TBC Bank Uzbekistan, the nation’s leading mobile-only bank, announced it has secured a significant $25m in debt financing from BlueOrchard Finance.
According to FinTech Finance, this fresh capital marks another strategic step for the bank as it seeks to enhance its digital offerings and deepen financial inclusion in Uzbekistan.
This new influx of capital will be channelled towards expanding TBC UZ’s comprehensive digital ecosystem. Specifically, the funds are earmarked to grow the bank’s loan portfolio and to promote broader financial access across Uzbekistan, which is the most populous country in Central Asia. This funding initiative is part of TBC UZ’s ongoing efforts to diversify its financial sources and follows a previous $10m credit facility it secured from responsAbility Investments AG earlier in the year.
TBC UZ operates under the umbrella of TBC Uzbekistan, a pivotal entity within the region’s digital financial landscape. The broader group includes notable subsidiaries such as payme, a digital payments application catering to individuals and SMEs, and payme nasiya, which offers instalment credit solutions. TBC Uzbekistan is a crucial component of the TBC Bank Group PLC, listed on the London Stock Exchange.
Regarding the financing, TBC Group operations CEO in Uzbekistan, Nika Kurdiani, expressed his enthusiasm: “We are thrilled to secure this significant debt financing from BlueOrchard, which will enable us to further diversify our funding base and expand our microlending efforts, helping enhance financial inclusion across Uzbekistan. We are passionate about providing innovative digital financial solutions that increase convenience and improve lives and feel privileged to have BlueOrchard’s support.”
Echoing this sentiment, Philipp Mueller, CEO of BlueOrchard, remarked: “We are delighted to partner with TBC Bank Uzbekistan and support its important mission of leveraging modern digital banking to help improve lives and promote financial inclusion in Central Asia. This investment will help TBC UZ reach more individuals with vital financial services, fostering economic resilience and development in the region.”
Previously, TBC UZ had secured a $10m investment from responsAbility Investments AG, further underscoring its appeal to international financiers focused on sustainable development in emerging markets.
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