Asian Fintech Alif Reports Steady Revenue Growth, Surpasses 1M Clients

Alif, a Central Asian Fintech operating as a “full-fledged” Bank in Tajikistan and as e-commerce and Fintech company in Uzbekistan, has announced “a record 150%+ year-on-year revenue growth in the 12 months leading to June 2022.”

During the same period, the total number of Alif users “has surpassed 1 million, marking a 66% year-on-year increase in customers.”

The latest growth figures “come following a wave of recent company milestones.”

Following the launch of Alif Visa cards in September 2021, Alif now “commands over 50% share of all Visa payments in Tajikistan – a figure that is set to increase further over the next 12 months. Alif’s total assets have also grown by 126% to reach $131 million.”

Alif, who is also active in remittances, has “seen the year-on year inward and outward remittance increase by 186% and 119% respectively.” The turnover on digital payments “increased by 160%.”

Alif was “founded in 2014 by Abdullo Kurbanov, Firdavs Mirzoev and Zuhursho Rahmatulloev, offering a suite of fintech banking services specific to the needs of customers in Central Asia.”

With a full banking license in Tajikistan and a payments license in Uzbekistan, Alif’s services “include alif mobi (most widely used mobile wallet in Tajikistan and one of the fastest growing mobile wallets in Uzbekistan), alif salom and alif nasiya (buy now, pay later systems), and alif.shop (online marketplace).”

In 2021, Alif “closed one of the largest fintech funding rounds in Central Asia, raising $8 million in equity and $50 million in debt, and receiving a company valuation of $100 million.”

The total investment was “raised by its existing shareholder Jefferson Capital Holdings Limited – a UK-based investment vehicle founded by Khofiz Shakhidi, who is also Chairman of the Board of Alif.”

Khofiz Shakhidi, the Chairman of the Board of Alif, said:

“In the space of eight years, Alif has evolved from a team of three people to become a leading regional Islamic fintech. Our recent growth figures are testament to the disruptive role Alif is playing, helping to empower a generation of customers and ensuring everyone in Central Asia is able to benefit from the latest fintech innovations. With plans to launch in Pakistan and the UAE, as well as launching blockchain-based projects, Alif’s future is one of expansion and growth. Our mission is to become a global Islamic fintech unicorn, ensuring fintech products and services exist which adhere to the principles of Islamic finance.”

As noted in the update, Alif Bank was “founded in 2014 by Abdullo Kurbanov, Firdavs Mirzoev and Zuhursho Rahmatulloev.”

Over the past eight years, it has reportedly “become one of the leading fintech companies in Central Asia.”

Alif offers its clients “an ecosystem of technological and financial solutions: the most widely used finance app (alif mobi) and Visa cards in the country, popular ‘buy now — pay later’ payment system, largest online retail platform (alif shop) and cheap, fast, safe remittance system.”

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