Uzbekistan’s digital ecosystem player Uzum has secured a $70 million equity round led by Tencent and VR Capital, with AI-Focused US fund FinSight Ventures as a returning investor.
The fresh funding brings Uzum’s total valuation to $1.5 billion, and comes less than 18 months after its first equity raise in March 2024.
Uzum, Uzbekistan’s first unicorn, plans to use the funds to expand its fintech infrastructure, roll out new products, and strengthen its position in Uzbekistan’s fast-growing digital economy.
“This new round of funding empowers us to deepen our fintech offerings and expand our leadership in digital banking and lending. We are delighted to welcome Tencent and VR Capital as new shareholders and proud to be working with tier-1 global investors who share our vision. It’s also a vote of confidence in our strategy to integrate financial services directly within the country’s largest e-commerce infrastructure,” Djasur Djumaev, Founder and CEO of Uzum said.
Uzum said its ecosystem serves over 17 million monthly active users—more than half the country’s population.
It operates Uzbekistan’s largest e-commerce platform and a rapidly expanding digital bank.
Since launching a co-branded Visa debit card with embedded credit limits in August 2024, the bank has issued more than 2 million cards in the first half of 2025, the company said. Its BNPL business also saw total financed volume more than triple in the same period.
On the e-commerce side, the firm said its gross merchandise value for Uzum Market and delivery service Uzum Tezkor rose around 1.5x year-on-year in the first half of 2025.
“We see enormous untapped potential to layer new services for both consumers and merchants on top of Uzum’s existing platform. That’s exactly why we’re excited to double down in this new round and continue supporting Uzum on its journey,” Alexey Garyunov, Managing Partner at FinSight Ventures said.
