ING Bank-backed Yolt is shutting down its consumer-facing smart money app in order to focus on its open banking technology platform.

ING Bank-backed Yolt is shutting down its consumer-facing smart money app in order to focus on its open banking technology platform.

Launched in 2017, Yolt has since garnered more than 1.5 million registered users who are currently able to see their various bank accounts in one place, enabling them to track their spending, set budgets and identify where they can make savings.

However, ING says that after evaluating the business it has decided to close the app and instead focus its resources on the Yolt Technology Service part of the business, and getting its proprietary open banking technology into the hands of businesses.

Nicolas Weng Kan, CEO, Yolt, says: “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."