Uzum: A Fintech and E-Commerce Ecosystem in Central Asia
Uzum is Uzbekistan’s largest digital ecosystem, integrating fintech, payment services, and e-commerce. Under the Uzum brand, a suite of universal solutions is offered to consumers and businesses, covering all key sectors:
Fintech: Kapitalbank (the country’s largest private bank), BNPL service Uzum Nasiya
Payments: Uzum Bank (cards and transfers), Uzum Pay (online payments)
E-commerce: B2C and B2B marketplaces, logistics, and warehousing infrastructure
In a market of over 36 million people, where cash transactions dominate and banking penetration remains low, Uzum has already become a key driver of economic digitalization. By the end of 2023, more than 50% of the Uzbek population was using Uzum’s services.
Our investment in Uzum
Axevil Capital sees Uzum as a unique opportunity due to its market leadership and the synergies across its diversified businesses.
In 2023, Uzum completed the integration of Kapitalbank, which held $2.8 billion in assets as of June 2023. This step established Uzum as the largest fintech platform in the region.
In August 2025, Uzum raised $70 million from Tencent, VR Capital, and other investors at a $1.5 billion valuation. The company also announced plans to issue up to $300 million in Eurobonds in 2026 and to prepare for an IPO in 2027.
Why we believe in Uzum’s growth
High market potential: Uzbekistan is one of the fastest-growing economies in the region, with low banking and e-commerce penetration.
Service synergies: Integrating fintech, payments, and e-commerce creates a resilient ecosystem that keeps users within a single app.
Innovation: Uzum leverages big data and AI/ML to enhance user experience.
Strong team: The management has proven experience in building ecosystems across the CIS and is successfully scaling the business.
Profitability: Uzum already demonstrates sustainable profitability, reinforcing its business model and facilitating further expansion.
Uzum is the national leader in Uzbekistan’s digital transformation and one of the most promising fintech and e-commerce projects in the region. The involvement of strategic investors, bond issuance plans, and IPO preparation showcase the scale of the company’s ambitions.
For Axevil Capital, this case reflects our strategy to back companies that emerge as champions in local markets and have the potential to expand globally.
