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TBC Bank Uzbekistan the country’s largest mobile-only bank, has secured a new $10m credit line from Switzerland-based impact asset manager responsAbility Investments AG.
This is the third credit line agreement between the two entities, bringing the total funding for TBC Uzbekistan from responsAbility to $35m. The funding will support TBC UZ’s loan portfolio growth, help the digital bank further diversify its funding base, and promote financial inclusion in Uzbekistan, Central Asia's most populous country.
TBC UZ is part of TBC Uzbekistan, a digital financial ecosystem in Central Asia, which also includes Payme, a digital payments app for individuals and small businesses, and Payme Nasiya (Payme Instalments), an instalment credit business. The ecosystem is part of London-listed TBC Bank Group PLC.
responsAbility is a Swiss impact asset manager, specialising in private market investments across three investment themes: financial inclusion, climate finance and sustainable food. The company manages $5bn in assets across approximately 280 portfolio companies in about 70 countries, as of 30 June 2024.
TBC Bank Uzbekistan adds this investment to the growing list for 2024
Previously this year TBC Bank Uzbekistan also received $25m in funding from Swiss investor BlueOrchard, with these funds also dedicated to further expanding TBC UZ’s ecosystem.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, commented: “We are delighted to secure this additional $10m credit facility from responsAbility Investments AG, bringing our total funding from them to $35m. This continued partnership underscores the strength of our business model and the growing confidence in Uzbekistan's digital banking sector. As we continue to grow our loan portfolio and diversify our product offering, we remain committed to promoting financial inclusion and empowering individuals and businesses in Uzbekistan through access to world-class digital financial services.”
"TBC Bank Uzbekistan secures $10m credit facility from responsAbility" was originally created and published by Retail Banker International, a GlobalData owned brand.
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