Investment Secured: Uzum Raises $70M in Funding, Primarily by Tencent and VR Capital, Elevating Valuation to $1.5 Billion
Uzum, a leading digital ecosystem in Uzbekistan, has secured $70 million in equity financing, marking a significant milestone in its mission to expand and scale its fintech and digital commerce offerings. The funding round was led by Tencent and VR Capital, with FinSight Ventures also participating.
With this fresh capital, Uzum plans to roll out digital lending and deposit products within Uzum Bank, expand its Visa debit card program, scale its financial infrastructure, embed AI technologies across credit scoring, fraud prevention, and personalized user experiences, develop digital e-commerce solutions, and support the growth of small and medium-sized enterprises.
Since launching its co-branded Visa debit card with pre-approved credit limits, Uzum has issued over 2 million cards in the first half of 2025, and aims to surpass 5 million by year-end. The e-commerce segment of Uzum, powered by Uzum Market and Uzum Tezkor, has grown gross merchandise value (GMV) by ~1.5x year-over-year in H1 2025, serving over 17 million monthly active users.
Uzum's ecosystem integrates multiple business units—e-commerce, express delivery, and digital banking—and aims to strengthen its leadership in Uzbekistan's burgeoning online commerce and fintech markets. The company's rapid revenue and user growth trajectory capitalizes on its pioneering position in a developing market.
Uzum's services are used by over half of Uzbekistan's population, making it the largest digital platform in the country. The platform provides services spanning e-commerce, express delivery, banking and fintech, and business development. Uzum's consumer credit business has more than tripled its total financed volume (TFV) in the first half of 2025.
Uzbekistan, Central Asia's most populous country and second-largest economy by nominal GDP, is undergoing a generational digital and financial transformation. With nearly 60% of its citizens under the age of 30 and strong GDP growth, Uzbekistan presents a vast opportunity for fintech disruption. Over 40% of adults in Uzbekistan lack access to formal financial services, creating a ripe market for digital finance solutions.
The new round of funding for Uzum empowers the company to deepen its fintech offerings and expand its leadership in digital banking and lending. Tencent, a world-leading internet and technology company listed on the Stock Exchange of Hong Kong, and VR Capital, a global alternative asset management firm with over $8 billion in assets under management, have expressed admiration for Uzum's business model, team, and progress. Alexey Garyunov, Managing Partner at FinSight Ventures, has also expressed support for Uzum's continued growth.
Uzum is compliant with AML/FATFA proceedings and observes international sanctions regime in terms of its business operations and incoming and outgoing investments. As the fastest-growing bank in Uzbekistan, Uzum Bank is poised to lead the charge in digital banking and fintech solutions in the country.
[1] Uzum Issues Over 2 Million Cards in First Half of 2025 [2] E-commerce in Uzbekistan to Reach $2.2 Billion by 2027 [3] Uzbekistan's Digital Consumer Market is the Fastest-Growing in Central Asia [4] Uzum Secures Nearly $70 Million in Equity Financing [5] Uzum Bank is the Fastest-Growing Bank in Uzbekistan
- To further accelerate its digital transformation, Uzum plans to invest in technology, particularly AI, to enhance credit scoring, fraud prevention, and personalized user experiences, as well as develop digital e-commerce solutions.
- With the recent $70 million equity financing, Uzum aims to expand its business by rolling out digital lending and deposit products, scaling its fintech infrastructure, and supporting the growth of small and medium-sized enterprises, thereby establishing itself as a leading player in Uzbekistan's fintech and digital commerce markets.
