TBC Bank Uzbekistan (TBC UZ), the country’s largest digital bank, announced a $37 million equity investment from its majority shareholder, London-listed TBC Bank Group PLC (TBC Group).
This capital injection brings TBC UZ’s total equity funding for 2024 to $75 million, establishing a new annual record.
As part of TBC Uzbekistan, which also includes the Payme digital payments app and Payme Nasiya installment credit business, TBC UZ has amassed 17 million unique registered users by September 2024.
The additional funding will support further development, enabling the bank to scale profitably and diversify its offerings, according to the announcement.
Vakhtang Butskhrikidze, CEO of TBC Group, stated:
This year has been a landmark for TBC Uzbekistan, marked by significant progress. Our latest equity investment reflects our strong confidence in this high-growth market. With TBC Uzbekistan now contributing 9% of the Group’s net profit and 44% of our unsecured consumer loans portfolio, its role within our Group is pivotal and set to increase. This new capital will fuel faster growth and innovation, unlocking greater value for our customers and investors alike.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, added that reaching a record in equity funding for 2024 is a testament to the firm’s transformative progress.
“This investment bolsters our ability to scale rapidly, bringing cutting-edge banking solutions to a broader audience. We’re redefining banking for millions of customers across Uzbekistan and are excited to continue this momentum into 2025,” Kurdiani said.
In addition to equity funding, TBC UZ secured $105 million in wholesale financing in 2024, including loans from the Global Gender-Smart Fund, FMO, responsAbility Investments AG, BlueOrchard, and the European Bank for Reconstruction and Development (EBRD).
The bank’s loan portfolio grew by 99% year-on-year in the first nine months of 2024, reaching $460 million.
TBC Uzbekistan also launched new products such as the Salom debit card, Osmon Card, and TBC Business, a fully digital banking service for SMEs and entrepreneurs.
The bank enhanced its technology infrastructure with a proprietary speech tech stack and AI-powered agents, improving customer interactions and operational efficiency.
TBC Uzbekistan reached profitability two years after launch and reported a net profit of $27 million in the first nine months of 2024.