Yolt goes ‘open beta’ in the UK

01 June 2017 ... min read

1 June 2017

Yolt, the new money platform backed by ING, has today (1 June) gone ‘open beta’ for iOS and Android, offering users across the UK access to a new way of managing money.

Having been tested and improved in ‘closed beta’ since October last year, Yolt is now ready to invite more people from the UK to the platform. In doing so, it brings the UK market one step closer to Open Banking (see box out).

Open beta is a software development stage in which everyone can download the app, whilst it is continually being reviewed and enhanced based upon user feedback and suggestions.

Yolt enables users to view bank accounts and credit cards in one place, see what shops they’re spending the most at, set budgets and plan for upcoming debits. This gives them a real view of how much money they have until payday, without the hassle of trawling through transactions manually.

Challenging the status quo

The aim of the app is to challenge the status quo of money management, taking away the pain of managing finances, and allowing people to save time and concentrate on money management less.

Yolt will partner with other fintechs to add exciting new features to the app, starting today with an energy price comparison offering. Soon to be followed by an integrated journey to compare and execute international money transfers. These partnerships show the strategic vision of Yolt: becoming the smartest money platform. You can read all about this on our blog.

Yolt CEO, Frank Jan Risseeuw said in modern life the phrase ‘time is money’ has never felt more apt, but fewer people have either the time or the desire to actually look after their money effectively.

“Instant gratification is the norm. People want convenience, speed, and customisation. Yolt understands that. We’re a mobile app, designed to change the way people think about their finances, and harness the power of open banking to make it easier for people to concentrate on the other things in life,” he said.

Enjoyable money management?

Yolt’s Head of Strategy and Marketing Pauline van Brakel, added that Yolt makes managing money clear, understandable and, who knows, even enjoyable!

“Yolt provides a new way of thinking about money, giving people the power to take control and make smart decisions”

“Everyone has their own habits and routines, especially when it comes to saving, spending and budgeting. Over the last 16 months, we’ve spoken to people about what matters most to them, building on their insights to create the best version of Yolt possible.

“We’re inspired by the lives and stories of our users, and want to create solutions based on those real-life situations within our app,” she said.

What is open banking?

Open banking is a concept that allows banks to connect with third-party companies or apps securely and in real time, for example via open APIs.

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