Tashkent, Uzbekistan (UzDaily.com) -- TBC Bank Uzbekistan (TBC UZ), the country’s largest mobile-only bank and part of TBC Group Uzbekistan, secured a US$38.2 million equity investment from its shareholders to leverage its rapid and profitable growth.

London-listed TBC Bank Group PLC, the parent company of TBC Bank Uzbekistan, is investing US$23 million, while the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), part of the World Bank, are investing US$7.6 million each.

This latest capital infusion will help TBC UZ maintain dynamic consumer loan issuance and invest in new product launches, including for micro and small businesses, while diversifying its funding base. This is the largest tranche to date, following previous injections totalling US$130 million, highlighting the ongoing commitment of the digital bank’s shareholders and passion for its mission.

In addition to TBC UZ mobile-only bank, TBC Group Uzbekistan operations also include Payme, a digital payments app for individuals and small businesses, and Payme Nasiya (Payme Instalments), a fast-growing instalment credit business. 

Vakhtang Butskhrikidze, CEO of TBC Bank Group PLC, commented: “This significant investment underscores our strong belief in TBC UZ’s strategic vision, operational excellence and continued profitable growth. We are committed to supporting TBC UZ as it continues to lead the digital banking revolution in Central Asia. The funds will enable TBC UZ to expedite building out its market-leading digital financial ecosystem in Uzbekistan. This includes maintaining its dynamic loan portfolio growth, launching new products and introducing exciting AI-enabled capabilities to ensure we deliver the best customer experience. This investment will allow us to further capitalise on the immense opportunities in Uzbekistan, a fast-growing country with a population of over 37 million people where TBC UZ continues to leverage its growth momentum.”

Andi Aranitasi, Head of Uzbekistan, EBRD added: “Supporting digitalisation and inclusion are two of the three core strategic priorities of EBRD across all its countries of operations. Our continued investment in TBC UZ highlights our dedication to fostering financial inclusion and digital transformation in the banking sector in Uzbekistan. TBC UZ’s impressive growth trajectory and innovative approach align with our mission to support sustainable economic development in the region.”

Neil McKain, Country Manager, Uzbekistan, IFC said: “TBC UZ’s growth and commitment to innovation make it an important player in the country’s banking sector. We are encouraged with the progress TBC UZ has made so far and remain confident in its potential to contribute to economic growth and financial inclusion in Uzbekistan.’’

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, added: “This investment marks another significant milestone not only for TBC UZ but for the entire country as we continue to build our digital financial ecosystem in Uzbekistan. Strengthening our capital position, this funding will enable us to accelerate our profitable growth and solidify our standing as the leading digital banking ecosystem in Central Asia. We are firing on all cylinders, ready to expand our business, and excited to launch new products and services for our fast-growing customer base.”

TBC Uzbekistan reached profitability 2 years after launch - a record time-to-profit among global digital banks - and has since scaled its unique registered user base to 15 million users. The company recorded a net profit of US$23 million in 2023 and delivered 85% year- on-year revenue growth in 1Q24, doubling its loan and deposit books.