Yolt is to close its consumer-facing money management app to focus on the growth of its Open Banking technology platform, Yolt Technology Services (YTS).

Dutch banking giant ING launched Yolt in the UK in 2017 as one of the first widely Open Banking apps aimed at “helping users to actively manage their personal finances with a one-stop overview of their accounts with the majority of UK banks and other features.”

The company expanded across Europe as part of plans to building a “pan-European money platform.”

However, the company has now decided to close down the consumer-facing app in favour of focussing on the lucrative B2B services market.

The company said in a statement that customers will not need to take any action at present and that Yolt would “notify them proactively once a final decision has been made” on next steps.

Announcing the move, ING said it “continuously evaluates 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 said it will focus resources on getting its proprietary Open Banking solutions into the hands of businesses more quickly as demand for B2B services grows quickly in Europe.

Nicolas Weng Kan, chief executive 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.

He added: “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.”

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