Moneyfarm said Monday that it would receive 16,000 customers and roughly $460 million in assets under management from Wealthsimple’s U.K. business. The Toronto-based fintech declined to disclose the terms of the deal to The Logic. (The Logic)

Talking point: Wealthsimple said in a statement that the sale was meant to help it focus its efforts on the Canadian market, adding that the deal does not include any of Wealthsimple’s technology, operations or employees. The deal comes after Wealthsimple cited a similar desire to focus on its home market when it sold its U.S. business to Betterment in March. The U.S. and U.K. are both much more competitive markets for Wealthsimple’s services than Canada is, with larger players like Revolut and Robinhood dominating the retail-investment landscapes there. The tradeoff is that Wealthsimple will now be chasing after a smaller pool of potential customers.