Yelo Bank
Yelo Bank is a Baku-based, licensed Azerbaijani commercial bank offering consumer, SME, micro-entrepreneur, and premium banking through a mobile-first app, internet banking, and a national branch and ATM network, with revenue from interest on loans, card fees, and a 700+ partner cashback program.
- Company typePrivate
- Founded1994
- HeadquartersBaku, Azerbaijan
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What Yelo Bank does
Yelo Bank is an Azerbaijani commercial bank headquartered in Baku, operating under License No. 203 issued by the Central Bank of the Republic of Azerbaijan on January 17, 2020. It serves individual consumers, micro-entrepreneurs, SMEs, and premium/high-net-worth clients across Azerbaijan through a multi-channel distribution model that combines a mobile-first digital app (Yelo App), internet banking, and a physical branch and ATM network covering Baku and regional cities including Ganja, Sumgayit, Lankaran, and Gabala. The product suite spans debit cards (Yelo Digital, Premium Visa Platinum, Infinite), a credit/installment card with up to 70-day grace periods, and a broad loan portfolio covering consumer, Lombard (gold-backed), mortgage, online, and business credit lines, alongside fixed, savings, and flexible deposits.
Underlying technology centers on a mobile-first digital banking platform with Open Banking capabilities, cloud-based infrastructure, and API-driven services. Differentiated features include an Open Banking module that consolidates accounts from other Azerbaijani banks into a single app view, and SİMA KYC-powered remote biometric verification (facial recognition with liveness detection) for fully digital corporate account opening — both compliant with Central Bank of Azerbaijan regulations. The bank integrates Apple Pay, Google Pay, Visa Direct, and the Azerbaijan Credit Bureau and Asan Finance for credit-history and personal-data retrieval.
Yelo Bank generates revenue primarily through interest income on its diversified loan book (consumer, mortgage, gold-backed, business, and credit-card lending at FİFD ranging from 11.8% to 35.8%), supplemented by card and transaction fees (annual fees, commissions, SMS notifications at 3 AZN/month, premium card services), and commissions from a cashback program covering 700+ merchant partners offering up to 20-30% cashback. Go-to-market is product-led and direct-to-consumer, with self-serve online onboarding for individuals and (as of January 2026) legal entities, supported by distribution partnerships with FRBA (Azerbaijan Business Development Fund), AACR (Agrarian Credit and Development Agency), Visa, and institutional positioning via AmCham Azerbaijan.
Yelo Bank firmographics
Firmographics- Name
- Yelo Bank
- Legal name
- Yelo Bank
- Website
- https://yelo.az
- Company type
- Private
- Founded year
- 1994
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Yelo Bank is a Baku-based, licensed Azerbaijani commercial bank offering consumer, SME, micro-entrepreneur, and premium banking through a mobile-first app, internet banking, and a national branch and ATM network, with revenue from interest on loans, card fees, and a 700+ partner cashback program.
- Ownership category
- akta.pro rank
Yelo Bank industry classification
Industry- Product category
- Retail Banking
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industry
- Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)
Keywords
Where Yelo Bank is headquartered
LocationHeadquarters
- HQ city
- Baku
- HQ country
- Azerbaijan
- HQ region
- Asia
Offices1 record
Markets served
Yelo Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain, Others
Revenue model
- Interest Income from Loans: Consumer loans, mortgage loans, Lombard (gold-backed) loans, business loans, and credit cards generate interest income. Products include consumer loans (min 11.8% FİFD), mortgage loans, gold-backed loans, and business credit facilities.
- Card and Transaction Fees: Fees from card services including annual fees, transaction commissions, cash withdrawal fees, and installment processing. Premium card services with airport transfers, lounge access, and concierge services.
- Cashback Program Commission: Cashback program with over 700 partners where merchants pay commission for customer referrals and transactions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Summer micro-loan campaign for micro-entrepreneurs |
| Subscription | Monthly | Consumer/Online loans |
| Subscription | Monthly | Credit/Installment Card |
| Subscription | Monthly | Business loans |
| Transaction based/ take rate | Monthly | Card Services |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels4 records
Yelo Bank product offering
Product offeringCore offering
Yelo Bank is an Azerbaijani commercial bank offering retail and business financial products including consumer loans, mortgages, gold-backed Lombard loans, business loans, debit and credit cards (Digital, Premium, Infinite, installment), deposits (Yelo Sabit, Yelo Yığım, Yelo Sərbəst), money transfers, acquiring services, and salary projects. Products are delivered through a mobile-first digital banking platform (Yelo App), internet banking, and a physical branch and ATM network across Azerbaijan.
Product overview
Yelo Bank is an Azerbaijani financial institution offering a comprehensive digital banking platform with multiple product lines. The core offering includes debit cards across tiers (Yelo Digital, Premium, Infinite), credit/installment cards, and a full suite of loan products (consumer, Lombard/gold-backed, online, real estate secured, mortgage, and business loans). The deposit portfolio comprises Yelo Sabit (stable), Yelo Yığım (saving), and Yelo Sərbəst (flexible) deposits. The bank differentiates through its mobile-first Yelo App and Open Banking platform enabling account consolidation, digital-first account opening via SİMA KYC biometric verification, a Cashback program with 700+ partners, and specialized business services including acquiring, Mobile POS, QR payments, and salary project solutions. All products are accessible through the unified mobile application with multi-language support in Azerbaijani, English, and Russian.
Differentiator
Problem solved
Functional benefit
Products and services
- Yelo Digital (Debit Card) Multi-currency debit card (AZN, USD, EUR) with 5-year validity and online ordering capability, targeted at individual consumers for everyday payments.
