TBC Bank Uzbekistan lands $38.2m equity investment
TBC Bank Uzbekistan (TBC UZ), part of the London-listed TBC Bank Group, has secured a $38.2 million equity investment from its stakeholders to build out its digital financial ecosystem in Uzbekistan.
TBC Bank Uzbekistan raises $38.2 million
The digital bank’s parent company, TBC Bank Group, is committing $23 million, while the European Bank for Reconstruction and Development and the International Finance Corporation are each contributing $7.6 million.
The latest cash injection, which brings the firm’s total funding to date to $130 million, will be leveraged to boost consumer loan issuance and finance new product launches, such as offerings for micro and small enterprises.
In addition, Group CEO Vakhtang Butskhrikidze says that a portion of the funds have been earmarked to launch new “AI-enabled capabilities” to help the bank deliver an enhanced customer experience.
Launched in 2020, TBC UZ, which claims to be the country’s largest mobile-only bank, achieved profitability within two years of its launch – “a record time-to-profit among global digital banks”, it says.
The company reported a net profit of $23 million in 2023.
So far this year, the firm says it has grown its user base to 15 million, doubled its loan and deposit volumes, and achieved 85% year-on-year revenue growth in the first quarter of 2024.
“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,” Butskhrikidze adds.
