TBC Bank Uzbekistan (TBC UZ), the country’s largest digital bank, raised $37 million equity investment from its majority shareholder TBC Bank Group PLC. This capital brings the total new equity funding secured in 2024 to $75 million.
Uzbekistan’s largest digital bank, TBC UZ, is part of TBC Uzbekistan, which also includes Payme digital payments app and Payme Nasiya instalment credit business.
According to Vakhtang Butskhrikidze, CEO of TBC Group:
“TBC Uzbekistan is now contributing 9 per cent of the Group’s net profit and 44 per cent of our unsecured consumer loans portfolio, its role within our Group is pivotal and it is set to increase.”
In 2024, TBC Uzbekistan significantly expanded its presence, reaching 17 million unique registered users as of September 2024. This means that over 40 per cent of Uzbekistan's population uses the ecosystem’s services, solidifying TBC Uzbekistan’s position as the leading digital banking ecosystem in Central Asia.
In addition to securing new equity funding, TBC UZ has also secured $105 million in wholesale financing over the course of 2024 as the digital bank continues to diversify its sources of funding. The digital bank’s loan portfolio has demonstrated strong growth, increasing by 99 per cent year-on-year in the first nine months of 2024 to reach $460 million.
Earöer this year, the company launched TBC Business – the country’s first fully digital banking service, catering to the country’s SMEs and individual entrepreneurs.
TBC Bank Uzbekistan also developed a proprietary speech tech stack and the deployment of AI-powered agents to handle payment reminder calls for customers with loans up to 30 days overdue. In the third quarter of 2024 they handled over 40 per cent of loans in early-stage delinquency, delivering efficiency gains while maintaining a human-like conversational experience that most customers couldn’t distinguish from real people.
Additionally, TBC Uzbekistan entered into strategic partnerships with Visa and Mastercard, enabling the delivery of an expanded range of services and strengthening its ability to offer innovative and customer-centric financial solutions.
TBC Uzbekistan already has 17 million unique registered users and will leverage this new capital for further development as it continues to scale profitably and diversify its offering.
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