For New York-based investment platform Public.The UK retail market is too competitive, with the platform suspending local operations just eight months after its launch in the region.。The fact that Robinhood has recently entered the local market with its own brokerage services has further added to the saturation of the market has certainly not improved the situation.。

Public.com closes UK operations to focus on US growth

In an email sent to Public UK users on Monday (yesterday), City AM said it would "suspend its operations in the UK" from 3 May 2024.。The letter clarifies that all UK accounts will be permanently closed after 3 May 2024.。April 30, 2024。

When a reporter contacted Public.A spokesperson for Com confirmed to City AM, "With the accelerating growth of the U.S. economy, especially the recently launched features such as 5% high-yield accounts, corporate bonds and options trading, we have decided that it is best to focus on the U.S. business now.。"

In an email to Public UK users on Monday (yesterday) obtained by City AM, the company announced its decision to "suspend operations in the UK" from 3 May 2024.。All UK accounts will be permanently closed after 30 April 2024.。In response to a question, the public.A spokesperson for Com confirmed to City AM that "in light of accelerated growth in the U.S., particularly with the recent launch of 5% high yield accounts, corporate bonds and options trading, we have chosen to prioritize our U.S. business for the time being."。"

This sudden shift marks a public.The dramatic reversal of the fortunes of com's UK business。In July, the company launched the product with great fanfare, its first expansion outside the U.S. home market.。At the time, Public CEO Leif Abraham hailed London as "Europe's financial centre" and "the natural place for Public to begin its international expansion."。

However, just six months later, those international aspirations were completely abandoned as the public looked to consolidate its resources within the United States.。It is not clear what the decision means for the work of the public London office.。The company also has offices in Amsterdam and Copenhagen, which do not appear to have been affected by the move.。

The UK's retail markets appear to be overcrowded

Industry analysts see Public's exit as a reflection of the competitive and crowded retail investment landscape in the UK。The market shook last November when popular trading app Robinhood announced plans to launch in the region.。With Robinhood battling upstarts like Freetrade and established players like Hargreaves Lansdown and eToro for market share, some experts question whether the UK is big enough to support another new entrant.。

"My question is whether the UK market is big enough for three new players," said Simon Taylor.。Fintech late last year, with a flood of new companies joining the fray, analysts commented on City AM。

The UK is also proving to be a hard-to-crack geographical location for trading apps。Robinhood itself delayed its launch in the UK several times over several years, only finally making its debut last autumn.。The launch was backed by the UK government, which has been working to spur growth in the country's fintech sector.。

Meanwhile, public.com said its US domestic operations would continue and would not be affected by the closure of its UK operations。The company expects to invest in new services to improve its U.S. customer base in the future.。