#Tencent #Uzbekistan #Tashkent #Uzum #VR Capital

Uzum Secures Major Funding for Expansion

In a monumental move that underscores its growth trajectory, Uzum, the leading digital ecosystem in Uzbekistan, has successfully raised nearly $70 million in equity financing. This funding round was spearheaded by notable investors Tencent and VR Capital, with additional participation from FinSight Ventures, an American investment fund focusing on AI and fintech. Following this latest round, Uzum's valuation has catapulted to approximately $1.5 billion, reflecting its rapid advancements in the fintech and e-commerce sectors.

Uzum has been at the forefront of digital innovation in Uzbekistan, recently emerging as the nation’s fastest-growing digital bank, Uzum Bank. The bank has issued over 2 million co-branded Visa debit cards with approved credit limits since launching in August 2024, thus marking a significant milestone in the banking sector of Uzbekistan where digital financial services are still in their infancy.

The fresh capital will play a vital role in further advancing a myriad of projects within Uzum's ecosystem including the deployment of digital lending and deposit products, expansion of the Visa debit card program, and enhancement of the financial infrastructure supported by AI integration. This AI will be pivotal in improving credit assessments, fraud prevention, and creating personalized user experiences.

Richard Deitz, founder and president of VR Capital, expressed admiration for Uzum's business model, emphasizing the company's ability to seamlessly blend fintech solutions with e-commerce services. He stated, “Uzum represents a unique convergence of a proven business model and pioneering advantages in a structurally underserved market.”

Moreover, Uzum’s e-commerce segment, bolstered by Uzum Market and Uzum Tezkor, is witnessing tremendous growth. In the first half of 2025, there was an approximately 1.5 times increase in gross merchandise value year-on-year, indicating a healthy demand for their services. As Uzbekistan's only vertically integrated platform that combines commercial and financial services at a national level, Uzum is well-positioned for continued success in the consumer technology sector.

The investment from Tencent, a global leader in internet services and technologies, along with VR Capital, which manages over $8 billion in assets and focuses on emerging markets, marks a critical endorsement for Uzum. Alexey Garyunov from FinSight Ventures described Uzum as having one of the most compelling growth trajectories in Central Asia’s fintech and e-commerce landscape, praising its rapid expansion and user growth.

Djasur Djumaev, founder and CEO of Uzum, expressed excitement over the partnership with Tencent and VR Capital, viewing their involvement as a vote of confidence in Uzum’s strategy to integrate financial services across Uzbekistan's largest e-commerce infrastructure. “In just two years, Uzum has built the most comprehensive digital ecosystem in Uzbekistan, transforming how people shop, pay, and manage their money,” Djumaev stated.

With over 17 million active users each month, which is more than half of Uzbekistan's population, Uzum is uniquely positioned to capitalize on the country’s burgeoning digital and financial transformation. The nation, which boasts a young demographic—nearly 60% of its 37 million inhabitants are under 30—coupled with a rapidly growing GDP and high mobile phone penetration rates, provides a fertile ground for Uzum’s business model.

Despite the increasing adoption of mobile technology and the Internet—expected to surpass 87% by 2027—over 40% of adults in Uzbekistan remain without access to formal financial services, presenting vast opportunities for disruption within the fintech sector.

According to KPMG estimates, Uzbekistan's e-commerce market is expected to grow at a compound annual growth rate of 40-47%, projecting a reach of $2.2 billion by 2027, making it the fastest-growing digital consumer market in Central Asia. With solid government support for financial inclusion and ongoing regulatory reforms, Uzbekistan is poised to become a launchpad for scalable digital finance and tech-driven platforms.

Uzum’s continued growth is set to make significant impacts on the digital economy in Uzbekistan while addressing the fundamental financial needs of its citizens. As such, this latest funding round not only emphasizes Uzum's significant progress but also signals a promising future for both the company and Uzbekistan’s deepening digital landscape.