Tashkent, Uzbekistan (UzDaily.com) — Ukrainian fintech startup Fintech Farm has launched a new project in Uzbekistan: the neobank Tezbank, developed in partnership with local Hamkorbank. This marks the company’s fifth market after Azerbaijan, Kyrgyzstan, India, and Vietnam.

According to Fintech Farm founder Dmytro Dubilet, the team held discussions with several banks before entering Uzbekistan but ultimately chose Hamkorbank. Previously, the company developed Leobank in Azerbaijan, Simbank in Kyrgyzstan, Roarbank in India, and Liobank in Vietnam. However, its attempt to establish a presence in Nigeria was unsuccessful, with the neobank closing in 2023.

Tezbank aims to compete with local players through a convenient and feature-rich mobile application. Dubilet notes that Fintech Farm’s core products across different markets largely follow the model of the Ukrainian monobank, offering similar terms and services.

Through Hamkorbank, customers are already offered a free card with a credit limit of up to 50 million soums (approximately $4,000 at the current exchange rate). The card includes a grace period of up to 62 days and provides 10% cashback on purchases.

As early as May 2024, Forbes Ukraine reported Fintech Farm’s plans to expand into Kyrgyzstan, India, and potentially Morocco. At that time, the company announced the extension of a $32 million investment round, led by Bank of Georgia, whose shares are traded on the London Stock Exchange. After securing funding in 2023, Fintech Farm’s valuation exceeded $100 million, and in early 2024, the company opened 40 new positions, including roles for specialists from Ukraine.

Fintech Farm is a London-based fintech company founded in 2020 by Ukrainian entrepreneurs Dmytro Dubilet, Oleksandr Vityaz, and Mykola Bezkrovnyi. The startup’s business model is based on creating neobanks in partnership with national banks. Today, the company’s projects operate in Azerbaijan, Vietnam, Kyrgyzstan, India, and now Uzbekistan.