- Funding:
- TBC Bank Uzbekistan (TBC UZ) secured a $38.2 million equity investment from stakeholders.
- TBC Bank Group, the parent company, is contributing $23 million.
- The European Bank for Reconstruction and Development and the International Finance Corporation are each contributing $7.6 million.
- Total funding to date is $130 million.
- Utilization of Funds:
- Boost consumer loan issuance.
- Finance new product launches, including offerings for micro and small enterprises.
- Launch new AI-enabled capabilities to enhance customer experience.
- Company Background:
- Launched in 2020.
- Claims to be Uzbekistan’s largest mobile-only bank.
- Achieved profitability within two years of launch.
- Reported a net profit of $23 million in 2023.
- Growth Metrics:
- User base grew to 15 million.
- Doubled loan and deposit volumes.
- Achieved 85% year-on-year revenue growth in the first quarter of 2024.
- Market Potential:
- Uzbekistan has a population of over 37 million.
- TBC UZ aims to leverage growth opportunities in this fast-growing market.
