EU-headquartered robo-adviser Scalable Capital is to close its UK business.

The robo-adviser said it will no longer serve retail customers in the UK and will consolidate its wealth business into one platform in Germany.

Scalable Capital entered the UK robo-advice market in 2017 with a financial advice service with a £200 fixed fee.

Its service had a £10,000 minimum investment, higher than most of its UK robo-advice competitors.

It offered SIPPs, ISAs and general investment accounts.

The firm said it would help clients transfer accounts from the UK platform and would work closely with custody partner Winterflood to ensure a smooth transition.

Scalable Capital will maintain a UK market presence through its partnership with Barclays. It launched a digital advice service, Barclays Plan & Invest, with the banking giant in July last year. The discretionary portfolio management service aims to tackle the UK’s advice gap with methodology similar to that used by most robo-advisers.

The robo-adviser said no redundancies would take place.

The German-based firm is one of the largest digital wealth managers in Europe with over €3bn of assets under management.

Scalable Capital is just the latest robo-adviser to shut its doors to business in the UK.

In February last year Moola, one of the smaller robo-advisers, closed its doors despite the backing of global insurance and employee benefits business Mercer. 

In 2019 Investec closed its Click and Invest robo-advice business following two consecutive years of losses.