Uzum Secures $70 Million Funding Led by Tencent and VR Capital, Valued at $1.5 Billion

Uzum's Expansion Boosted by $70 Million Funding

Uzum, Uzbekistan's leading digital ecosystem, has completed a significant funding round, securing nearly $70 million in equity financing. This investment was primarily led by tech giant Tencent and asset management firm VR Capital, with participation from FinSight Ventures. Following this financing, Uzum's valuation has reached approximately $1.5 billion, reflecting the company’s impressive growth trajectory in the fintech and e-commerce sectors.

Expansion of Services

With this fresh capital, Uzum plans to accelerate its expansion, particularly within its fintech offerings. The company aims to enhance its product suite for digital loans and deposits and expand its existing Visa debit card program. Uzum Bank, which has become the fastest-growing bank in Uzbekistan, has issued over 2 million co-branded Visa debit cards integrated with credit limits, a significant milestone for the country’s banking landscape.

Uzum’s ecosystem also includes deep financial technology integration with its e-commerce platform. This funding round is a pivotal step in developing unique financial infrastructure that utilizes AI for credit scoring, fraud prevention, and personalized user experiences.

Significant Growth in E-commerce

Uzum's e-commerce segment is notably driven by its marketplace, Uzum Market, and the delivery service Uzum Tezkor. In the first half of 2025, the gross merchandise value of this e-commerce segment grew by 1.5 times year-on-year. Uzum is distinguished as the only vertically integrated platform in Uzbekistan, merging commercial and financial services at a national scale.

The company's innovative strategies and impressive metrics highlight its firm market positioning and ambition in one of the fastest-growing digital economies in Central Asia. The funds raised during this round are earmarked for enhancing the capabilities and offerings of Uzum's fintech division and expanding its leadership in digital banking and lending.

Investor Perspectives

Leading investors are optimistic about Uzum’s potential. Richard Deitz, founder and president of VR Capital, emphasized that Uzum presents a unique business model in a market that has traditionally been underserved. He highlighted the exceptional quality of the team and the substantial progress the company has made thus far, which has made it a privilege for VR Capital to support its ongoing growth.

Alexey Garyunov, managing partner at FinSight Ventures, shared similar sentiments, stating, "We believe Uzum represents one of the most attractive growth stories in the fintech and e-commerce sectors in Central Asia. Since our initial investment last year, the company has achieved remarkable milestones, rapidly expanding its user base and launching new products."

Looking to the Future

Djasur Djumaev, founder and CEO of Uzum, noted that in just two years, Uzum has developed the most comprehensive digital ecosystem in Uzbekistan, transforming the way people shop, pay, and manage their finances. The new funding round will enable the company to deepen its fintech offerings and fortify its leadership in digital banking and lending services while welcoming Tencent and VR Capital as new shareholders.

Uzum's journey reflects the broader transformation occurring in Uzbekistan as over 40% of adults remain unbanked, presenting significant opportunities for fintech disruption. With a favorable government stance towards financial inclusion and continued investment in digital infrastructure, Uzbekistan is poised for significant growth in the financial technology sector.

For more information on Uzum and their services, visit Uzum's official website.