ING, the parent company of Yolt, has decided to phase out the latter’s B2B open banking operations a year after closing down its consumer-facing smart money app to focus on its technology business.
The Dutch banking heavyweight says that it evaluated all options and concluded that it is “not feasible to achieve its ambitions with Yolt”.
“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,” it says.
“In this context, the evaluation has led to the decision to phase out Yolt.”
Yolt says its customers have been informed of the closure, and that it will meet all contractual obligations as it winds down operations. ING aims to complete the phase-out by the end of April 2023.
It adds that affected employees will be supported through the transition “in line with employer practice standards”. Yolt has 48 employees, of which 19 are contractors.
Yolt launched its money management app in 2016 before branching out to B2B open banking services in 2019. It secured a PSD2 licence in the UK last year.