SBI Yono's worth over USD 40 billion now, the biggest start-up by any bank
1 min read . Updated: 10 Sep 2020, 10:11 AM IST- SBI chairman said Yono is a profitable platform and said that no one gets to know its valuation because it sits within the bank
- 'If it was sitting outside banks, my valuation would be…may be USD 40-50 billion for YONO,' said Rajnish Kumar
Mumbai: Within three years of its launch, You Only Need One (Yono), the digital banking platform of State Bank of India (SBI), has a valuation of over USD 40 billion, the bank's chairman Rajnish Kumar said.
Speaking at an event organized by ETBFSI.com, SBI chairman said Yono is a profitable platform and rued that no one gets to know its valuation because it sits within the bank.
"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 said as reported by news agency PTI
He said the Yono mobile app has been adding 70,000 new users daily, taking its total registered users to 27 million at present.
Kumar said that owing to covid-19, the rate at which new users are being added on Yono has increased.
“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," said Kumar.
SBI had launched the Yono platform in November 2017 to help its customers' banking, investment and shopping needs. The bank created the platform with help from consultant McKinsey and tech major IBM.
-With inputs from PTI
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