Monday, June 24, 2024

Yolt to focus on growth of Yolt Technology Services as it intends to close its smart money app

Amsterdam, London – 8 September 2021 – ING announced today the repositioning of Yolt to focus on the growth of its open banking technology platform, Yolt Technology Services. Yolt intends to close its consumer-facing smart money app. Customers don’t need to take action. Yolt will notify them proactively once a final decision has been made.

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 close the Yolt app, which is subject to advice from the works council.

Going forward Yolt will focus resources on getting its proprietary open banking solutions into the hands of businesses more quickly. This reflects the growing demand for B2B open banking services.

Nicolas Weng Kan, CEO of Yolt commented: “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.” 

Yolt Technology Services is one of Europe’s leading open banking providers and has made over 2 billion API calls to date. It makes the latest open banking technology available to businesses across Europe, supporting innovation and growth by enabling businesses to overhaul legacy systems, speed up transactions, reduce costs and ultimately ensure a customer centric approach to their operation.

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