TBC Bank acquires BILLZ to expand SME services in Uzbekistan

By Vriti Gothi

TBC Bank Group PLC, an operator of Uzbekistan’s digital banking ecosystem, has acquired a majority stake in BILLZ, a retail management SaaS platform.

Subject to customary regulatory approvals, the partnership will see TBC Uzbekistan, the Group’s Central Asian digital banking hub, integrate BILLZ’s robust retail management technology into its expanding ecosystem. BILLZ’s all-in-one SaaS platform streamlines critical retail functions, combining point-of-sale, inventory, CRM, eCommerce, and advanced analytics.

The platform enables over 4,000 retail businesses to simplify operations, enhance customer engagement, and scale their sales channels across online marketplaces and social shops, processing more than 1.5 million transactions every month.

TBC Bank Group has agreed to invest up to $12 million in BILLZ, initially acquiring a 53% stake for $9 million and targeting a 60% holding within two years, valuing the company at $20 million post-transaction. BILLZ will retain its trusted brand and agile leadership team, ensuring continuity of innovation while benefiting from the scale, resources, and reach of TBC’s market-leading digital ecosystem.

This acquisition further strengthens TBC Uzbekistan’s strategic focus on SMEs, a critical segment for the nation’s economic development. By embedding BILLZ’s retail management capabilities, TBC Uzbekistan will instantly expand its SME reach, deepen customer engagement, and unlock synergies that boost revenue per user, loyalty, and long-term retention.

Retailers using BILLZ will gain seamless access to TBC’s full suite of integrated financial services, including TBC UZ’s digital banking products, Payme’s advanced payments solutions, and flexible lending through Payme Nasiya. This combined offering creates a powerful, customer-centric ecosystem that empowers entrepreneurs to manage, grow, and finance their businesses more efficiently than ever before.

Nika Kurdiani, CEO of TBC Uzbekistan, said, “Since entering Uzbekistan in 2019, we have been committed to driving the nation’s digital transformation and building a world-class financial ecosystem that empowers customers and businesses alike. Our partnership with BILLZ demonstrates our continued dedication to nurturing Uzbekistan’s vibrant startup community and delivering best-in-class digital products that create real impact. We have long admired Rustam and the BILLZ team for their innovation and market leadership, and we look forward to accelerating our shared mission to serve the country’s entrepreneurs with unmatched value and simplicity.”

Rustam Khamdamov, CEO & Co-Founder of BILLZ, said, “Joining forces with TBC Uzbekistan marks an exciting new chapter for BILLZ and the broader tech ecosystem in Central Asia. Together, we will expand our reach, enhance our technology, and deliver even greater value to thousands of retailers striving to digitize and grow. Our vision has always been to empower small businesses with cutting-edge tools, and this partnership gives us the scale and momentum to do so faster and more effectively than ever.”