Topic to straightforward regulatory approvals, BILLZ, the retail administration SaaS platform in Uzbekistan, has been acquired by TBC Financial institution Group, the worldwide monetary group in Georgia, to strengthen its providing for small and medium-sized enterprises (SMEs) in Uzbekistan.
Particularly, it is going to be TBC Group’s TBC Uzbekistan arm that may companion with BILLZ and incorporate the platform into its digital banking ecosystem. TBC Financial institution Group agreed to amass a majority stake in BILLZ for as much as $12million, together with an preliminary 53 per cent stake for $9million with plans to extend it to 60 per cent over the following two years, giving BILLZ a post-money valuation of $20million.
The partnership and deliberate funding will unlock extra catalysts for progress for each BILLZ and TBC Uzbekistan. Beneath the phrases of the deal, BILLZ will proceed to function below its personal model, whereas changing into totally built-in into the TBC Uzbekistan ecosystem. The administration and wider group at BILLZ will stay with the corporate, persevering with to steer its product growth and execution.
TBC Financial institution Group has entered right into a put/name association for the remaining 40 per cent of BILLZ, which will be exercised 36 months after the completion of this deal.
Nika Kurdiani, CEO of TBC Uzbekistan, commented: “Since our 2019 growth into Uzbekistan, TBC has performed a number one function within the growth of the nation’s monetary providers and expertise sectors. Now we have been a key strategic investor and builder, with our digital banking ecosystem setting a brand new normal for best-in-class digital merchandise in a beforehand underserved market. We’re happy to be persevering with this work by a strategic partnership with market chief BILLZ, reconfirming our ongoing dedication to supporting Uzbekistan’s vibrant startup group.
This settlement is about to drive buyer acquisition and income progress for each TBC Uzbekistan and BILLZ. TBC Uzbekistan, a part of London-listed TBC Financial institution Group, encompasses Payme, a digital funds app for people and small companies; Payme Nasiya (Payme Instalments), a fast-growing instalment credit score enterprise, and TBC Financial institution Uzbekistan (TBC UZ), the Uzbek digital financial institution.
Why BILLZ?
BILLZ is an all-in-one retail administration SaaS platform for SMEs, combining POS, stock, CRM, e-commerce, and analytics to streamline operations and drive gross sales. It simplifies advertising and marketing, connects seamlessly to marketplaces and social outlets, and helps retailers develop on-line.
BILLZ at present helps over 4,000 retail companies and processes greater than 1.5 million transactions per 30 days. BILLZ will improve TBC Uzbekistan’s attain into the strategically necessary SME phase, offering rapid entry to 1000’s of enterprise clients and creating extra synergies inside the ecosystem to drive common income per consumer, loyalty and stickiness.
The agency’s customers will, in flip, acquire seamless entry to banking and lending merchandise offered by TBC UZ, Payme’s suite of digital funds providers, in addition to different merchandise inside the TBC Uzbekistan ecosystem.
What’s subsequent?
The partnership displays a rising curiosity from strategic buyers in Uzbekistan’s startups, particularly because the demand for digital providers in Central Asia continues to develop. The tech trade is supported by the nation’s constructive macroeconomic backdrop, having fun with an annual common GDP progress charge of 6% over the previous decade.
The strategic partnership settlement with BILLZ comes as TBC Uzbekistan continues to broaden the product providing obtainable inside its digital banking ecosystem.
It follows the latest launch of a brand new lending product for enterprise clients, unveiled in April as a part of the TBC Enterprise providing for small and medium-sized enterprises, in addition to the launches of Osmon bank card and Salom debit card final yr. These merchandise are already taking part in a key function in tapping new buyer segments, diversifying income streams and driving the expansion of TBC’s digital banking ecosystem.
Establishing an ecosystem in Uzbekistan
Kurdiani continued: “We’ll proceed to innovate and broaden our providing as a part of this partnership, which indicators an necessary step change for the tech trade in Uzbekistan. Now we have famous with nice admiration the work that Rustam and the founding group at BILLZ have achieved to rework the platform into one of many nation’s main gamers in its house and are proud to welcome BILLZ into the TBC household.
“I’m assured that this partnership will assist to gasoline the platform’s progress and growth, in addition to unlock extra synergies inside our ecosystem that may additional drive buyer engagement, loyalty and income progress.”
Rustam Khamdamov, CEO and co-founder of BILLZ, commented: “This partnership is a serious milestone not just for BILLZ, but in addition for the broader startup ecosystem in Central Asia. Over the previous few years, we’ve been targeted on empowering 1000’s of retail entrepreneurs with trendy instruments to develop and digitise their companies.
“Becoming a member of forces with TBC Uzbekistan provides us a strong platform to scale our impression, supply extra worth to our clients, and speed up our mission throughout the area. We’re happy with what our group has constructed and excited for this subsequent chapter of progress along with TBC.”
