Uzbekistan’s fintech startup Uzum has seen its valuation reach $2.3 billion, a significant 53% increase in just seven months. This valuation surge follows a $131.5 million investment round led by sovereign wealth funds from Oman, with participation from key investors like Tencent, VR Capital, and FinSight Ventures. The recent funding, comprising both equity and convertible financing, sets the stage for Uzum’s plans to raise $250 million to $300 million in a pre-IPO round by late 2026 or early 2027.
Uzum, which achieved unicorn status in 2024, has rapidly expanded its user base to 20 million and processed $11 billion in payments. The startup has positioned itself as Uzbekistan’s primary digital ecosystem, offering a range of services from e-commerce to digital banking and consumer lending. Uzum’s success underscores the accelerating growth of Uzbekistan’s digital economy, driven by factors like increased smartphone adoption and a youthful population.
Initially focusing on e-commerce with Uzum Market, the startup has diversified its offerings to include financial services through Uzum Bank and consumer lending via Uzum Nasiya. Additionally, Uzum’s express food delivery service, Uzum Tezkor, further enhances its integrated ecosystem approach that spans commerce, payments, and banking services.
Source: TechCrunch