“ING has concluded that it isn’t possible to attain its ambitions with Yolt”.
Picture supply: Yolt.
Yolt, which started life as a consumer-facing cash administration app again in 2017, was completely closed down at the moment by dad or mum firm ING.
The Dutch banking big stated that after an analysis of the enterprise “ING has concluded that it isn’t possible to attain its ambitions with Yolt”.
ING had put Yolt on discover final September when it repositioned the enterprise as ‘Yolt Expertise Companies’ with a pure business-to-business open banking providing.
The transfer noticed Yolt’s consumer-facing app shut down, to place Yolt in a stronger place to compete with the likes of Plaid and Bud within the aggressive open banking market.
On the time Yolt CEO Nicolas Weng Kan stated: “Focussing on Yolt Expertise Companies is a sooner and simpler means of driving change.”
Nonetheless, it now seems ING has made the choice to part out the model totally.
“ING and its companies repeatedly consider actions, together with assessing whether or not they’re prone to obtain the popular scale of their market inside an affordable timeframe. On this context, the analysis has led to the supposed choice to part out Yolt,” ING wrote in a press release.
In April AltFi reported that Yolt’s long-serving chief enterprise officer Leon Muis, who spearheaded the event of Yolt’s open banking platform, had left the enterprise
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