Key Points:
- 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.
- 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.
- 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.
- 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.
- Company Statement:
- Shares reassures users that they will remain available to answer questions and provide help despite exiting the UK market.
- 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.
- Contact:
- The company was contacted by FinTech Futures for comment.
