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.
