Uzbekistan Fintech Uzum Secures $70M, Valued at $1.5B

Uzbekistan-based fintech and e-commerce company Uzum has secured nearly $70 million in equity financing led by Tencent and VR Capital, with participation from FinSight Ventures, raising its valuation to approximately $1.5 billion. Since launching its co-branded Visa debit card with pre-approved credit limits in August 2024, Uzum Bank has issued over two million cards and is on track to exceed five million by the end of 2025, while its consumer credit business has more than tripled its total financed volume. The company, which also operates an e-commerce marketplace and food delivery service, boasts over 17 million monthly active users, nearly half of Uzbekistan's adult population, and generated $250 million in gross merchandise value in the first half of 2025. Uzum's rapid growth and broad digital ecosystem reflect deep local knowledge and disciplined execution, attracting global investors and positioning the company as a major fintech player in Central Asia. Tencent's investment aligns with China's strategic ambitions in the region, leveraging the country's Belt and Road Initiative to expand its economic influence through digital infrastructure. Uzum's rise illustrates disruptive innovation in a market where over 40% of adults lack formal financial services, making it a gateway to a largely untapped fintech market in Central Asia.