Seedrs and Crowdcube have ditched a merger that would have created a crowdfunding powerhouse.

The leading equity crowdfunding platforms ditched the tie-up after the Competition and Markets Authority expressed competition concerns and said it might have to block it.

Although just a preliminary decision, the two platforms issued a joint statement to say they were disappointed with the findings “but we have taken the decision to terminate the proposed acquisition”.

Both platforms announced plans to merge to create one of the world’s largest private equity marketplaces last October.