Chapter 57: PayOne

In Silicon Valley, there is a very special bank, SV Bank. Silicon Valley Bank is less than a decade old and is focused more on the Silicon Valley companies, technologies and real estate sector. However, the Californian Real Estate market went into a tailspin in 1992 which wiped almost half the value of this bank - 2.2 million dollars.

When Sunny was almost ready to jump on his flight, Harris suddenly rushed toward him.

"Boss, there is big news! Silicon Valley Bank is currently struggling and looking for sellout or investment." Harris while taking big breaths spoke.

Sunny's eyes widened instantly. This was another great news for him. He must buy this bank before someone else eat this delicious pie.

"Let's go. Postpone the Asian trip for a few days. Inform Wagner over there. Also, tell him to get in touch with the Japanese side and make preparation for our bank to open a branch there in Tokyo. We need to move fast." Sunny hurriedly drove back to San Jose, to meet the management of the SV Bank.

Harris handed Sunny the bank's current portfolio and Sunny knew because the bank invested in the real estate market, it suffered such a huge loss. However, considering the future Dot Com Bubble, this bank might even go bankrupt.

They only invest in emerging technologies and silicon valley startups and such a practice is simply a disaster in making.

"Boss, they have replaced the CEO and put, Mr. John C. Dean in his place. However, the EX-CEO is now Vice Chairman of the bank." Harris handed Sunny the current management page and Sunny immediately knew why the bank is in trouble.

It basically lacks good management. There is an old guy sitting on top who evaluates new companies and then goes on to invest in the real estate sector like an old guy but then he is still not fired from the bank.

"How much do you think is the current value of the bank?" Sunny enquired.

"Sir, they have a deposit of over $4 million but losing $2.2 million last year puts their current value at $3 million most. We should be able to take over this bank with a $ 5-6 million offer." Harris replied after carefully picking out the revenue chart of the bank.

Sunny also nodded. This was also as per his understanding. The meeting with the bank was neither good nor bad but the initial first meeting was positive and the hope of acquiring this bank became brighter.

"Sunny, we are buying a bank now?" Bob asked looking at the boss who came back from the Airport in a hurry to buy a bank.

"Bob, in future, when you mention any business, anyone, just say internet or online first before it. What I want to buy is the first online internet bank in Silicon Valley. Not a regular one." Sunny responded with some deep meaning.

Bob couldn't help but be surprised by the bold idea. Online or Internet Banking is not new in America but no one is making the entire bank online. This was taking things to an extreme level.

"Call everyone. We need to set up another new project. But don't worry. This is a very serious and time-taking thing. I am not in hurry for this."

Sunny called a meeting with the senior management in the office and Vint Cerf came with a few fellow senior mathematicians, researchers and coders. These guys are basically the ones who are working on the backend and developing new algorithms for the search engine, browser, advertising platform and even the online magazines and newspapers.

"Everyone, this is just an announcement and a project initiation meeting. I am not handing over something that I need urgent but as long as we can make this in the next two years, I will be happy.

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First, to give you a context, we are currently in the middle of a negotiation meeting with a bank and if it all goes well, we will simply buy it. So Rover Net will have another new company and this time it is in the banking sector.

However, this should be a full-fledged internet bank. We only need to do three things. First, allow opening a bank account online. Second, make people deposit their money online. Third, allow customers to do transactions online or transfers online.

These are the only three services we need to provide to our customers for the next 3-5 years and nothing more. This is a most basic savings bank and this is all there is to it. Nothing more."

Sunny explained the new banking idea while sketching his concept on the whiteboard and others were making notes or thinking about the feasibility of the concept.

Vint Cerf felt every day his imagination is constantly challenged here and the young guys, in this new digital age, were really exploring the services the Internet was never meant for in the first place.

"Currently, I have no name for this bank, but once this deal is finalised, I hope you can all put your own suggestions forward and we will pick one with the highest vote. That guy, who will give me the future name of this bank, will get a free trip to Hawaii with his family or a chance to date Hollywood models.

That I promise."

Sunny brought the attention and excitement of all the senior leaders to the project and made them feel that this was the best thing that could happen to them. This is the highest form of corporate slavery in Sunny's book when the slaves are grateful to their oppressors for giving them extra work and making them feel like they were part of the same group.

Vint chose some of the best cryptographers, coders and mathematicians and set up a separate and secret team for this project. Vint knew the first thing they needed was not the registration of an account but the security of such an online service.

The Internet is never secure and the current internet is full of loopholes. Any tom dick and harry worth his weight can bring the entire internet system of America down under an hour. While Vint called a few friends at Stanford to get a better idea about possible security solutions, Sunny was busy developing and writing ideas about the online bank.

In his vision, this should be like Google Pay and PayPal but more. Not online electronic transfer but also cryptocurrency services. However, after noting down key points, Sunny felt he is riding the horse too far in the future.

In the evening while Sunny and Harris were waiting for a reply from the SV Bank, inside the bank was also a scene of shouting, debating and finally calculating their own worth. They were ready to sell this bank as it failed to meet their goals and vision and the last loss had cast a big doubt over their own ability.

After constant meetings and discussions between Rover Net and the SV Bank, one week later, Sunny finally signed the agreement to own a bank under his own name.

The office back in Silicon Valley had already selected a name for their own bank - PayOne Bank- short for Pay Online Banking and the Online is represented by the numerical - 0 instead of '0' which refers to the digital coding numbers - 0 and 1.

A deep-meaning name flew above Sunny's head but looking at the enthusiastic crowd, Sunny also accepted this name with great fanfare and while the guy who suggested the name got a date with a Hollywood model, Sunny got new visiting cards for everyone.

Sunny's card was completely dark grey with his name in front - Sunny Rover and below it was mentioned, Chairman of Rover Net, Rover Pictures and Rover Animation Studio.

Also two weeks later, another senior coder and tech expert - Stever Crocker joined Rover Net after an invitation from Vint Cerf. He had also worked with Tim Lee in the early days of the Internet and he had made his name in the internet developer's circle for being an Internet Engineer.

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