TBC Bank Uzbekistan Secures Further $10M Credit Facility from responsAbility
TBC Bank Uzbekistan (TBC UZ), the country’s largest mobile-only bank, has secured a new $10 million credit line from Switzerland-based impact asset manager responsAbility Investments AG.
This is the third credit line agreement between the two entities, bringing the total funding for
TBC Uzbekistan from responsAbility to $35 million. The funding will support TBC UZ’s loan
portfolio growth, help the digital bank further diversify its funding base, and promote financial
inclusion in Uzbekistan, Central Asia’s most populous country.
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. The ecosystem is part of
London-listed TBC Bank Group PLC.
responsAbility is a leading Swiss impact asset manager, specialising in private market
investments across three investment themes: financial inclusion, climate finance and
sustainable food. The company manages $5.0 billion in assets across approximately 280
portfolio companies in about 70 countries, as of 30 June 2024.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, commented:
“We are delighted to secure this additional $10 million credit facility from responsAbility
Investments AG, bringing our total funding from them to $35 million. This continued
partnership underscores the strength of our business model and the growing confidence in
Uzbekistan’s digital banking sector. As we continue to grow our loan portfolio and diversify
our product offering, we remain committed to promoting financial inclusion and empowering
individuals and businesses in Uzbekistan through access to world-class digital financial
services.”
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, a mobile-only 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 16 million unique registered users.
In 1H24, the company recorded a net profit of USD 16 million, with its loan and deposit
books up 113% and 58% YoY respectively. TBC Bank Uzbekistan is rated ‘BB-’ by Fitch
Ratings (equal to Uzbekistan’s country rating) with a Stable Outlook.