Uzum Raises $70 Million to Propel Uzbekistan's Fintech Future with Tencent and VR Capital Support

Uzum Secures $70 Million in Equity Financing

Uzum, a prominent fintech platform in Uzbekistan, has successfully raised approximately $70 million in equity financing. This substantial investment was spearheaded by tech giant Tencent and global asset management firm VR Capital, with additional support from FinSight Ventures, a U.S.-based fund that focuses on investments in AI and fintech.

This latest funding round has significantly boosted Uzum's valuation to about $1.5 billion, reflecting the rapid growth and increasing influence the company has within the fintech and e-commerce sectors. With the new capital injection, Uzum plans to accelerate the rollout of its digital lending and deposit products, expand its Visa debit card program, and enhance its financial infrastructure with advanced AI technology. The company has embedded AI across various operations, including credit scoring, fraud prevention, and tailoring user experiences to meet individual needs.

Founded just two years ago, Uzum has quickly established itself as a key player in the Uzbek digital landscape. Uzum Bank, the company's financial arm, has emerged as the fastest-growing digital bank in Uzbekistan. Since the launch of its co-branded Visa debit card with embedded credit limits in August 2024, the bank has issued over two million cards within the first half of 2025 alone. This signifies a marked transformation in Uzbekistan's banking landscape, where Uzum stands out for introducing the first debit card tied to pre-approved credit limits.

The advancements in Uzum's consumer credit sector have also been remarkable, with its Buy Now, Pay Later (BNPL) service witnessing over threefold growth in total financed volume during the first half of 2025. Furthermore, the e-commerce sector has been equally thriving, with Uzum Market—the nation’s largest online marketplace—along with Uzum Tezkor, which provides express delivery services, experiencing a significant year-on-year increase in gross merchandise value of approximately 1.5 times.

Uzum has established a unique vertically integrated platform that merges both e-commerce and financial services. This investment round signals confidence in Uzum's unprecedented market position and will fund crucial expansions aimed at further solidifying its leadership in Uzbekistan's digital economy.

Richard Deitz, Founder and President of VR Capital, expressed enthusiasm about the investment, noting that Uzum represents a compelling business model that has demonstrated remarkable progress in a largely underserved market. Similarly, Alexey Garyunov, Managing Partner at FinSight Ventures, highlighted Uzum's rapid expansion and the synergies created across its varied services that enhance customer satisfaction and retention.

Djasur Djumaev, the Founder and CEO of Uzum, emphasized that this new funding will allow them to deepen their fintech offerings and maintain their leadership in digital banking and lending within a rapidly transforming economy. He remarked on the successful integration of financial services into their extensive e-commerce infrastructure.

Uzum serves more than 17 million users each month, which is over half of Uzbekistan's population, and is directly contributing to the digital transformation of the country. Despite its current progress, Uzbekistan remains an emerging market for digital finance, with a significant portion of the population still lacking access to formal financial services. This situation presents Uzum with expansive opportunities to further innovate in both fintech and e-commerce.

With its favorable demographics, the presence of a youthful population, and strong GDP growth, Uzbekistan is predicted to experience continued advancements in digital finance and e-commerce. Analysts project that the e-commerce sector will grow at an explosive rate, expected to reach about $2.2 billion by 2027.

As Uzum continues to innovate and expand its offerings, it positions not only itself but also Uzbekistan’s entire digital economy for substantial growth and development in the coming years.

For more information about Uzum and its services, visit Uzum's official website.