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Uzbekistan ’s only peregrine - exclusive bank , TBC Bank Uzbekistan , own by London Stock Exchange - listed TBC Bank Group , has raised $ 38.2 million in a sweet equity investing . It design to expand its local presence in the country and introduce new fiscal products as well .
TBC Bank Group has lead the latest funding in TBC Bank Uzbekistan by steep $ 23 million , while shareholders European Bank for Reconstruction and Development ( EBRD ) and World Bank ’s International Finance Corporation ( IFC ) have participated in the rung by investing $ 7.6 million each .
After serving customers in Georgia , TBC Bank Group decided to expand alfresco that country ’s borders in 2019 and found Uzbekistan as its first international market place . The camber started its Uzbekistan operations in 2020 through a separate entity , TBC Group Uzbekistan , which launched the mobile - only bank after its debut , with no physical offshoot in the nation . The plan was to leverage Uzbekistan ’s increase digitization effort and counter business growth in the country , which has the biggest universe after Russia and Ukraine in the region — the secondly - largest among all the Commonwealth of Independent States res publica — and has upright economic and socio - demographic .
“ Before TBC came in , there were no banking apps in Uzbekistan … Fast - forward four twelvemonth , most of the bank have fix a mobile app , but TBC is far ahead of the field , ” said Oliver Hughes , head of external concern at TBC Group , in an single interview .
accord to official information , Uzbekistan has a 70 % smartphone penetration pace and a 77 % internet penetration pace ; 59 % of its universe of 37 million is under 30 years honest-to-goodness , making it a executable market for a mobile - specific business .
TBC Bank Uzbekistan offer a mobile app through which customers can open camber accounts and accession services , including cash loans and deposits . This overlook the necessary of physically move to a banking company branch to get at banking .
Hughes recite TechCrunch that a brace of eld ago , customers in Uzbekistan typically had to visit their bank and stand in a queue to get any of their banking work done .
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Alongside the mobile - only bank , TBC Group Uzbekistan owns Payme , the digital defrayment app for individual users and small businesses , as well as the Sharia - compliant credit business bid Payme Nasiya . To widen its coverage , it looks to integrate some experiences from these two businesses within the bank or sync them with the bank building ’s operations .
For instance , through its app , TBC Group Uzbekistan will put up tips , recommendation and user - generated substance on local events , amusement , concerts and travel to provide completing services that are not strictly financially related . Some of these features will first arrive on the Payme app but will be uncommitted to the TBC Bank Uzbekistan customers over metre .
likewise , Payme Nasiya currently serves Uzbek customer with its spot - of - sale and installment loans . To expand the credit business , it will put in e - commerce and offline buy now , pay off later . This is await to attract more local business and eventually help the mobile bank gain more customer .
In addition to the new fiscal products in the pipeline , TBC Group Uzbekistan plan to bring AI experiences to its fluid coin bank . Hughes told TechCrunch the group has built a large nomenclature model predominantly using its client dataset and is work on a phonation helper to deliver banking and financial services through a chatbot mix within its app .
In the free fall , TBC Bank Uzbekistan will use the fresh funding to add credit poster and an insurance intersection next yr , Hughes say .
The bank ’s roadmap includes additional divine service such as current account statement , as well as accounting , offline payments , e - commerce defrayal and lending specifically for little and intermediate endeavour customers , Hughes added .
“ This investing will allow us to further capitalize on the huge chance in Uzbekistan , a tight - growing country with a population of over 37 million hoi polloi where TBC UZ continues to leverage its growth impulse , ” said Vakhtang Butskhrikidze , chief operating officer of TBC Bank Group , in a fain instruction .
At the end of 2022 , TBC Bank Uzbekistan break even , and 2023 was the banking company ’s first full year of profit . As of March 2024 , the bank had a exploiter base of operations of 4.8 million unique registered users . It also tape monthly active substance abuser of 1.2 million in the first stern of 2024 .
Overall , TBC Group Uzbekistan , with a register exploiter cornerstone of 15 million users , reached profitableness two years after launching and recorded 85 % year - on - twelvemonth revenue growth in the first quartern of this year . The company achieved perfect loans of $ 296 million and depository of $ 216 million through all three of its underling . Its net net make $ 23 million for the financial year 2023 , most of which came from Payme . However , TBC did not disclose the mobile bank ’s revenues or profits .
“ TBC UZ ’s impressive outgrowth flight and innovative glide slope align with our mission to support sustainable economic development in the region , ” said Andi Aranitasi , head of Uzbekistan , EBRD .
Hughes enounce that by the end of 2025 , TBC Group Uzbekistan is projected to generate $ 75 million in final net income , most of which would come from TBC Bank Uzbekistan .
“ We are encourage with the advancement TBC UZ has made so far and remain confident in its potential to contribute to economic growth and financial inclusion body in Uzbekistan , ” said Neil McKain , country manager , Uzbekistan , IFC .
