So Hum Bharat Digital Payments (So Hum) have
announced that it is in discussion with YES BANK for 9.99% equity
investment. So Hum and Yes Bank will jointly work towards the
NUE’s product & business strategy with key
focus on accelerating innovations, inclusion and digital
penetration in India.
The company had also announced last week that Infibeam
Avenue (IA) will be picking up 33.33% stake, joining its
entity as Promoter and Investor.
So Hum has been newly set up by NavinSurya,
Chairman Emeritus of Payments Council of India and Chairman of
Fintech Convergence Council, who has 20 years of experience across
consulting, BFSI and digital payments.
Surya said: âYES BANK believes in Fintech First strategy
exactly like So Hum. I have always been impressed by YES BANKâs
success in the Fintech ecosystem driven by innovative and
disruptive products and solutions. We at So Hum are proud to
partner with YES BANK and the combined expertise of the two firms
will add significant value to this NUE venture through continuous
innovation and disruption.â
YES BANK is though to be a progressive bank in India when it
comes to Fintech partnerships and digital offerings. Since its
establishment in 2004, YES BANK, on the back of technology, has
disrupted the financial services sector through innovation,
reflected through its leadership in the payments ecosystem.
So Hum is also in discussions with multiple fintech partners to
work and co-create new and innovative payment products and
solutions for multiple use cases and for rendering its services
across masses keeping in mind the âDigital Indiaâ objective of
the nation. This would help us grow digital payments consumers from
100million to 500million and also drive digital consumer spends
from 18% to 50% in the economy.