Uzum receives $70 million in equity funding, primarily led by Tencent and VR Capital, now valued at $1.5 billion.
Uzum, the digital banking unit of Uzum, has secured nearly $70 million in equity financing, led by Tencent and VR Capital. This investment brings Uzum's valuation to approximately $1.5 billion, making it one of the most significant players in Uzbekistan's digital economy.
The funding round is a testament to Uzum's strategy to integrate financial services directly within the country's largest e-commerce infrastructure. Uzum Bank, the fastest-growing digital bank in Uzbekistan, has issued over 2 million co-branded Visa debit cards since August 2024.
Uzum's e-commerce platforms, Uzum Market and express delivery service Uzum Tezkor, have seen significant growth. They now serve over 17 million monthly active users, more than half of Uzbekistan’s population, and support over 40,000 merchants and small businesses. The combined gross merchandise value increased by 50% year-on-year.
The new capital will be used to accelerate the rollout of digital lending and deposit products, expand the Visa debit card program, and scale financial infrastructure. Uzum also plans to embed AI more deeply across its ecosystem, specifically in credit scoring, fraud prevention, and personalized user experiences to enhance financial services integration and reduce friction for users.
There is a strong strategic focus on expanding fintech and embedded finance, particularly in underserved rural and peri-urban areas, aiming to increase financial inclusion. Uzum, founded in 2022 and led by CEO Djasur Djumaev, now plays a pivotal role in Uzbekistan’s digital economy and job creation, generating over 12,000 jobs through its network.
Alexey Garyunov, Managing Partner at FinSight Ventures, believes Uzum represents one of the most compelling fintech and e-commerce growth stories in Central Asia. Richard Deitz, Founder and President of VR Capital, expresses admiration for Uzum's unique combination of a proven business model and first-mover advantage in an underserved market.
Customer satisfaction and retention have risen for Uzum, reflected in a rising NPS and LTV, mirroring patterns seen in other breakout super-apps globally. With this new funding, Uzum is poised to deepen its fintech capabilities, scale digital banking services, grow e-commerce, and integrate AI technologies, positioning itself as a regional digital leader shaping financial and technological inclusion in Uzbekistan and Central Asia.
- The investment in Uzum's digital banking unit signifies a significant step in the field of technology, as the company plans to use the funds to embed AI more deeply across its ecosystem, particularly in credit scoring, fraud prevention, and personalized user experiences, aiming to enhance financial services integration and reduce friction for users.
- As Uzum continues to grow its e-commerce platforms, providing services to over 17 million monthly active users and more than 40,000 merchants in Uzbekistan, the company aims to expand its business by offering digital lending and deposit products, expanding the Visa debit card program, and scaling financial infrastructure, ultimately shaping financial and technological inclusion in the region.
