RIP B2C: ING to close Yolt’s consumer app and focus on open banking via Yolt Technology Services

By Oliver Smith on Monday 13 September 2021

Digital Banking

Although a final decision has yet to be taken.

RIP B2C: ING to close Yolt’s consumer app and focus on open banking via Yolt Technology Services
Image source: Yolt.

Yolt, which launched its consumer-facing money management app back in 2017, could be about to pull the plug on the initiative, according to its owner.

Last week, Dutch financial services giant ING told investors that it intended to reposition Yolt as a pure business-to-business offering.

As part of the change, “Yolt intends to close its consumer-facing smart money app” and will instead focus on growing its open banking platform, Yolt Technology Services (YTS), which competes against the likes of Bud and Plaid.

“Our mission has always been to accelerate the adoption of open banking,” said Yolt CEO Nicolas Weng Kan. “Focussing on Yolt Technology Services is a faster and more effective way of driving change.”

Kan and ING were clear in their comments that a final decision has yet to be made, but that during this time, customers should know that “any money held in their accounts or personal data is safe and we will be in contact when the decision is final.”

Yolt’s debut in June 2017 came during a surge in personal financial management (PFM) apps like Bean, Pariti and Yolt’s own app.

Their success was short-lived as digital banks like Monzo, Starling Bank and Revolut grew in popularity, while incumbent banks added their own built-in spending analytics, which made a dedicated PFM app unnecessary.

Tandem Bank acquired Pariti in 2018, and its app was shuttered, while Bean suffered the same fate with an acquisition in 2018 and its app being closed down last year.

ING’s upcoming decision looks to be a solid bet on the future, open banking providers have been going from strength to strength with YTS making over 2bn API calls and securing its own FCA licence.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.