Expanding Horizons with Fresh Investment

TBC Bank Uzbekistan, a leader in the mobile banking space, has secured a robust $37 million in its latest funding round. This investment aims to amplify its digital footprint in Uzbekistan, focusing on cutting-edge AI and tech innovations to attract more tech-savvy customers.

• Funding led by TBC Group, based in London
• Previous round raised $38.5 million in July
• Key participants include EBRD and IFC

Riding the Digital Wave in Uzbekistan

With nearly 90% internet penetration and a youthful population where 60% are under 30, Uzbekistan presents a fertile ground for digital expansion. Despite this, state banks still hold a significant portion of banking assets. TBC Group sees this as an opportunity for growth.

Innovations and Strategic Partnerships

Since its inception in 2020, TBC Bank Uzbekistan has revolutionized banking with its mobile app, offering services like cash loans and deposits. The bank, majority-owned by TBC Group, has formed strategic alliances with Visa and Mastercard while rolling out new financial products such as the Salom debit card and Osmon credit card.

“We’re diving deeper into the financial lives of retail customers across Uzbekistan, systematically expanding our product range,” said Oliver Hughes, head of international business at TBC Group.

— TechCrunch Interview

Pioneering AI Technologies

TBC Uzbekistan is at the forefront of AI innovation. With plans to introduce service bots and voice-interactive mobile services next year, the bank is setting new standards. Hughes revealed that AI experts who developed Yandex’s Alice have crafted a finance-specific LLM for local languages, including Uzbek.

Future Endeavors and Market Insight

The bank plans to become an insurer next year and introduce a buy-now-pay-later solution alongside SME lending products. The competitive landscape is expected to intensify with international banks eyeing entry into Uzbekistan’s burgeoning market.

Current Success and Growth Projections

TBC Uzbekistan currently boasts 16.9 million users with 4.9 million monthly active users as of September. It achieved a net profit of $27 million in the first nine months of this year and aims for $75 million by 2025.