Uzum raises $70m to scale across Central Asia

By Vriti Gothi

Uzum has raised $70 million in an equity funding round led by Tencent and VR Capital, with continued participation from FinSight Ventures.

This latest round marks a significant milestone in the company’s growth journey, valuing the platform at approximately $1.5 billion and underscoring its strategic role in reshaping the digital economy across Central Asia.

This investment represents Tencent’s first direct equity engagement with a technology company in Uzbekistan and reflects a growing confidence in the scalability, innovation, and long-term potential of Uzum’s integrated digital services model. The company has rapidly scaled its operations across e-commerce, digital banking, payments, and consumer finance, delivering strong performance across both financial and engagement metrics since its previous fundraising in March 2024.

At the core of Uzum’s platform is a seamlessly interconnected suite of services designed to meet the evolving digital lifestyles of Uzbekistan’s population. Uzum Bank, launched in August 2024, has become the country’s fastest-growing digital bank, issuing over two million co-branded Visa debit cards with built-in credit features in the first half of 2025. The platform’s consumer credit and buy now, pay later (BNPL) services have seen a 3.4x year-on-year growth in financed volumes in the first quarter of the year, reflecting strong demand for accessible financial solutions.

On the commerce front, Uzum Market and its express delivery service, Uzum Tezkor, have consolidated their position as market leaders, with combined gross merchandise value increasing by 50% year-on-year. The ecosystem now serves more than 17 million monthly active users, over half the country’s population and has become a critical engine of growth for over 40,000 merchants and small businesses. The company has generated more than 12,000 jobs through its network, playing a pivotal role in economic development and digital inclusion.

The fresh capital infusion will accelerate Uzum’s next phase of expansion, with a focus on deepening its FinTech infrastructure, enhancing AI-powered credit scoring and fraud prevention capabilities, and expanding its lending and deposit offerings. The company also plans to further embed financial services into its consumer and merchant journeys, aiming to reduce friction, personalise engagement, and deliver broader access to underserved segments, particularly in rural and peri-urban regions.

Djasur Djumaev, Founder and CEO of Uzum, said, “In just two years, Uzum has built the most comprehensive digital ecosystem in Uzbekistan. This new round of funding empowers us to deepen our FinTech offerings and expand our leadership in e-commerce, banking, and embedded finance. It’s also a vote of confidence in our strategy to integrate financial services directly within the country’s largest e-commerce infrastructure.”

With its latest funding, Uzum cements its position as a regional digital leader, ready to shape the next chapter of financial and technological inclusion for millions across Uzbekistan and beyond.