Yolt adds By Miles to its marketplace
ING-backed personal finance management app Yolt has added By Miles, the UK-based pay-per-mile insurance provider to its marketplace.
In 2019, Yolt reached over one million users and was chosen as the best personal finance app at the International Payments Awards 2019. By Miles is joining a range of providers that are part of Yolt’s marketplace including MoneySuperMarket, Homelyfe, Raisin, Wealthify, and others, giving users the option to access insurance products, investments, savings, pensions and other bills, directly from the app.
Less than two months ago, By Miles announced a £15 million Series B round after selling 20,000 policies since launching in 2018. The partnership with Yolt enables the insurance startup to reach an audience that cares about their finances.
“Partnering with By Miles brings Yolt another step closer to enabling users to manage their finances, in one central place – ending app juggling and making money management easier to tackle. With many people having been financially impacted by the virus, it’s a really important time for people to be identifying where they could potentially reduce their outgoings. Switching and saving on insurance products and household bills is a great start.” – Pauline van Brakel, Chief Product Officer at Yolt.
“We’ve designed our policies to work best for people driving under the UK average of 7,090 miles a year. Before lockdown began, half of the nation’s cars were being driven under this amount, but in the last few months, nearly everyone’s been forced to become a lower mileage driver. If your car’s just parked up, you’re less likely to have an accident, so you should be rewarded with lower cost car insurance. With us, you only pay for the miles you actually drive, so when you drive less, you pay less.” – James Blackham, CEO and co-founder of By Miles.