Sunday, November 3, 2024
15.3 C
New York

Uzum lands $114m in mix of equity and debt financing, becomes Uzbekistan’s first tech unicorn

  • Uzbekistan-based tech firm Uzum has secured $114 million in a combination of Series A equity funding and debt financing.
  • The funding round elevates Uzum to unicorn status, indicating a valuation of over $1 billion.
  • Uzum, headquartered in Tashkent, has developed a digital services ecosystem encompassing e-commerce, express delivery, banking and fintech, an automotive marketplace, and business development.
  • The company offers two main apps: Uzum for the general public and Uzum Business for legal enterprises, catering to over 10 million monthly average users by the end of 2023.
  • The $52 million equity portion of the funding comes from a Series A round led by FinSight Ventures, with participation from Xanara Investment Management and Uzum’s senior management team.
  • Uzum plans to use the funding to enhance Uzbekistan’s IT and logistics infrastructure and expand its offerings, including its buy now, pay later (BNPL) service.
  • Additionally, the company has raised $62 million in debt financing to support its BNPL service.
  • Uzum aims to raise around $200 million in a proposed Series B round in 2024 from investors in the UK, US, and the Middle East.
  • The company plans to launch new products into its ecosystem, including a lending offering for SMEs and individuals.
  • Uzum’s Series A funding reflects a trend of global companies raising significant capital this year, alongside other notable raises such as Tameed, ModernFi, and Yuno.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

AI co-pilot solution Reflexivity raises $30m Series B led by Greycroft and IBKR

Funding Round: Reflexivity raised $30 million in a...

Dutch paytech Online Payment Platform secures EMI licence in the UK

EMI License: Online Payment Platform (OPP) has received...

New digital wallet Kuady launches in several LatAm markets powered by Mambu

Launch: Open Payment Technologies has launched Kuady, a...

Citi pens multi-year cloud and AI tech modernisation deal with Google Cloud

Partnership Announcement: Citi has entered a multi-year partnership...

Triodos Bank’s UK CEO Bevis Watts to step down in 2025

Bevis Watts to Step Down: Bevis Watts, CEO...

American Express to acquire UBS’s 50% stake in Swisscard, becoming sole owner

Acquisition Details: American Express (Amex) will buy UBS’s...

Related Articles

Popular Categories

spot_imgspot_img