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Finextra

In a landmark move for Uzbekistan’s burgeoning tech industry, TBC Bank Group, a leading financial services provider listed in London, has announced its acquisition of a majority stake in BILLZ, the country’s foremost retail management software as a service (SaaS) platform. This strategic partnership not only bolsters TBC’s digital banking ecosystem in Central Asia but also underscores the increasing investment opportunities in Uzbekistan’s rapidly developing market. With the acquisition, TBC Bank Group aims to enhance its service offerings to small and medium-sized enterprises (SMEs), driving innovation and growth in a sector ripe for transformation.

The acquisition of BILLZ, which includes an initial 53% stake for $9 million, with plans to increase to 60% over the next two years, is a pivotal development in Uzbekistan’s tech landscape. This transaction, valued at a post-money valuation of $20 million, is anticipated to be one of the most significant mergers and acquisitions in the country over the past three decades. The deal, pending regulatory approvals, reflects a growing recognition of Uzbekistan’s potential as a hub for digital innovation and investment.

BILLZ operates as an all-in-one retail management platform, providing SMEs with essential tools to streamline their operations. This includes point of sale (POS) systems, inventory management, customer relationship management (CRM), e-commerce capabilities, and analytics. By integrating BILLZ into TBC Uzbekistan’s ecosystem, the partnership will offer enhanced services to thousands of retail businesses, thereby aligning with TBC’s mission to serve the underserved market in Central Asia.

Nika Kurdiani, CEO of TBC Uzbekistan, emphasized the importance of this acquisition in fostering the growth of Uzbekistan’s financial services and technology sectors. Kurdiani remarked on TBC’s role as a strategic investor and builder in the region. The partnership with BILLZ is seen as a continuation of this mission, reaffirming TBC’s commitment to supporting the vibrant startup community in Uzbekistan.

Rustam Khamdamov, CEO and co-founder of BILLZ, echoed this sentiment, highlighting the potential for the partnership to amplify the impact of BILLZ across the region. By joining forces with TBC Uzbekistan, BILLZ aims to enhance its service offerings and provide greater value to its customers, enabling thousands of retail entrepreneurs to thrive in an increasingly competitive marketplace.

The acquisition of BILLZ is poised to serve as a catalyst for further investment and development in Uzbekistan’s tech ecosystem. As more investors recognize the potential of the region, the landscape for digital services and innovative startups is expected to flourish. This partnership not only positions TBC Bank Group and BILLZ for success, but it also sets a precedent for future collaborations that can drive growth and innovation in Central Asia.

The integration of BILLZ into TBC Uzbekistan’s digital framework is a strategic move that will enhance the overall customer experience, streamline operations for SMEs, and promote financial inclusion. As Uzbekistan continues to invest in its digital infrastructure, the partnership between TBC and BILLZ represents a significant step towards building a robust and diversified economy.

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AInvest

TBC Bank Group PLC has announced the acquisition of a 53% stake in BILLZ, a retail management platform, for $9 million. This strategic acquisition enhances its SME reach within Uzbekistan’s fintech market. The move allows BILLZ to tap into TBC’s financial services, boosting SME offerings and digital reach for growth. Rustam Khamdamov, CEO of BILLZ, stated that joining forces with TBC Uzbekistan gives them a powerful platform to scale their impact, offer more value to their customers, and accelerate their mission across the region. This partnership is a major milestone not only for BILLZ, but also for the broader startup ecosystem in Central Asia.

BILLZ is an all-in-one retail management SaaS platform that combines 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. Currently, BILLZ 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. This acquisition 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 gain seamless access to banking and lending products provided by TBC UZ, Payme’s suite of digital payments services, as well as other products within the TBC Uzbekistan ecosystem.

The strategic partnership with BILLZ comes as TBC Uzbekistan continues to expand its product offerings within its digital banking ecosystem. This 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 the 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 on the acquisition, stating that since TBC’s expansion into Uzbekistan in 2019, the bank has played a leading role in the development of the country’s financial services and technology sectors. The partnership with BILLZ reconfirms TBC’s ongoing commitment to supporting Uzbekistan’s vibrant startup community. Kurdiani expressed admiration for the work done by Rustam Khamdamov and the founding team at BILLZ, transforming the platform into one of the country’s leading players in its space. He is confident that this partnership will fuel the platform’s growth and development, as well as unlock additional synergies within the ecosystem that will further drive customer engagement, loyalty, and revenue growth.

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DealStreetAsia

Indonesian multi-brand F&B operator DailyCo is said to be finalising the acquisition of SoftBank Ventures-backed Indonesian F&B firm Yummy Corp through a share swap deal, according to multiple sources familiar with the matter.

Sources indicate that Yummy Corp’s top management, including Mario Sutanto, is currently using a DailyCo email address, even though the company officially stated that the deal is not yet closed.

