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 Navin Surya, 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: “YES BANK believes in Fintech First strategy exactly like So Hum. I have always been impressed by YES BANK’s 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.”
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 ‘Digital India’ 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.