Uzum has raised $70m in equity financing to accelerate the expansion of its financial and e-commerce services across the country.
The latest round was led by global tech giant Tencent and alternative asset manager VR Capital, with additional backing from FinSight Ventures. FinSight, a US-based fund focused on FinTech, AI and super-apps, had previously led Uzum’s first equity round in March 2024.
Founded to provide an integrated digital services experience, Uzum combines e-commerce, digital banking and financial services into one unified platform for Uzbekistan’s fast-digitising population.
The new capital will help Uzum expand its proprietary FinTech infrastructure and product portfolio, as it looks to solidify its leadership in the country’s financial services and e-commerce sectors. The company is aiming to seize the growing demand for digital solutions and embedded finance in Uzbekistan’s emerging market.
Following the funding, Uzum’s post-money valuation now stands at approximately $1.5bn, a significant increase since its March 2024 raise. The company said the strong performance across its core business segments had been a major driver of investor confidence.
Uzum Bank, the group’s digital banking arm, has emerged as the fastest-growing bank in Uzbekistan. Since launching a co-branded Visa debit card in August 2024, featuring an embedded pre-approved credit limit, the company has issued more than 2 million cards in the first half of 2025. Its consumer lending division, led by a buy now, pay later (BNPL) offering, has more than tripled total financed volume over the same period.
On the e-commerce side, Uzum operates Uzum Market, the country’s largest online marketplace, and Uzum Tezkor, a leading express delivery service. These platforms drove a 1.5x year-on-year increase in gross merchandise value in H1 2025.
VR Capital founder and president Richard Deitz said, “Uzum embodies a unique confluence of a proven business model and first-mover advantage in a structurally underserved market. We are deeply impressed by the quality of the team and the remarkable progress the Company has achieved to date. It is our privilege to support Uzum’s continued growth through our investment.”
FinSight Ventures managing partner Alexey Garyunov said, “We believe Uzum represents one of the most compelling fintech and e-commerce growth stories in Central Asia. Since our initial investment last year, the company has achieved remarkable milestones — rapidly expanding its user base, launching new products, and driving monetization. The synergy across its diverse verticals has not only improved unit economics and reduced delinquency, but also lifted customer satisfaction and retention, reflected in a rising NPS and LTV. These dynamics mirror patterns we’ve seen in other breakout super-apps globally, and they’re reinforcing Uzum’s leadership in Uzbekistan’s digital economy. We see enormous untapped potential to layer new services for both consumers and merchants on top of Uzum’s existing platform. That’s exactly why we’re excited to double down in this new round and continue supporting Uzum on its journey.”
Uzum founder and CEO Djasur Djumaev added, “In just two years, Uzum has built the most comprehensive digital ecosystem in Uzbekistan. Today, we’re reshaping how people shop, pay, and manage money. This new round of funding empowers us to deepen our fintech offerings and expand our leadership in digital banking and lending. We are delighted to welcome Tencent and VR Capital as new shareholders and proud to be working with tier-1 global investors who share our vision. It’s also a vote of confidence in our strategy to integrate financial services directly within the country’s largest e-commerce infrastructure.”
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