The money management app backed by ING has integrated with its first mobile-only bank, adding Starling Bank to its platform alongside incumbents.
It seems a natural partnership for the two firms at the forefront of the Open Banking, after both platforms have been making moves in the Open API space in recent months.
Starling Bank announced its latest payment integration with FitBit Pay in October and launched its third-party Marketplace earlier this year. Meanwhile, this latest connection by Yolt follows previous partnerships with energy comparison platform, Runpath, and international money exchange service Moneytis.
Until now, competitor app Bud has been leading the way in digital partnerships, listing fintech firms like Zopa and Wealthify under its API. Its most recent connection came in the form of an exclusive deal with travel rewards programme Avios last week.
It remains to be seen whether fellow digital banking rivals will now follow suit in order to keep up. Just last month, Monzo announced its vision for its own Open API marketplace, perhaps making way for a similar partnership.
Commenting on the news, Frank Jan Reisseuw, CEO of Yolt, said: “It is connections like these that contribute to a new and innovative banking landscape, built on the principles of Open Banking.”
Likewise, CEO of Starling Bank, Anne Boden, said: “We are delighted to be the first challenger bank to partner with Yolt. Starling was founded to empower its users to manage their money more effectively and integrating with Yolt so they can manage their Starling current account alongside other accounts continues to fulfil this promise to our customers.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.