- SBI YONO becomes the most valued Start-up by a bank
- The platform is valued between $ 40 billion to $ 50 billion
- SBI YONO was launched in November 2017
The State Bank of India launched a digital banking platform 3 years back called You Only Need One (YONO), and within these 3 years the digital banking platform has received a valuation of more than $ 40 billion, says the Chairman of SBI Rajnish Kumar.
Speaking at an event which was organised by ETBFSI.com, Chairman of India’s biggest lender sais the YONO is a profitable platform and regrets that nobody will get to know its actual valuation as the platform sits within the bank.
Talking with the news agency Press Trust of India (PTI), Rajnish Kumar said, Only thing is that because it is sitting in the bank, it does not get reflected in the valuations. If it was sitting outside banks, my valuation would be…may be USD 40-50 billion for Yono given the valuations which the start-ups get,”.
HE also said that the YONO Mobile App has been adding 70,000 new users on a daily basis and that in the last 6 months alone, the platform has added 27 million or 2.7 crore users.
Kumar said that due to the ongoing COVID-19 pandemic, the rate at which the new users are being added to the digital banking platform YONO has also increased.
Kumar said, “I have found that on digital platforms, apart from convenience people also look for trust and security. People have a lot of trust in SBI and we have also used the best minds to design the app,”.
The State Bank of India launched its digital banking platform back in November of 2017 to help its customers’ banking, shopping and investment needs. The lenders developed this platform with help of tech giant IBM and consultant McKinsey.
Kumar also said that currently the YONO platform makes a “decent IRR” (Internal Rate of Return). As of now, YONO is giving loans of more than Rs 70 crore each day through digital options, including on weekends, said Kumar.