These funds will contribute to the growth of TBC UZ's loan portfolio, assist the digital bank in further diversifying its funding sources, and promote financial inclusion in Uzbekistan — the most populous country in Central Asia.
TBC UZ is part of TBC Uzbekistan, a leading digital financial ecosystem in Central Asia, which also includes Payme, a digital payment application for individuals and small businesses, and Payme Nasiya (Payme Instalments), a business providing installment plans.
The ecosystem is part of TBC Bank Group PLC, a company registered in London.
responsAbility is a leading Swiss impact asset manager specializing in private market investments across three main themes: financial inclusion, climate finance, and sustainable food.
As of June 30, 2024, the company manages assets totaling $5 billion across approximately 280 portfolio companies in 70 countries worldwide.
Nika Kurdiani, CEO of TBC Group's operations in Uzbekistan, commented: "We are pleased to receive an additional credit financing of $10 million from responsAbility Investments AG, which brings our total financing to $35 million. This ongoing partnership highlights the strength of our business model and the growing trust in the digital banking sector in Uzbekistan. As we continue to expand our loan portfolio and diversify our product offerings, we remain committed to promoting financial inclusion and empowering individuals and businesses in Uzbekistan through access to global digital financial services."