Social trading app Shares set to exit UK market

Key Points:

1. Market Exit:
   • Shares is set to exit the UK market after two years of operations.
   • The decision was made to focus on the French and EU markets.
2. Closure Timeline:
   • UK account holders were informed in June about the closure.
   • Operations in the UK will cease completely by 30 August 2024.
   • Users were given until 19 July to sell their positions.
3. Remaining Positions:
   • From 19 July to 30 August, Shares will sell all remaining positions at market price and return the cash to the linked accounts.
4. Other Operations:
   • The app also operates in Poland, Belgium, and France, where the company is headquartered.
   • Shares will continue to operate in France and other EU countries.
5. Company Statement:
   • Shares reassures users that they will remain available to answer questions and provide help despite exiting the UK market.
6. Founding and Funding:
   • Founded in 2021, the app combines US fractional share trading with social media features.
   • Entered the UK market through a $40 million Series A funding round led by Valar Ventures in February 2022.
   • Secured an additional $40 million in a Series B round in July 2022.
7. Contact:
   • The company was contacted by FinTech Futures for comment.