Net Income up 50% to $150 million driven by significant expansion across ecosystem
More than 40% of Uzbekistan's population now use Uzum services
TASHKENT, Uzbekistan, Feb. 25, 2025 /PRNewswire/ -- Uzum, the leading digital services ecosystem in Uzbekistan, today announces unaudited financial results for twelve months ended December 31, 2024:
Highlights
Strong growth in Commerce
Rapid acceleration of FinTech
[1]Djasur Djumaev, CEO and Founder of Uzum, said:
"2024 was another year of significant growth for Uzum. We strengthened our position as the clear national leader in our core verticals – Commerce and FinTech. Underpinned by our operational excellence and well-invested infrastructure, we have delivered an outstanding performance, with our total customer base increasing by more than 60% compared to 2023 to nearly 16 million, representing 40% of the total population.
"Our Commerce GMV more than doubled to $345 million supported by continued investment in technology and infrastructure. In our rapidly growing FinTech vertical, unsecured lending increased significantly to $421 million. We will continue to digitalise Uzbekistan's financial sector by making online financial services more accessible and convenient to people across the country. This was supported by the rapid roll-out of our Uzum Bank-branded debit cards with a revolving credit limit, with more than 700,000 cards issued within only 4 months since the product launch.
"A key goal for 2025 is to continue to roll out the Uzum Bank card business as we aim to issue up to a further five million cards. I am confident that with the capabilities that we have built we are well placed to achieve this ambitious milestone and facilitate access to modern and convenient financial services for millions of people across Uzbekistan.
"We plan to further scale our e-commerce business and develop deeper integration between the various services of our ecosystem, ultimately making a significant contribution to improving people's lives and driving the country's digital transformation."
About Uzum HoldingUzum is a digital ecosystem and the largest digital platform in Uzbekistan, providing services spanning e-commerce, express delivery, banking and fintech, and business development. The ecosystem includes Uzum Market, an online marketplace with a wide range of products and one-day delivery across the country; Uzum Tezkor, an express delivery service from restaurants and stores; Uzum Bank, a digital bank; Kapitalbank, the country's largest privately owned bank; Uzum Nasiya, an online unsecured lending service; and Uzum Business, an app for business customers. More than 16 million people in Uzbekistan, or over 40% of the country's population, use Uzum services every month. Learn more at uzum.com.
[1] Loan disbursements: BNPL (excluding mark-up paid by customer) and cash loans
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