- Yelo Premium (Visa Platinum) Premium Visa Platinum debit card offering airport transfers, Fast Track, Lounge Key, Azercell roaming benefits, and health center discounts for high-net-worth individual customers.
Companies that use Yelo Bank
Customer profileSegments4 records
Ideal customer profiles4 records
Yelo Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
AI capability2 records
Feature3 records
Yelo Bank partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor and core.
- AmCham Azerbaijan (American Chamber of Commerce)minorGunay Jalilova, Deputy Chairman of Yelo Bank's Management Board, elected as Board Member. The bank actively participates in AmCham's Banking, Finance, and Insurance Committee.
- Central Bank of the Republic of AzerbaijancoreRegulatory oversight and Open Banking framework governance. The Open Banking feature operates under regulations set by the Central Bank, with security and customer consent as core priorities.
- SİMA KYCcoreSİMA KYC provides the 'Videocall' solution for remote identity verification using biometric facial recognition and liveness checks. Yelo Bank uses this for fully digitized account opening for legal entities.
- VisacoreVisa card services including Yelo Premium Visa, Yelo Infinite Visa, and Yelo Digital. Premium cardholders receive airport transfers, Fast Track, Lounge Key, and concierge services through Visa's global network.
- COP29minorYelo Bank participated in COP29 as part of their sustainability initiatives and ESG commitment.
- 700+ Cashback PartnerscoreMerchant partners in the cashback program allowing customers to earn up to 30% cashback on purchases at partner locations.
Scale indicators1 record
Recent moves6 records
Expansion highlights6 records
Yelo Bank competitors and assessment
Company assessmentEmerging players
- TBC Bank Group: Leading digital-first banking group in Georgia expanding across the Caucasus and CIS. Comparable as a regional digital-banking innovator pursuing similar mobile-first, Open Banking-style capabilities in a neighboring market.
Direct peers
- Expressbank: Azerbaijani commercial bank with consumer loans, deposits, and card services targeting retail and SME customers. Comparable mid-tier domestic commercial banking peer.
- PASHA Bank: Largest private commercial bank in Azerbaijan, offering corporate, SME, and retail banking with a strong digital channel stack. Directly comparable as a domestic full-service commercial bank competing for the same consumer, SME, and premium-card customers.
- Bank Respublika: Mid-to-large Azerbaijani commercial bank providing consumer loans, mortgages, business banking, and digital services. Closely comparable in product mix and target segments to Yelo Bank.
- Bank of Baku: Azerbaijani commercial bank with consumer and SME loan products, card services, and a branch network. Comparable as a domestic competitor targeting overlapping consumer and SME customer segments.
- Kapital Bank: One of the largest Azerbaijani retail banks with extensive branch and digital presence, offering consumer loans, deposits, cards, and SME products. Direct competitor for mass-market consumer deposits, credit cards, and micro/SME lending.
- AFB Bank: Azerbaijani retail and SME commercial bank offering deposits, consumer and business loans, and card products. Comparable domestic competitor in similar customer segments.
- Unibank: Azerbaijani commercial bank focused on consumer and SME lending, deposits, and card services. Direct domestic competitor in retail banking and micro/SME credit.
Regional players
- Bank of Georgia: Largest bank in Georgia offering retail, SME, and corporate banking with a strong digital platform. Comparable in product breadth and digital strategy across the South Caucasus region, though operating in a different geography.
Broad incumbents
- Halyk Bank: Largest retail bank in Kazakhstan offering consumer loans, deposits, cards, and SME products with a large digital platform. Comparable as a CIS-region broad incumbent operating an overlapping product portfolio across consumer and SME segments.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Yelo Bank social profiles
Digital presenceYelo Bank compliance and trust
Trust signalCompliance1 record
Yelo Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Yelo Bank leadership team
Management profileNumber of profiles
Profiles11 records
Yelo Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Yelo Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Yelo Bank
What does Yelo Bank do?
Yelo Bank is an Azerbaijani commercial bank offering retail and business financial products including consumer loans, mortgages, gold-backed Lombard loans, business loans, debit and credit cards (Digital, Premium, Infinite, installment), deposits (Yelo Sabit, Yelo Yığım, Yelo Sərbəst), money transfers, acquiring services, and salary projects. Products are delivered through a mobile-first digital banking platform (Yelo App), internet banking, and a physical branch and ATM network across Azerbaijan.
Is Yelo Bank a public or private company?
Yelo Bank is a private company. It is classified as unknown and is currently operating.
When was Yelo Bank founded?
Yelo Bank was founded in 1994. It employs 501 to 1,000 people.
Where is Yelo Bank based?
Yelo Bank is headquartered in Baku, Azerbaijan, in the Asia region.
How does Yelo Bank make money?
Three revenue lines are on record. Interest Income from Loans are the primary driver. The others are card and Transaction Fees and cashback Program Commission.
Who are Yelo Bank's main competitors?
TBC Bank Group is listed as an emerging player. Direct peers are Expressbank, PASHA Bank, Bank Respublika, Bank of Baku, Kapital Bank, AFB Bank and Unibank. Bank of Georgia is listed as a regional player. Halyk Bank is listed as a broad incumbent.
Does Yelo Bank have an API?
No public API is recorded for Yelo Bank.
What industry is Yelo Bank in?
Yelo Bank's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAAAI, Small Business Banking (Microbusiness/Sole Proprietor). Its NAICS code is 52211 and its SIC code is 6022.