SBI YONO leads neobanking club with 54 million monthly active users

According to SBI's assessment, YONO is valued at around $40 billion but analysts say that it would have surpassed or hit $50 billion in 2021.

Neo banks — purely digital banks with no physical presence — are slowly catching the fancy of Indian consumers.

Some of them are already making waves globally. With 54 million monthly active users (MAUs), SBI YONO has hit the number one slot in the global list of top neo banks across the globe with a growth of over 35 per cent in MAUs in 2021 according to latest data from App Annie. It’s nearest rival Nubank (the largest financial tech company in Latin America which is valued at $41 billion) is in the second spot.  

Unlike SBI which is a traditional bank