TBC Bank Uzbekistan's $38.2 Million Funding Round

TBC Bank Uzbekistan, a subsidiary of the London Stock Exchange-listed TBC Bank Group, has secured $38.2 million in fresh equity investment. This funding will be used to expand the bank's operations within Uzbekistan, introducing new financial products and services.

• TBC Bank Group led the round, contributing $23 million.
• The European Bank for Reconstruction and Development (EBRD) and the World Bank's International Finance Corporation (IFC) each invested $7.6 million.

Payme's Role in TBC Bank Uzbekistan's Success

TBC Bank Group entered the Uzbek market in 2019 and launched its mobile-only banking operation, TBC Bank Uzbekistan, in 2020. The bank has been successful in leveraging the country's increasing digitization efforts, achieving profitability two years after its launch.

TBC Bank Uzbekistan's success is largely attributed to its integration with Payme, a digital payments app for individuals and small businesses. Payme has been instrumental in attracting a large customer base, exceeding 4.8 million unique registered users and 1.2 million monthly active users.

Expansion Plans with Payme and Beyond

The new funding will enable TBC Bank Uzbekistan to further expand its services, particularly through Payme.

• Integrate Payme's features into the bank's mobile app, providing users with access to a wider range of financial services.
• Introduce new financial products such as credit cards, insurance, and buy now, pay later options.
• Expand Payme Nasiya, the Sharia-compliant credit business, into e-commerce and offline markets.
• Develop AI-powered features, including a voice assistant integrated within the app.

TBC Bank Uzbekistan's Focus on Financial Inclusion

TBC Bank Uzbekistan's commitment to financial inclusion is evident in its mobile-first approach. The bank's strategy focuses on providing access to financial services to a wider population, particularly those who may not have traditional bank accounts.

• The bank offers cash loans and deposits through its mobile app, eliminating the need for physical branches.
• The bank plans to introduce new financial products and services that cater to small and medium enterprise (SME) customers.

Payme and its Future Growth

TBC Bank Group is bullish on the future of Payme and its potential to drive growth within the Uzbek market. The company expects Payme to contribute significantly to TBC Bank Uzbekistan's projected $75 million in net profit by the end of 2025.

• Payme's user base continues to expand, currently exceeding 15 million registered users.
• The company recorded an impressive 85% year-on-year revenue growth in the first quarter of 2024.

Key Takeaways

TBC Bank Uzbekistan's recent $38.2 million funding round marks a significant milestone for the bank, allowing it to further expand its reach and services.

• The bank's mobile-first strategy, combined with its integration with Payme, has proven successful in attracting a large customer base and driving profitability.
• TBC Bank Uzbekistan's focus on financial inclusion, particularly through the Payme platform, is expected to continue driving growth in the years to come.
• The bank's expansion into new financial products and services, including AI-powered features, will further enhance its competitive advantage in the Uzbek market.