London-listed TBC Bank Group PLC has entered into a definitive agreement to acquire a majority stake in BILLZ, a retail management software-as-a-service (SaaS) platform in Uzbekistan, according to an announcement.
The acquisition is a landmark transaction that strengthens its position in Central Asia’s digital financial services sector and deepens its support for small and medium-sized enterprises (SMEs).
Under the agreement, TBC will acquire an initial 53% stake in BILLZ for $9 million, with an option to increase its shareholding to 60% over the next two years.
The deal gives BILLZ a post-money valuation of $20 million and is subject to standard regulatory approvals.
BILLZ is an all-in-one SaaS platform offering point-of-sale (POS), inventory, CRM, e-commerce, and analytics tools tailored for retail businesses. It currently supports more than 4,000 businesses and processes over 1.5 million transactions monthly.
The company will continue to operate independently under its own brand, while its management team remains in place. A put/call option has been established for the remaining 40% stake, exercisable 36 months after closing.
“Joining forces with TBC Uzbekistan gives us a powerful platform to scale our impact, offer more value to our customers, and accelerate our mission across the region,” said Rustam Khamdamov, CEO and Co-Founder of BILLZ. “This partnership is a major milestone not only for BILLZ, but also for the broader startup ecosystem in Central Asia.”
TBC Uzbekistan is the country’s largest digital banking ecosystem, comprising TBC Bank Uzbekistan, digital payments app Payme, and instalment credit platform Payme Nasiya.
The integration of BILLZ into this ecosystem is expected to unlock synergies by providing BILLZ users access to TBC’s suite of financial products and by expanding TBC’s SME reach.
Nika Kurdiani, CEO of TBC Uzbekistan, said the deal marks a strategic step in enhancing SME engagement and digital transformation in the region.
“We are proud to welcome BILLZ into the TBC family,” Kurdiani said. “This partnership reconfirms our ongoing commitment to supporting Uzbekistan’s vibrant startup community and expands our ecosystem’s capabilities.”
The acquisition is among the most significant tech transactions in Uzbekistan in the past three decades and reflects rising investor interest in the country’s digital economy.
Supported by strong macroeconomic fundamentals and an average GDP growth rate of 6% over the past decade, Uzbekistan has emerged as a key market for innovation in Central Asia.