back Back

Uzum to invest $300 million in Uzbekistan’s new digital economy

By Gloria Mathias

October 05, 2023

  • Central Asia FinTech
  • Digital Banking
  • Digital Economy
Share

Uzum, Uzbekistan, fintech, Financial InvestmentsUzum has planned to invest $300 million to fund further growth of the digital economy in Uzbekistan alongside prominent international investors.

Investments are planned to be allocated towards accelerating the expansion of e-commerce, digital banking and FinTech services offered by Uzum Group as well as expanding the company’s own logistics infrastructure.

The platform is ready to raise funds from the leading investment funds. In line with the Group’s strategy, new funds would be used to boost growth and strengthen leading positions of the existing business units as well as to expand into adjacent verticals with a strong synergy potential.

Uzum is creating a national digital platform that offers digital services to millions of the country’s residents. In addition to the existing product range, the company boasts a strong backlog of new products, e.g., classifieds, various services and products for entrepreneurs (for instance, fintech and last-mile logistics).

Its mission is to create a one-stop digital solution for both consumers and businesses, providing its clients across the whole country with access to best-in-class digital solutions. The development of the ecosystem is also strongly beneficial to the country’s economy as it contributes to the proliferation of the SME segment, increases banking services penetration, improves financial literacy and grows the share of cashless transactions.

Djasur Djumaev, Founder and CEO of Uzum said, “Today, Uzbekistan represents a truly appealing investment case. A unique combination of factors, including (i) strong economic growth, (ii) favourable demographics, (iii) high and growing internet penetration, (iv) rapid expansion of eCommerce and fintech industries and (v) steady governmental support makes Uzbekistan a hotspot for inventors seeking a sustainable secular growth potential.”

“We are delighted to welcome several prominent investment funds willing to back our ambitious growth aspirations. Attracting funds from top-tier international institutions is the start of an exciting new chapter allowing us to fasten our expansion plans. In addition, it will help Uzum to create thousands of jobs within the ecosystem as well as among small and medium-sized businesses across the country,” added Djumaev.

Previous Article

October 05, 2023

Noda and Tickets Travel Network partner for seamless payments

Read More
Next Article

October 05, 2023

SmartStream launches new Collateral Management solution

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

December 06, 2024

Are Indian banks ready for cyber threats? 2,500 weekly attacks say NO!

Read More

December 06, 2024

PayPoint & Lloyds Bank enhance merchant services for UK SMEs

Read More

December 06, 2024

Premier Bank & Mastercard roll out Sharia-compliant cards in Kenya

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More