• TBC Bank Uzbekistan

  Led · Equity · Dec 2024

  TBC Bank Uzbekistan is a mobile-only bank that provides account opening, cash loans, deposits and digital payment services through its app. The group also operates the Payme payments app and Sharia-compliant Payme Nasiya, and has launched TBC Business for SMEs. It built an in-house processing center and has partnerships with Visa and Mastercard, and offers Salom debit and Osmon credit cards. The bank has begun building proprietary AI solutions — including agents that handled 42% of payment reminder calls in Q3 — and hired AI experts who previously built Yandex’s Alice to develop a finance-specific LLM based on Meta’s Llama. TBC Uzbekistan plans to expand AI with service and sales bots and a dialog-based voice mobile service, and to become an insurer next year while adding buy-now-pay-later and SME lending products. As of September the group reported 16.9 million users (up from 13.2M in December 2023), 4.9 million monthly active users, $27 million in net profit for the first nine months of the year (up from $23M in FY2023) and projects $75 million in net profit in 2025. TBC Bank Uzbekistan operates as a mobile-exclusive bank, offering account opening, cash loans and deposit services through a mobile app without physical branches. The bank is part of TBC Group Uzbekistan, which also owns the Payme payments app and Payme Nasiya (a Sharia-compliant credit business), and plans to integrate experiences across these businesses. Planned product rollouts include credit cards and an insurance product next year, expanded e-commerce and offline buy-now-pay-later, and SME lending; the roadmap also lists current accounts, accounting tools, offline payments and e-commerce payments. TBC Group Uzbekistan is developing AI experiences for the mobile bank, including a large language model built on customer data and a voice assistant/chatbot for banking services. The bank reached breakeven at the end of 2022 and 2023 was its first full year of profit; as of March 2024 the mobile bank had 4.8 million unique registered users and 1.2 million monthly active users in Q1 2024. Across TBC Group Uzbekistan’s three subsidiaries the group reported a registered user base of 15 million, 85% year-on-year revenue growth in Q1, gross loans of $296 million, deposits of $216 million and a $23 million net profit for 2023 (mostly from Payme).

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