TBC Bank Uzbekistan (TBC UZ), the country’s largest digital bank, announces a $37 million equity investment from its majority shareholder London-listed TBC Bank Group PLC (TBC Group). This capital brings the total new equity funding secured in 2024 to $75 million, setting a new annual record for TBC UZ.

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. 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. 

Vakhtang Butskhrikidze, CEO of TBC Group, commented:

"This year has been a landmark one for TBC Uzbekistan, marked by significant progress. Our latest equity investment reflects our strong confidence in the massive potential of 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 it is set to increase. This new capital will fuel even faster growth and innovation, positioning us to unlock greater value for our customers and investors alike.”

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, added:

“Reaching a record in equity funding for 2024 is a testament to the transformative progress we’ve achieved. This investment bolsters our ability to scale at pace, bringing cutting-edge banking solutions to an even broader audience. We’re not just growing—we’re redefining what banking can be for millions of customers across Uzbekistan. Our team has achieved remarkable milestones this year and we are excited to continue this momentum into 2025, as we deliver financial services that are simpler, smarter, and more accessible for everyone.”

Expanding our reach

In 2024, TBC Uzbekistan significantly expanded its presence, reaching 17 million unique registered users as of September 2024. This milestone means that over 40% of Uzbekistan's population now engages with the ecosystem services, solidifying TBC Uzbekistan’s position as the leading digital banking ecosystem in Central Asia.

Diversifying funding base

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% year-on-year in the first nine months of 2024 to reach $460 million.

The total wholesale funding for this year includes a $10 million loan from Luxembourg-based Global Gender-Smart Fund (GGSF) via one of its portfolio managers, Triple Jump. It also includes a $40 million loan from FMO, $20 million in credit lines from responsAbility Investments AG, $25 million in debt financing from BlueOrchard, and a $10 million loan from the European Bank for Reconstruction and Development (EBRD).

Launching new products

With the core business scaling profitably, TBC Uzbekistan has focused this year on expanding its product suite and entering new market segments. Over the course of 2024, TBC has launched a range of exciting new products that are set to drive customer engagement, boost loyalty and add new revenue streams for the business. 

The newly unveiled Salom debit card is set to become TBC’s flagship daily banking product and the main gateway to the entire TBC Uzbekistan ecosystem. This card is a core building block of TBC’s strategy to make financial services simpler and more enjoyable for customers. Most recently, TBC has also launched Osmon Card, its first revolving credit product, aimed at providing greater choice and fueling loyalty among the bank’s customers.

Tapping into an even wider customer base, it also launched TBC Business – the country’s first fully digital banking service, catering to the country’s small and medium enterprises (SMEs) and individual entrepreneurs.

Leveraging innovative tech, bolstering infrastructure

In 2024, TBC Uzbekistan achieved remarkable progress in harnessing advanced technology and strengthening its infrastructure to deliver a more enriched banking experience for its customers, while also enhancing its efficiency.

A standout achievement was the development of its 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% 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. This innovative use of AI has not only enhanced customer interactions but also significantly boosted operational efficiency, with more AI-driven solutions in the pipeline for 2025.

TBC Uzbekistan also achieved a key infrastructural milestone this year with the launch of its own in-house processing centre. This new facility streamlines payment operations, accelerates the development of financial products, and shortens time-to-market for new offerings, providing a robust foundation for the bank’s digital banking growth.

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. These collaborations further boost TBC Uzbekistan’s position as the leader in the digital banking ecosystem of Central Asia.