In developed countries, stock markets are vital in attracting capital and involving citizens in economic growth. Historically, Uzbekistan’s capital market faced challenges, including complex registration processes, extensive bureaucratic paperwork and limited digital tools that hindered access. However, a significant transformation occurred in 2021 with the launch of Jett, the country’s first mobile investment platform. This innovative solution empowered users to easily buy and sell securities directly from their smartphones.
In an exclusive interview with Kursiv Uzbekistan, Tolibjon Mirzakulov, founder of the fintech startup Jett, discusses Jett’s journey from “you don’t stand a chance” to a platform with tens of thousands of investors. He explains why going global is key for Jett’s future and why democratising investment isn’t just a slogan but a matter of infrastructure.
— Jett was the first digital investment service in Uzbekistan. What did it mean to be a pioneer in such a heavily regulated industry?
— When we first started, the concept of a digital investment service seemed straightforward. However, we quickly realised that being obvious isn’t easy. In October 2021, after a series of meetings with industry players, we received a blunt message: “It’s a good idea, but there’s no API. You can’t build this.”
Essentially, we were informed that the necessary technical infrastructure was lacking. This was why no one had attempted it before; there was simply no way to connect to the exchange. Although it was a wake-up call, it also motivated to push forward.
— How did you solve the problem of the lack of integration with the exchange?
— We chose an alternative path by developing our technical solutions and creating an internal API. With our minimum viable product (MVP), we demonstrated that our concept was feasible. The support we received from regulators marked a significant turning point.
Next, we encountered an organisational barrier. Processes such as opening accounts and executing trades relied heavily on paper forms. In collaboration with brokers and regulators, we gradually transformed the market by implementing new rules, digital document workflows and legal changes. When the National Agency for Project Management (NAPP) was appointed as the market regulator, an important regulation was passed that enabled remote digital identification. Today, this has become the standard, making it much easier for new players to enter the market.
— How did you make investing accessible to everyday users?
— We recognised that 90% of our users are beginners who prefer simplicity and clarity over complex charts. We also wanted to cater to experienced traders, so we aimed for a balanced approach.
We consolidated all market data, quotes, reports, analytics and multipliers, into a single interface. This way, users no longer have to check multiple platforms; they can access a complete overview within the Jett app.
The interface is designed to be flexible: beginners can use simplified tools, while advanced users have access to technical analysis through TradingView, multipliers, candlestick charts and more. This strategy has allowed us to attract diverse investors to one platform.
A web platform app.jett.uz has been launched for those who prefer to work on the desktop and those who are comfortable working through a mobile device can use the Multicard application in the “Investments” section.
— Your slogan is ‘democratising investing’. What does that mean to you?
— Traditionally, investing was seen as an opportunity reserved for the wealthy. In Uzbekistan, the unofficial entry threshold was set at 10 mln soums (~$1000). With added complexities like paper-based procedures and physical ID checks, the average person often felt discouraged from trying to invest.
We eliminated these barriers by simplifying the registration process, introducing remote ID verification and allowing users to start with as little as 100,000 soums (~$10). Now, there is no minimum investment required at all. This means that anyone can embark on their investment journey with minimal risk and cost.
— Customer acquisition cost (CAC) is a challenge for all fintechs. How do you manage it?
— It’s certainly one of our largest expenses. Our strategy focuses on integration rather than isolation. We collaborate with banks and fintech apps that already have substantial, tech-savvy user bases.
Currently, Jett is integrated into 10 apps that collectively serve 10 mln users. By the end of 2025, we aim to achieve 20 integrations. This approach helps us maintain manageable customer acquisition costs (CAC) while steadily expanding our base of active investors.
Our strategy has been recognised on a national level. In May 2025, Jett received an award from the National Association of Investment Institutions for the best IT innovation in Uzbekistan’s capital markets.
— How important is financial education for your user base?
— It’s essential to recognise this. In the beginning, we believed that creating a user-friendly app would suffice. However, we found that most support requests were not technical; rather, they were educational. Users frequently asked questions like, “What is a bond?”, “How are dividends paid?” and “What should I buy?”
To address these inquiries, we first developed a FAQ section, followed by video tutorials. Eventually, we launched the Jett Investors Club, which now boasts around 5,000 members. This club has transformed into a peer-learning hub and has significantly reduced the workload on our support team.
— What does your user base look like today?
— More than 62,000 investors use Jett, and we monitor user activity by region and age. Here are some key insights:
– 25% of users are from Tashkent, followed by the Tashkent region, Samarkand and Fergana.
– The most active age group is 20 to 30 years old.
– Among women, strong engagement is seen in the 37 to 42 age group, which is one of our most active segments.
— What’s next for Jett? Are you planning international expansion?
— This year, we are focused on expanding our platform’s capabilities. We are developing technological solutions for bond sales to help banks and microfinance institutions raise capital more efficiently.
We will be launching white-label investment services, allowing banks to offer Jett’s tools under their own branding. For many banks, partnering with us is a more cost-effective option than building their own investment infrastructure from scratch.
On the startup front, Jett has entered the Seed stage, joined the Plug & Play international accelerator, and is preparing for a funding round. In April, we showcased our offerings at Eurasia Tech Week in Istanbul and are now exploring opportunities in the Middle East and North Africa markets, where a digitally-savvy youth demographic is driving strong demand for investment tools. We see tremendous potential in these markets and are ready to capitalise on it.
