TBC Bank Uzbekistan (TBC UZ), the country’s largest mobile-only bank and part of TBC Group Uzbekistan, Central Asia’s leading digital banking ecosystem, announces a record US$ 38.2 million equity investment from its shareholders to leverage its rapid and profitable growth.
London-listed TBC Bank Group PLC, the parent company of TBC Bank Uzbekistan, is investing US$ 23 million, while the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), part of the World Bank, are investing US$ 7.6 million each.
This latest capital infusion will help TBC UZ maintain dynamic consumer loan issuance and invest in new product launches, including for micro and small businesses, while diversifying its funding base. This is the largest tranche to date, following previous injections totalling US$ 130 million, highlighting the ongoing commitment of the digital bank’s shareholders and passion for its mission.
In addition to TBC UZ mobile-only bank, TBC Group Uzbekistan operations also include Payme, a digital payments app for individuals and small businesses, and Payme Nasiya (Payme Instalments), a fast-growing instalment credit business.
Vakhtang Butskhrikidze, CEO of TBC Bank Group PLC, commented:
“This significant investment underscores our strong belief in TBC UZ’s strategic vision, operational excellence and continued profitable growth. We are committed to supporting TBC UZ as it continues to lead the digital banking revolution in Central Asia. The funds will enable TBC UZ to expedite building out its market-leading digital financial ecosystem in Uzbekistan. This includes maintaining its dynamic loan portfolio growth, launching new products and introducing exciting AI-enabled capabilities to ensure we deliver the best customer experience. 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.”
Andi Aranitasi, Head of Uzbekistan, EBRD added:
“Supporting digitalisation and inclusion are two of the three core strategic priorities of EBRD across all its countries of operations. Our continued investment in TBC UZ highlights our dedication to fostering financial inclusion and digital transformation in the banking sector in Uzbekistan. TBC UZ’s impressive growth trajectory and innovative approach align with our mission to support sustainable economic development in the region.”
Neil McKain, Country Manager, Uzbekistan, IFC said:
“TBC UZ’s growth and commitment to innovation make it an important player in the country’s banking sector. We are encouraged with the progress TBC UZ has made so far and remain confident in its potential to contribute to economic growth and financial inclusion in Uzbekistan.’’
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, added:
“This investment marks another significant milestone not only for TBC UZ but for the entire country as we continue to build our digital financial ecosystem in Uzbekistan. Strengthening our capital position, this funding will enable us to accelerate our profitable growth and solidify our standing as the leading digital banking ecosystem in Central Asia. We are firing on all cylinders, ready to expand our business, and excited to launch new products and services for our fast-growing customer base.”
TBC Uzbekistan reached profitability 2 years after launch – a record time-to-profit among global digital banks – and has since scaled its unique registered user base to 15 million users. The company recorded a net profit of US$ 23 million in 2023 and delivered 85% year-on-year revenue growth in 1Q24, doubling its loan and deposit books.
***
About TBC Bank Group PLC (“TBC PLC”)
TBC Bank Group PLC (“TBC PLC”) is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank (“TBC Bank”) and a group of companies that principally operate in Georgia in the financial sector. TBC PLC also offers non-financial services via TNET, the largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations into Uzbekistan by operating fast growing retail digital financial services in the country. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.1% of customer loans and 39.5% of customer deposits as of 31 March 2024, according to data published by the National Bank of Georgia on the analytical tool Tableau.
About TBC Uzbekistan
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia and a subsidiary of London-listed TBC Bank Group.
TBC Uzbekistan’s success is driven by its purpose-built tech stack, experienced international team and a consumer lending-led product strategy, supported by TBC’s first-mover advantage in Central Asia’s largest nation by population. The company continues to expand its innovative, best-in-class product mix, leveraging low retail banking penetration and a rising appetite for modern financial services among the country’s young, growing, and digitally savvy population.
TBC Uzbekistan comprises three high-growth fintech businesses operating in Uzbekistan: TBC UZ, a mobile-only bank; Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), a fast-growing instalment credit business.
TBC Uzbekistan reached profitability two years after launch – a record time-to-profit among global digital banks – and has since scaled its registered user base to 15 million users. The company recorded a net profit of US$ 23 million in 2023 and delivered 85% year-on-year revenue growth in 1Q24, doubling its loan and deposit books. TBC Bank Uzbekistan is rated ‘BB-’ by Fitch Ratings (equal to Uzbekistan’s country rating) with a Stable Outlook.
About IFC:
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record US$ 43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
About EBRD:
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries, as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Uzbekistan has been the leading recipient of EBRD funding in Central Asia for four years in a row. To date, the Bank has invested around €4.7 billion in 162 projects across the country
