TBC Bank Uzbekistan (TBC UZ), the country’s largest digital bank, announces today it has secured $20 million in debt financing from a fund managed by Switzerland-based impact investor BlueOrchard Finance Ltd (BlueOrchard).
The new agreement takes the total funding for TBC UZ through a BlueOrchard managed fund to $45 million, further extending the impact investor managed fund’s commitment to the Bank on the back of the original $25 million agreement signed in August 2024.
The funds will be used to further expand TBC UZ’s lending efforts and promote financial inclusion in Uzbekistan, with a focus on expanding the digital bank’s offering for Uzbekistan’s small and medium sized enterprises (SMEs).
Nika Kurdiani, CEO of TBC Uzbekistan, commented: “We are delighted to have the opportunity to strengthen our relationship with BlueOrchard – a truly valued partner – and secure additional funding at a time when we are gearing up to launch our lending offering for SMEs. The new agreement will allow us to further diversify our funding base, helping us to provide Uzbekistan’s SMEs with quick and easy access to the loans they need to continue to develop and drive economic growth in the country”.
Philipp Mueller, CEO of BlueOrchard, said: “We are looking forward to deepening our relationship with TBC, whose mission to expand financial inclusion in Uzbekistan closely aligns with our values. We are confident that this additional funding will enable TBC UZ to further drive economic growth for entrepreneurs and small businesses in the region.”
TBC UZ is part of TBC Uzbekistan, a leading digital financial ecosystem in Central Asia, which also includes Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), an instalment credit business. TBC Uzbekistan is part of London-listed TBC Bank Group PLC.
About BlueOrchard Finance Ltd:
BlueOrchard is a leading global impact investment manager and member of the Schroders Group. As a pioneer of impact investing, the firm is dedicated to generating lasting positive impact for communities and the environment, while aiming at providing attractive returns to investors. BlueOrchard was founded in 2001, by initiative of the UN, as the first commercial manager of microfinance debt investments worldwide. Today, the firm offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors with the aim to make impact investment solutions accessible to all and to advance the conscious use of capital. Being a professional investment manager and expert in innovative blended finance mandates, BlueOrchard has a sophisticated international investor base and is a trusted partner of leading global development finance institutions. To date, BlueOrchard has invested over USD 11 billion across more than 100 countries. As of December 2023, BlueOrchard supported over 300 million people in emerging and frontier markets with its investments. For additional information, please visit: https://www.blueorchard.com/.
About TBC Uzbekistan
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia and part of London-listed TBC Bank Group.
TBC Uzbekistan’s success is driven by its purpose-built tech stack, experienced international team and a consumer lending-led product strategy, supported by its first-mover advantage in Central Asia’s largest nation by population. The company continues to expand its innovative, best-in-class product mix, leveraging low retail banking penetration and a rising appetite for modern financial services among the country’s young, growing, and digitally savvy population.
TBC Uzbekistan comprises three high-growth fintech businesses operating in Uzbekistan: TBC UZ, country’s largest digital bank; Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), a fast-growing instalment credit business.
TBC Uzbekistan reached profitability 2 years after launch – a record time-to-profit among global digital banks, and has since scaled its user base to 18.4 million unique registered users. In FY24, the company recorded a net profit of USD 41 million, with its loan and deposit books up 103% and 74% YoY respectively.
