Yolt to launch Mastercard debit card through PPS partnership
European payments processor, PPS, is partnering with money management app Yolt, underpinning the fintech’s plans to launch a physical card.
Yolt made its first steps into the payment space in 2019 when it launched Yolt Pay.
It will launch a contactless PPS-powered Mastercard debit card for the 1.5 million users of its app.
Users can receive an e-money account linked to the card to make purchases in stores and online. When linked to the Yolt app, PPS says, users save money through roundups and cashback on selected brands.
“We’re incredibly proud of the progression of the Yolt app,” says Pauline van Brackel, chief product officer at Yolt.
“Now, more than ever, is a time for people to be spending cautiously and saving where they can, preparing for any uncertainty that may lay ahead of us.
“We couldn’t have made this launch happen without the help of innovative partners such as PPS.”
Yolt launched in the UK in June 2017, claiming to hit 500,000 registered users in 18 months. Since then, it has spread to Italy and France.
The fintech is a spin-off venture from parent bank ING, which retains a measure of investment and control.
Yolt’s aggregation tech comes from application programming interface (API) plumbing provided by its sister company, Yolt Technology Services (YTS). YTS claims to have processed more than one billion API connections since launch.
Leon Muis, chief business officer at YTS, told FinTech Futures in February he had seen 2,000 API calls a month in 2018 rise to 50 million calls a month in 2020.