Uzbekistan's mobile bank TBC bags $37M to expand with new AI and insurance products | TechCrunch
Dec 20, 2024 - techcrunch.com
TBC Bank Uzbekistan, a mobile-exclusive bank, has secured $37 million in a new funding round from its parent company, TBC Group, to enhance its digital presence in Uzbekistan by developing AI and tech products. This follows a $38.5 million raise in July, also led by TBC Group with participation from the EBRD and IFC. The bank, which launched in 2020, offers a mobile app for banking services and has expanded its offerings with a processing center and partnerships with Visa and Mastercard. It plans to introduce new AI solutions, including service and sales bots, and expand into insurance and SME lending. TBC Uzbekistan aims to leverage Uzbekistan's high internet penetration and young population to grow its user base and product lineup.
The bank currently has 16.9 million users and 4.9 million monthly active users, with a net profit of $27 million for the first nine months of the year. It projects a net profit of $75 million by 2025. TBC Uzbekistan is also enhancing its Salom debit card and exploring a buy-now-pay-later solution. The Uzbek market is attracting interest from foreign banks like OTP Bank, Korea Development Bank, and others, indicating growing competition. TBC Uzbekistan also operates the Payme digital payments app and the Sharia-compliant credit business Payme Nasiya.
Key takeaways:
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TBC Bank Uzbekistan raised $37 million to enhance its digital presence and develop AI and tech products.
The bank plans to expand its AI capabilities with service and sales bots and a voice-interactive mobile service.
TBC Uzbekistan aims to become an insurer and introduce a buy-now-pay-later solution and SME lending product.
Uzbekistan's growing digital base and young population are attracting interest from foreign banks, increasing competition.