When contacted by DealStreetAsia, the company responded: “DailyCo is currently in talks with multiple companies in the context of M&A. Yummy Corp is one of them. However, we are not currently in a position to comment further, as a deal has not yet been finalised.”

Yummy Corp did not respond to DealStreetAsia’s queries.

Details of the share swap structure and potential investor exits remain unclear.

The deal effectively brings together two mid-scale food-tech players in a bid to consolidate market presence, reduce redundancies, and boost revenue. “On paper, this looks like a scale play more than a profitability story,” said one venture investor tracking the space. “Combining two assets can sometimes buy time to raise more capital and pursue growth before unit economics kick in.”

A potential merger between DailyCo and Yummy Corp could create a leading integrated F&B operator catering to both individual consumers and corporate clients.

Yummy Corp raised $12 million in Series B funding in 2020, led by SoftBank Ventures Asia, with participation from Hong Kong-based Vectr Ventures, AppWorks, Quest Ventures, Coca-Cola Amatil X, Palm Drive Capital, and existing backers Intudo Ventures and Sovereign’s Capital. Other investors in Yummy Corp include East Ventures, BRI Ventures, and AC Ventures.

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Analytics Insight

In a move that underscores his growing focus on digital transformation, Timur Turlov, founder and CEO of Freedom Holding Corp., has significantly expanded his ownership in the Kazakhstani auto-tech startup CTOgram, now holding 41% of the company.

The increase in Timur Turlov’s stake follows a buyout of shares from several early-stage backers, signaling a pivotal moment in CTOgram’s journey from startup to a key player in Kazakhstan’s digital economy. The deal is expected to unlock new growth channels for the platform, particularly through its deeper integration into the Freedom ecosystem.

According to CTOgram CEO and co-founder Zhandos Tursumbayev, the restructuring of the company’s shareholder base opens the door to strategic scaling. “We’ve been fortunate to have the support of excellent early investors who helped us launch and navigate our early years,” said Tursumbayev. “Now, with Timur Turlov becoming the primary shareholder, we’re positioned to build with long-term focus and strategic clarity.”

The exiting investors include regional and international players such as Quest Ventures (Singapore), Most Ventures (Kazakhstan), and private investors including Olzhas Zhienkulov, Talgat Ismail, Anuar Seifullin, and Ruslan Rakymbay. Tursumbayev himself also relinquished part of his stake, aligning ownership more closely with operational priorities.

CTOgram operates as a digital interface between car owners and service providers, helping users find reliable repair shops, book maintenance appointments, and access post-accident services. With over 280,000 users and a partner network of more than 2,000 auto workshops, the app has rapidly become a go-to solution for urban vehicle owners in Kazakhstan.

The company also runs its own chain of fast-repair body shops, focusing on restoring vehicles after traffic accidents — a niche but high-demand segment. Turlov’s involvement has already helped CTOgram accelerate its development in areas like spare parts logistics and API integrations with insurance providers.

This stake expansion is part of a much larger plan. Under Turlov’s leadership, Freedom Holding Corp. is building a regional digital ecosystem — one that brings together financial services, retail, mobility, and insurance under a unified digital umbrella. Dubbed the Freedom SuperApp, the platform aspires to offer a one-stop experience across various aspects of a consumer’s daily life.

“We’re working toward a fully integrated journey for car owners,” said Timur Turlov. “Imagine opening a single app and handling diagnostics, repairs, insurance, and parts in just a few clicks. CTOgram is a critical component in bringing that experience to life.”

Freedom Auto, as a segment of this broader initiative, is set to bridge significant market inefficiencies by digitizing and centralizing services that have traditionally been disjointed and offline.

Timur Turlov is no stranger to investing in scalable, tech-driven platforms. In 2023, he committed $1.5 million to CTOgram at a valuation of $13.5 million. That initial injection of capital helped the company strengthen its backend infrastructure and expand into e-commerce for automotive parts — a vertical that is now one of its fastest-growing revenue sources.

The decision to increase ownership further shows that Turlov sees CTOgram not just as a successful startup, but as a foundational piece in Freedom’s ecosystem architecture.

For Kazakhstan’s startup ecosystem, the story of CTOgram is a compelling one. It demonstrates how local innovation, backed by strategic capital and supported by a vision for digital integration, can gain traction and scale. It’s also a sign that prominent business leaders like Turlov are willing to take calculated risks on homegrown platforms, contributing to the development of a competitive tech economy.

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Kursiv Media

Timur Turlov, founder of Freedom Holding Corp., has increased his ownership in the Kazakhstani IT startup CTOgram to 41%, after buying out shares from early-stage investors, the company announced.

