Uzbekistan's mobile bank TBC bags $37M to expand with new AI and insurance products
Uzbekistan's mobile-exclusive bank, TBC Bank Uzbekistan, has raised $37 million to bolster its footprint in the Central Asian nation.
Uzbekistan’s mobile-exclusive bank, TBC Bank Uzbekistan, has raised $37 million in a new funding round to bolster its dominating digital presence in the Central Asian nation by developing new AI and tech products and attracting more tech-savvy customers.
The fresh investment, made by the bank’s London-based parent TBC Group, comes just five months after it raised $38.5 million in July. The parent company also led the last round, which included participation from its shareholders, the European Bank for Reconstruction and Development (EBRD) and the World Bank’s International Finance Corporation (IFC).
Uzbekistan has been an attractive market for digital businesses in recent years, with nearly 90% internet penetration and a young population — 60% of its total population is under 30, per UNICEF. However, a significant share of the country’s banking assets remains with its state banks. TBC Group sees this as a growth opportunity.