Less than a year after shutting down its consumer-facing smart money app, ING-backed Yolt is set to close completely, shuttering its business-to-business open banking operations.
ING says that in the context of a rapidly changing market, it is "not feasible to achieve its ambitions with Yolt".
Clients and Yolt's 48 employees have been informed, with the firm looking to phase out completely by April.
Yolt shut down its consumer-facing smart money app last year in order to focus on the B2B operations, arguing that this was the best way to accelerate the adoption of open banking.
However, ING now says: "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.
"In this context, the evaluation has led to the decision to phase out Yolt."