A France-headquartered social investing app which launched in the UK two years ago is shutting down its loss-making business here.

Shares, backed by tennis legend Serena Williams and billionaire tech investor Peter Thiel, revealed a Series A funding round of £30 million when it launched in the UK in 2022.

Headquartered in Paris with offices in London and Krakow, Poland, the app – which allows friends and family to invest together and share trades – is live in Poland, Belgium and France.

Its mission is to break down the barriers for first time investors, democratise and demystify investment and give its users access to the thoughts and ideas of their trusted network.

However users in the UK were informed in June of the decision to close operations here from 30th August 2024.

“After careful consideration, Shares has decided to focus on the French and EU markets and therefore to stop its activity in the UK,” read a statement on the company’s website.

CEO & former Minister leave crisis FinTech Lanistar

Users were told they had until 19th July to sell their positions. All remaining positions were planned to be sold at market price by the company in the subsequent six weeks, with the money then returned to investors.

Tech Nation reveals cohort for Upscale 2024