According to CTOgram CEO Zhandos Tursumbayev, consolidating shares with a strategic investor opens new opportunities for scaling the company, which is set to play a key role in the development of the Freedom Auto ecosystem. He also expressed gratitude to the early investors who supported the project’s launch.

«We’re grateful to Timur Turlov for his trust and productive partnership, which has been ongoing for two years now,» said Tursumbayev.

Investors exiting CTOgram’s shareholder list include Singapore-based venture fund Quest Ventures, Kazakhstani fund Most Ventures and private investors such as Olzhas Zhienkulov, Talgat Ismail, Anuar Seifullin, and Ruslan Rakymbay, among others. Company founder Tursumbayev also sold a portion of his stake.

Turlov emphasized that CTOgram is an essential part of the broader ecosystem his company is building for customers. Increasing his stake marks another step toward fully integrating CTOgram into the Freedom SuperApp platform.

«We’re confident the synergy between CTOgram and our other ecosystem components holds enormous potential. Our next challenge is to design a seamless digital journey for car owners within Freedom Auto — from diagnostics and repairs to insurance and spare parts purchases — all through a single platform. I have no doubt CTOgram will give strong momentum to our digital expansion, creating added value for both our customers and partners,» Turlov said.

CTOgram is an online service that helps car owners connect with auto repair and maintenance providers. The app currently has 280,000 users and partners with over 2,000 workshops. The company also operates its own network of Autobody repair shops, specializing in fast car restoration after accidents.

In 2023, Turlov invested $1.5 million in CTOgram when the company was valued at $13.5 million, helping fuel its growth, particularly in the auto parts sales segment.

Turlov is the founder and CEO of Freedom Holding Corp., an investment group registered in the United States, where he is also the majority shareholder. In Kazakhstan, the group operates several subsidiaries, including Freedom Finance JSC, Freedom Bank, Freedom Finance Insurance JSC, Freedom Life Insurance JSC, the online grocery platform Arbuz.kz and Freedom Travel.

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Nhan Dan

The event was co-organised by the Da Nang Department of Science and Technology, the Da Nang Innovation Startup Support Centre, Quest Ventures, and HVA Investment Joint Stock Company.

This year’s summit welcomed 60 experts and speakers, along with over 20 well-known investors and venture capital funds from countries, including Singapore, Japan, the Republic of Korea (RoK), and Vietnam, representing a combined investment portfolio of approximately 3.5 billion USD.

Notably, 36 start-ups from various sectors such as technology, education, agriculture, and health care pitched for funding and explored opportunities for investment partnerships.

Beyond the pitch sessions, DAVAS 2025 featured a range of standout activities including – the launching of the Da Nang–Greater Bay Area Innovation Hub, three investment discussion panels, the signing of cooperation agreements on innovation, the debut of the city’s SIC student start-up network, and a showcase of innovative start-up booths.

According to experts, Da Nang is steadily emerging as a leading innovation and start-up hub, with strong potential in high-tech sectors.

Nguyen Thi Anh Thi, Vice Chairwoman of the Da Nang People’s Committee, emphasised the city’s proactive innovation policies, including tax exemptions, infrastructure support, and controlled trials for new technologies.

With the upcoming administrative mergence with Quang Nam province, Da Nang aims to strengthen its role in the national and regional economy and become a leading innovation and entrepreneurship hub in Southeast Asia. She also expressed plans to build a strong network of angel investors and venture capital funds to support start-ups.

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Da Nang Online

The Da Nang Venture and Angel Summit 2025 (DAVAS 2025) is emerging as a key strategic platform for venture capitalists, angel investors, and the innovation-driven startup community. More than just a networking event, the summit aims to strengthen the investment landscape in Central Viet Nam by positioning Da Nang as a compelling destination for both domestic and international capital.

Taking place May 29 – 30, DAVAS 2025 is organised by the Centre for Innovative Startup Support under the Da Nang Department of Science and Technology, in collaboration with Quest Ventures and HVA Investment JSC.

In 2025, DAVAS returns with an expanded scope, welcoming over 20 prominent investors and venture capital firms from Singapore, Japan, South Korea, Hong Kong (China), Viet Nam, and other countries.

Key participating names include Quest Ventures, Do Ventures, ThinkZone Ventures, Genesia Ventures, Vertex Ventures, FundGo, WeAngels Capital, Trive, Sunwah Innovation Center, Daiwa Corporate Investment, Makara Capital, JN Capital & Growth Advisory, Dream Incubator, and Lean Ventures, collectively managing assets totaling more than US$3.5 billion.

The programme also features a series of investment-focused panel discussions, the signing of strategic innovation partnerships, and the launch of the SOCIAL IMPACT CATALYST (SIC) student startup network in Da Nang, designed to empower the next generation of changemakers.

