Uzum: Uzbekistan’s Fintech Giant Secures $131.5 Million, Eyes IPO
Uzum, a leading digital ecosystem in Uzbekistan, has achieved a $2.3 billion valuation following a $131.5 million investment led by sovereign wealth funds from Oman, with participation from existing investors including Tencent, VR Capital, and FinSight Ventures. This valuation represents a 53% increase from its previous valuation of $1.5 billion in August 2025.
Growth in Uzbekistan’s Digital Economy
The investment underscores growing confidence in Uzbekistan’s rapidly expanding digital economy, driven by a young population, increasing smartphone adoption, and limited access to traditional banking and retail services. Founded in 2022, Uzum has quickly turn into a dominant force, integrating e-commerce, payments, and consumer lending into a single platform.
Uzum’s Integrated Ecosystem
Uzum’s ecosystem began with the Uzum Market e-commerce platform and has expanded to include Uzum Bank, a digital banking service, and Uzum Nasiya, a consumer lending platform. The company also operates Uzum Tezkor, an express food delivery service. As of today, the ecosystem serves approximately 20 million users – over half of Uzbekistan’s adult population – a significant increase from the 17 million reported in August 2025.
Financial Performance and Key Metrics
Uzum reported revenue of $691 million in 2025, up from $505 million the previous year, with net income rising to $176 million from $150 million. The e-commerce marketplace generated $500 million in gross merchandise value and achieved EBITDA profitability after three years of operation. The platform processed around $11 billion in payment volume in 2025, with approximately 4.6 million annual transacting users, up from 3 million in 2024.
Expanding Fintech Operations
Uzum’s fintech operations are the primary driver of profitability within the ecosystem. Uzum Bank currently serves around 5 million customers and issued 4.1 million debit cards in 2025, representing about half of all cards issued in Uzbekistan that year. The startup’s unsecured loan book has grown to $400 million, with total finance volume reaching $1.2 billion in 2025.
Logistics and Infrastructure Investment
Uzum is actively expanding its logistics network to support its growth, operating approximately 1,500 pickup points nationwide and planning to increase this to around 3,000 locations by 2026. The company also operates around 125,000 square meters of warehouse capacity and plans to expand to 500,000 square meters with the construction of four modern logistics centers.
Future Plans: IPO and Expansion
Uzum intends to leverage the new funding to enhance its fintech infrastructure and broaden its product offerings across both commerce and financial services. The company is considering a potential initial public offering (IPO) within the next three years, exploring listing venues in the U.S., Europe, the Middle East, and Southeast Asia. Uzum currently employs around 12,500 people and continues to expand its operations across Uzbekistan.
Cross-Border Commerce
Uzum has also introduced cross-border commerce, allowing Uzbek consumers to order products directly from international merchants, adding nearly 200 million stock-keeping units (SKUs) from markets including Turkey and China.