TBC Bank Uzbekistan (TBC UZ), the country’s largest digital bank, announces a $37m equity investment from its majority shareholder London-listed TBC Bank Group PLC (TBC Group).
Uzbekistan’s largest digital bank, TBC UZ, is part of TBC Uzbekistan, which also includes Payme digital payments app and Payme Nasiya instalment credit business. TBC Uzbekistan already has 17 million unique registered users and will leverage this new capital for further development as it continues to scale profitably and diversify its offering.
TBC Bank Uzbekistan secures $37m investment, making 2024 a record year
Vakhtang Butskhrikidze, CEO of TBC Group, commented: “This year has been a landmark one for TBC Uzbekistan, marked by significant progress. Our latest equity investment reflects our strong confidence in the massive potential of this high-growth market. With TBC Uzbekistan now contributing 9% of the Group’s net profit and 44% of our unsecured consumer loans portfolio, its role within our Group is pivotal and it is set to increase. This new capital will fuel even faster growth and innovation, positioning us to unlock greater value for our customers and investors alike.”
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Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, added: “Reaching a record in equity funding for 2024 is a testament to the transformative progress we’ve achieved. This investment bolsters our ability to scale at pace, bringing cutting-edge banking solutions to an even broader audience. We’re not just growing, we’re redefining what banking can be for millions of customers across Uzbekistan. Our team has achieved remarkable milestones this year and we are excited to continue this momentum into 2025, as we deliver financial services that are simpler, smarter, and more accessible for everyone.”
In 2024, TBC Uzbekistan significantly expanded its presence, reaching 17 million unique registered users as of September 2024. This milestone means that over 40% of Uzbekistan’s population now engages with the ecosystem services, solidifying TBC Uzbekistan’s position in Central Asia.
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