Meanwhile, the launch of new innovation platforms, including the SOCIAL IMPACT CATALYST (SIC) student startup network, the YBA Startup & Investment Club, and the Da Nang – Hong Kong Innovation Space, is expected to expand the city’s base of coworking spaces, increase startup density and catalyze growth-oriented clusters.

In parallel, startup pitching sessions and engagements with international mentors will help elevate the capabilities of local founders, enhancing skills, growing team sizes, and laying the groundwork for future unicorns.

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The Philippine Star

Go Negosyo founder Joey Concepcion on March 5 met with the newly elected board of the Cebu Chamber of Commerce and Industry (CCCI) to explore future collaborations and hold more entrepreneurship activities in Cebu.

Go Negosyo and the Cebu Chamber of Commerce and Industry give a thumbs-up for Cebu’s micro, small and medium enterprises. Go Negosyo founder Joey Concepcion poses with CCCI president Jay Yuvallos and CCCI officials Regan Rex King, Anton Perdices, Bryan Yap, Maribel Melgar, April Salamero, Lilu Alino, April Ong Vano and Anthony Noel.

“Our activities in Cebu have always been met with many micro, small and medium enterprises (MSMEs) eager to receive free entrepreneurship mentoring. We look forward to having more of our activities there,” Concepcion said.

The CCCI delegation, led by reelected president Jay Yuvallos, presented activities for Cebu Business Month.

More than 800 CCCI members can mentor attendees, Yuvallos noted.

Yuvallos also revealed plans for educational tours for MSMEs to help them learn more about the operations of large corporations.

Many Go Negosyo events were held in Cebu, such as the Tourism Summit in 2023 and the free entrepreneurship mentoring roadshow 3M on Wheels and senior high school mentoring event Youthpreneur in 2024.

Almost 100 participants in Cebu graduated from Go Negosyo’s Kapatid Mentor ME program.

The CCCI said MSMEs play a big part in the agenda of the new board, which is focusing on expanding its reach and stakeholder base through the creation of alliances across several areas including academe and employers, power and utilities, transport and logistics, the MICE industry and sustainability and the environment.

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Manila Bulletin

Go Negosyo founder Joey Concepcion has met with the newly elected board of the Cebu Chamber of Commerce and Industry (CCCI) to discuss potential collaborations to strengthen the province’s micro, small, and medium enterprises (MSMEs).

Go Negosyo and Cebu Chamber of Commerce and Industry give the thumbs-up for Cebu’s MSMEs. In the photo are (seated, from left) REGAN REX KING (VP for Cebu Business Mobilization), ANTON PERDICES (CBM 2025 Overall Chairman), JOEY CONCEPCION of Go Negosyo, JAY YUVALLOS (CCCI President), BRYAN YAP (Branding, Marketing, and Communication Chair); and (standing, from left) MARIBEL MELGAR (Manager for Cebu Business Mobilization), APRIL SALAMERO (Partnership and Resource Generation Champion), LILU ALINO (Partnership and Resource Generation Champion), APRIL ONG VANO (Digital Transformation Champion), and ANTHONY NOEL (CBM 2025 Vice Chairman).

The meeting, which took place on March 5, focused on bringing more of Go Negosyo’s entrepreneurship programs to Cebu to help business owners and aspiring entrepreneurs.

Concepcion highlighted the strong participation of Cebu-based MSMEs in Go Negosyo’s previous initiatives.

“Our activities in Cebu have always been met with so many MSMEs eager to receive free entrepreneurship mentoring, so we look forward to having more of our activities there,” he said.

Go Negosyo’s events in Cebu have consistently drawn large crowds of MSMEs looking for mentorship and business guidance.

CCCI president Jay Yuvallos emphasized the chamber’s commitment to supporting entrepreneurs through mentorship and capacity-building initiatives. He also presented their plans for Cebu Business Month, an annual event that promotes economic growth and business opportunities in the province.

“We will make sure that CCCI members evolve and grow, especially the MSMEs, because if they grow, automatically everybody grows,” he said.

CCCI plans to organize educational tours for MSMEs to expose them to the operations of large corporations.

Go Negosyo has actively engaged with Cebu’s business community in recent years through various programs and events.

The chamber is also focusing on sustainability and environmental initiatives to help MSMEs adopt responsible business practices.

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DealStreetAsia

Indonesian fintech firm Kredivo is reportedly in advanced talks to acquire GajiGesa, a homegrown earned wage access (EWA) startup, DealStreetAsia has learnt.

GajiGesa’s last reported funding round was in 2022 when it raised $2.5 million in seed funding co-led by Defy.vc and Quest Ventures. GK Plug and Play, Next Billion Ventures, Alto Partners Multi-Family Office, Kanmo Group, and strategic angel investors also participated.

The startup has raised a total funding of $9.15 million to date, according to DealStreetAsia – DATA VANTAGE.

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