Fully-automated platform Exo Investing is set to close for business in March.
In a letter to clients, the firm said general investment account and Isa holders have until 3 March to transfer or close their accounts before Exo’s services terminate a day later.
The firm said: “We have had an incredible journey over the past few years, and we are extremely grateful for all of the support and trust that our users have placed in us.”
The closure comes less than a year after Abrdn withdrew from an agreement to acquire the platform, opting instead to enter into a strategic partnership with its parent company Nucoro.
At the time, Nucoro said: “The parties agreed that a strategic partnership and investment into Exo’s parent company was of more strategic value.”
Abrdn had expected to acquire Exo in the fourth quarter of 2021.
The wealthtech platform was launched in 2017 by Lennart Asshoff and Nikolai Hack.
Our sister publication Portfolio Adviser has contacted Exo Investing and Nucoro for comment.
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