RIP B2C: ING to close Yolt’s consumer app and focus on open banking via Yolt Technology Services
Although a final decision has yet to be taken.
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.
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.”
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.