM-sister company Tradu was the latest trading platform to launch in the UK, in December 2023.

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