#Tencent #Uzbekistan #Tashkent #Uzum #VR Capital

Uzum Secures $70 Million Equity Financing

Uzum, the foremost digital ecosystem in Uzbekistan, has recently concluded a funding round where it secured nearly $70 million in equity financing. This significant investment was led by Tencent, one of the world's largest internet and technology companies, along with VR Capital, a prominent global alternative asset management firm. FinSight Ventures also participated in this financing, emphasizing a strong belief in Uzum's growth potential.

This new round of funding boosts Uzum's valuation to approximately $1.5 billion, underscoring its rapid expansion and success in both fintech and e-commerce. Since its inception, Uzum has been steadily expanding its offerings, now becoming a leading name in Uzbekistan's digital landscape.

The Expansion of Uzum's Services

As part of its growth strategy, Uzum has effectively merged fintech services with a flourishing e-commerce ecosystem. Uzum Bank, the company's digital banking arm, is rapidly gaining traction and has emerged as the fastest-growing bank in Uzbekistan. It has made significant strides in issuing more than 2 million co-branded Visa debit cards, each with pre-approved credit limits.

The impact of this fintech initiative is noteworthy. Customers now enjoy efficient access to digital lending and deposit products. With artificial intelligence embedded in their systems, Uzum is refining credit scoring, fraud prevention, and user experiences.

The funding will primarily be allocated to enhance the rollout of these services, aiming to reach an even wider consumer base. As such, Uzum prepares to further expand its Visa debit card program and reinforce its financial infrastructure.

E-commerce Growth in Uzbekistan

Uzum’s e-commerce segment, driven by the flagship marketplace Uzum Market and the express delivery service Uzum Tezkor, saw a remarkable growth rate, achieving a 1.5x increase in gross merchandise value in the first half of 2025 compared to the same period last year. This impressive growth showcases Uzum's unique capability to provide integrated commerce and fintech solutions.

Furthermore, Uzum's consumer credit offerings are advancing rapidly. With a strong Buy Now, Pay Later (BNPL) service, the company has successfully tripled its total financed volume in the first half of 2025. The simultaneous scalability of both its banking and e-commerce services is cementing Uzum's position as a comprehensive solution for consumers.

A Vision for the Future

Leading figures from the investment management side expressed their enthusiasm about Uzum’s trajectory. Richard Deitz, President of VR Capital, highlighted Uzum's proven business model and first-mover advantage in a market that remains structurally underserved. Notably, Alexey Garyunov, Managing Partner at FinSight Ventures, emphasized the transformative potential of Uzum, citing its ability to combine various verticals into a cohesive ecosystem that enhances customer satisfaction and retention.

Uzum's CEO Djasur Djumaev remarked on the company's rapid evolution, emphasizing that Uzum has transformed the way people in Uzbekistan shop, pay, and manage their finances in merely two years. With this recent funding, Uzum plans to deepen its fintech offerings and expand its dominance in both digital banking and lending.

Uzbekistan's Digital Landscape

The broader context of Uzbekistan presents significant growth opportunities for fintech. The nation is characterized by a young demographic, with nearly 60% of its 37 million citizens under 30. However, over 40% of adults lack access to formal financial services, underscoring an urgent need for financial inclusion.

According to KPMG, the e-commerce sector in Uzbekistan is projected to grow at a compound annual growth rate (CAGR) of 40% to 47%, anticipating a market size of $2.2 billion by 2027. This rapid expansion signals that platforms offering integrated finance solutions, like Uzum, are poised to significantly shape the future of the region's economy.

Conclusion

Uzum's recent funding success accentuates its potential to be at the forefront of both the fintech and e-commerce revolutions in Central Asia. The confidence exhibited by leading global investors signifies a remarkable endorsement of Uzum's business model and growth strategy.