Germany-based robo-advisory business Scalable Capital has decided to exit the UK retail market.
It will assist clients to transfer their accounts off of the firm’s platform, it said.
Despite this, Scalable will retain its partnership with Barclays, focusing on digital investing.
It is not clear if the move was prompted by the UK’s official detachment from the EU, but the robo-adviser said it will focus on its pursuit of becoming Europe’s leading online investment provider.
Currently, the firm’s client assets have surpassed €3bn (£2.6bn, $3.6bn).
Central platform
As part of its growth strategy, Scalable will start operating as a single platform after having been selected “for further international expiation of the B2C brokerage and wealth business”.
This will result in a consolidation of the company’s services onto one central platform to “provide a consistent and scalable experience across markets and offerings”.
“New and existing B2B partnerships will continue to be operated with local partners around the world, including the UK,” it added.
