Yolt is to close its consumer-facing smart money app as part of a repositioning that will see it focus on the growth of its Open Banking technology platform, Yolt Technology Services, as announced by ING.
The bank said that it continuously evaluates activities, including assessing whether its businesses are likely to achieve the preferred scale in their market “within a reasonable time frame” and that it was within this context that it decided to close the Yolt app, adding that this is “subject to advice from the works council”.
As a result, ING-backed Yolt will focus resources on getting its proprietary Open Banking solutions “into the hands of businesses more quickly”.
It confirmed that consumers are not required to take any action at this stage and that Yolt will notify them once a final decision has been made.
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.”
Weng Kan was appointed CEO of Yolt in July this year, having previously been CEO of both Confused.com and Google Compare.
Leon Muis, chief business officer at Yolt Technology Services, was a guest on Open Banking Expo Unplugged, discussing innovation in payments – click here to listen back to the podcast episode.