UK-based Yolt plans to shut down its consumer-facing smart money app to shift focus on its open banking technology platform.

Yolt app allowed users to analyse their transactions, including the ones made outside of the UK. It also allowed them to set budgets, monitor spending and manage their investments within one central place.

However, Yolt’s shareholder ING stated that the decision to shift focus towards Yolt Technology Services comes after the evaluation of Yolt app.

Yolt Technology Services is Europe’s one of the key open banking providers, which claims to have made over two billion API calls to date.

Yolt intends to get its proprietary open banking solutions into the hands of businesses, which is said to overhaul legacy systems, streamline operations and reduce operational costs.

Yolt Technology Services obtained its PSD2 licence from the UK’s Financial Conduct Authority (FCA) earlier this year.

Before that, it provided payment initiation services (PIS) and account information services (AIS) services through ING’s PSD2 licence.

Yolt CEO Nicolas Weng Kan said: “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.”