By Oliver Smith on Tuesday 30 August 2022
“ING has concluded that it is not feasible to achieve its ambitions with Yolt”.
Yolt, which began life as a consumer-facing money management app back in 2017, was permanently closed down today by parent company ING.
The Dutch banking giant said that after an evaluation of the business “ING has concluded that it is not feasible to achieve its ambitions with Yolt”.
However, it now appears ING has made the decision to phase out the brand entirely.
“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 intended decision to phase out Yolt,” ING wrote in a statement.