TBC Bank Group, a financial institution based in Georgia, has acquired a controlling interest in BILLZ, a retail management software platform in Uzbekistan.
This move is intended to strengthen TBC’s offerings for small and medium-sized enterprises (SMEs) within the country.
The agreement involves TBC purchasing an initial 53% stake in BILLZ for $9m, with plans to increase its holding to 60% over the next two years.
The total investment could reach up to $12m, positioning BILLZ at a post-money valuation of $20m.
Under this agreement, BILLZ will retain its brand identity while becoming part of the TBC Uzbekistan ecosystem. The current management and team at BILLZ will continue to lead the company’s operations and product development.
A put/call arrangement has been established by TBC for the remaining 40% of the company, exercisable 36 months after the transaction’s completion.
BILLZ offers an integrated retail management solution for SMEs, incorporating point-of-sale systems, inventory management, customer relationship management, e-commerce capabilities, and analytics to optimise operations and drive sales.
The platform is said to support over 4,000 retail businesses and handles more than 1.5 million transactions monthly, making it one of the most utilised SaaS platforms in the region.
The collaboration with BILLZ is expected to enhance TBC Uzbekistan’s penetration into the SME market segment by providing instant access to a broad base of business clients. BILLZ customers will benefit from access to banking and lending products offered by TBC UZ and Payme’s digital payment services.
This partnership follows TBC Uzbekistan’s recent expansion of its digital banking ecosystem with new product launches aimed at diversifying revenue streams and reaching new customer segments.
These initiatives include a business lending product launched in April as part of its TBC Business offerings for SMEs, alongside the Osmon credit card and Salom debit card introduced last year.
TBC Uzbekistan CEO Nika Kurdiani said: “Since our 2019 expansion into Uzbekistan, TBC has played a leading role in the development of the country’s financial services and technology sectors.
“We have been a key strategic investor and builder, with our digital banking ecosystem setting a new standard for best-in-class digital products in a previously underserved market. We are pleased to be continuing this work through a strategic partnership with market leader BILLZ, reconfirming our ongoing commitment to supporting Uzbekistan’s vibrant startup community.”
