In order to expand its digital financial ecosystem in Uzbekistan, TBC Bank Uzbekistan, a member of the London-listed TBC Bank Group, has obtained a $38.2 million equity investment from its stakeholders.
The International Finance Corporation and the European Bank for Reconstruction and Development will each contribute $7.6 million to the digital bank, while TBC Bank Group, the parent firm of the digital bank, will contribute $23 million.
The company has raised $130 million in total capital to date. The most recent funding round will be used to support the launch of new products, such as loans for micro and small businesses, and increase the amount of consumer loans issued.
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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.
In 2023, the business declared a $23 million net profit. According to the company, it has doubled the amount of loans and deposits it has made, increased its user base to 15 million, and generated 85% year-over-year revenue growth in the first quarter of 2024.
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“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.
About TBC Bank
TBC Bank is a technology business that understands, knows, and is committed to its consumers. They have the most creative and fearless crew who thinks outside the box.
TBC supports people digitally and plays a significant role in their daily lives.
