Yolt will offer UK users a new way of managing their money as it looks to bring open banking to the UK market.

The app has been tested and improved in closed beta since October 2016, but is now ready to invite more people to the platform.

Yolt allows users to view their bank accounts and credit cards in one place, see what shops they're spending the most with, set budgets and plan for upcoming debits as well as giving them a real view of how much money they have until payday.

“In modern life, the phrase 'time is money' has never felt more apt,” said Frank Jan Risseeuw, CEO of Yolt.

“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 aims to challenge the status quo of money management and take away the pain of managing finance to allow people to save time and enjoy life more by focussing on money management less.

“At Yolt, we make managing your money clear, understandable and, whisper it – even enjoyable - so users can make the most of life,” said Pauline van Brakel, head of strategy and marketing at Yolt.

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

The app hopes to partner with other fintech companies to add new features to Yolt, starting now with an energy price comparison offering.

“Everyone has their own habits and routines, especially when it comes to saving, spending and budgeting,” added Pauline.

“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.”