Yolt to shut down smart money app and focus on Yolt Technology Services

By Joy Dumasia

Yolt intends to close its consumer-facing smart money app; customers don’t need to take action. ING announced the repositioning of Yolt to focus on the growth of its open banking technology platform, Yolt Technology Services.

ING and its businesses continuously evaluate activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context, the evaluation has led to the conscious decision to close the Yolt app, which is subject to advise from the works council.

In the future, they will focus resources on getting their proprietary open banking solutions into the hands of businesses more quickly. This reflects the growing demand for B2B open banking services. Yolt Technology Services is one of Europe’s open banking providers and has made over 2 billion API calls to date. It makes the latest open banking technology available to businesses across Europe, supporting innovation and growth by enabling companies to overhaul legacy systems, speed up transactions, reduce costs and ultimately ensure a customer-centric approach to their operation.

Nicolas Weng Kan, CEO of Yolt, said: “Our mission has always been to accelerate the adoption of open banking. We want to give financial control to as many people and businesses as possible, empowering them to make more informed choices that help them achieve better financial health, create opportunities and make it possible to fulfil their potential. Focussing on Yolt Technology Services is a faster and more effective way of driving change. I would like to reassure Yolt customers that any money held in their accounts or personal data is safe, and we will be in contact when the decision is final.”

Recently, IBS Intelligence reported that Yolt, the smart money app, reveals in a research report that over 3 million UK adults have spent more than they can afford since lockdown restrictions recently began to ease. A further 18% anticipate that the federal return to socialising will harm their ability to manage their money well.