US-based online brokerage Public.com has announced plans to suspend its operations in the UK, signalling the end of its attempts to expand internationally from its domestic American market. While they haven’t made a big fuss about it, London’s City A.M. news site broke the story after obtaining an email sent to UK users. It seems Public.com is shutting down in the UK on May 3, 2024.
A spokesperson for Public.com told City A.M. that the company is focusing on the US market following a surge in activity with new features like high-interest accounts and expanded trading options.
This is somewhat surprising, given the company’s ambitious plans less than a year ago. In 2023 they were talking expansion, with the UK as their first step outside the US. Back then, Public.com co-CEO Leif Abraham was enthusiastic, touting London as the financial hub of Europe.
The timing is interesting, as Public.com US rival Robinhood recently made a successful UK launch and is expanding its presence in Europe. Looks like Public.com may have felt the competitive pressure and decided a strategic retreat was in order.
