London-listed TBC Bank Group, which operates the leading financial services group in Georgia and the largest digital banking ecosystem in Uzbekistan, announces its acquisition of a majority stake in BILLZ, Uzbekistan’s leading retail management SaaS platform, further strengthening its offering for small and medium sized enterprises (SMEs) in the country.
Subject to standard regulatory approvals, this strategic partnership agreement signifies a landmark deal for Uzbekistan’s rapidly developing tech sector and ranks among the top M&As in the country over the past three decades. It will see TBC Uzbekistan, the Group’s digital banking ecosystem in Central Asia, partnering with BILLZ and incorporating the platform into its ecosystem.
TBC Bank Group agreed to acquire a majority stake in BILLZ for up to $12 million, including an initial 53% stake for $9 million with plans to increase it to 60% over the next two years, giving BILLZ a post-money valuation of $20 million. The partnership and planned investment will unlock additional catalysts for growth for both BILLZ and TBC Uzbekistan. Under the terms of the deal, BILLZ will continue to operate under its own brand, while becoming fully integrated into the TBC Uzbekistan ecosystem. The management and wider team at BILLZ will remain with the company, continuing to lead its product development and execution. TBC Bank Group has entered into a put/call arrangement for the remaining 40% of BILLZ, which can be exercised 36 months after the completion of this deal.
This agreement is set to drive customer acquisition and revenue growth for both TBC Uzbekistan and BILLZ. TBC Uzbekistan, part of London-listed TBC Bank Group, encompasses payme, a digital payments app for individuals and small businesses; payme nasiya, a fast-growing instalment credit business, and TBC Bank, country’s largest digital bank.
BILLZ is an all-in-one retail management SaaS platform for SMEs, combining POS, inventory, CRM, e-commerce, and analytics to streamline operations and drive sales. It simplifies marketing, connects seamlessly to marketplaces and social shops, and helps retailers grow online. BILLZ currently supports over 4,000 retail businesses and processes more than 1.5 million transactions per month, making it one of the most widely used SaaS platforms in the region. BILLZ will enhance TBC Uzbekistan’s reach into the strategically important SME segment, providing immediate access to thousands of business customers and creating additional synergies within the ecosystem to drive average revenue per user, loyalty and stickiness. BILLZ users will in turn gain seamless access to banking and lending products provided by TBC Bank, payme’s suite of digital payments services, as well as other products within the TBC Uzbekistan ecosystem.
This landmark agreement, once completed, will mark a watershed moment for the country’s tech sector. It signals a growing interest from strategic investors in Uzbekistan’s innovative startups, fuelled by rising demand for digital services in Central Asia’s most populous nation. The tech industry is supported by the country’s positive macroeconomic backdrop, enjoying an annual average GDP growth rate of 6% over the past decade.
The strategic partnership agreement with BILLZ comes as TBC Uzbekistan continues to expand the product offering available within its digital banking ecosystem. It follows the recent launch of a new lending product for business customers, unveiled in April as part of the TBC Business offering for small and medium-sized enterprises, as well as the launches of Osmon credit card and Salom debit card last year. These products are already playing a key role in tapping new customer segments, diversifying revenue streams and driving growth of TBC’s digital banking ecosystem.
Nika Kurdiani, CEO of TBC Uzbekistan, commented:
«Since our 2019 expansion into Uzbekistan, TBC has played a leading role in the development of the country’s financial services and technology sectors. We have been a key strategic investor and builder, with our digital banking ecosystem setting a new standard for best-in-class digital products in a previously underserved market. We are pleased to be continuing this work through a strategic partnership with market leader BILLZ, reconfirming our ongoing commitment to supporting Uzbekistan’s vibrant startup community.
We will continue to innovate and expand our offering as part of this partnership, which signals an important step change for the tech industry in Uzbekistan. We have noted with great admiration the work that Rustam and the founding team at BILLZ have done to transform the platform into one of the country’s leading players in its space and are proud to welcome BILLZ into the TBC family. I am confident that this partnership will help to fuel the platform’s growth and development, as well as unlock additional synergies within our ecosystem that will further drive customer engagement, loyalty and revenue growth.»
Rustam Khamdamov, CEO & Co-Founder of BILLZ, commented:
«This partnership is a major milestone not only for BILLZ, but also for the broader startup ecosystem in Central Asia. Over the past few years, we’ve been focused on empowering thousands of retail entrepreneurs with modern tools to grow and digitize their businesses. Joining forces with TBC Uzbekistan gives us a powerful platform to scale our impact, offer more value to our customers, and accelerate our mission across the region. We’re proud of what our team has built and excited for this next chapter of growth together with TBC.»
About TBC Bank Group PLC (“TBC PLC”)
TBC Bank Group’s mission is to make people’s lives easier by providing digitally led financial services to retail and corporate customers. TBC Bank Group PLC (“TBC PLC”) is a public limited company registered in England and Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan.
TBC Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38% of customer loans and 37% of customer deposits as of 31 March 2025, according to data published by the National Bank of Georgia.
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia with 19.7 mln unique registered users that includes TBC Bank, the country’s largest digital bank, payme, a leading digital payments app for individuals and small businesses, and payme nasiya, an instalment credit business.
TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
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 Bank, the country’s largest digital bank; payme, a digital payments app for individuals and small businesses; and payme nasiya, 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 19.7 million unique registered users. In 1Q25, the company recorded operating income of USD 57 million, with its loan and deposit books up 116% and 81% YoY respectively.
