Yolt is shifting focus away from its consumer facing app and will instead focus on Yolt Technology Services.
Yolt, the money management app, is expected to be wound down.
YTS is the company’s open banking business which aims to help businesses adopt open banking solutions.
The move was announced by ING, which launched Yolt in 2017.
What does this mean?
Open banking adoption is increasing, so platforms to support this, especially for smaller businesses, will be welcome. YTS has recently gained a PDS2 licence from the FCA meaning its own open banking operations are regulated.
Further, a press release from ING alluded that the Yolt app has failed to gain as much traction as some of its PFM (personal finance management) competitors, saying decisions are made on whether a product is “likely to achieve the preferred scale in their market within a reasonable time frame”.