TBC Bank acquires controlling interest in Payme payment platform for $5.5 million
TBC Bank Group PLC has announced acquiring a 51% stake in LLC Inspired, a leading payment platform in Uzbekistan operating under the Payme brand. The bank also mentions entering into a call arrangement for the remaining 49% of Payme.
Payme is a leading payment service provider in Uzbekistan that supplies payment solutions to 1.3 million customers. It facilitates utility payments, P2P transfers, loan repayments, mPOS for QR-based payments and ecommerce purchases. It also provides a marketplace platform for loans from certain Uzbek banks. Payme has grown rapidly in recent years, increasing its number of clients by around 70% during 2018, while its revenue and net income grew by 41.9% and 24.5% respectively year-on-year. At the end of 2018, the gross assets of Payme stood at USD 0.7 million, while total revenue and profit before tax for the full year 2018 amounted to USD 1.6 million and USD 0.8 million respectively.
"The acquisition of Payme is another important step in our planned expansion into Uzbekistan. It will enable us to gain immediate access to a large customer base in the country and use our core digital strengths in Georgia to innovate in the Uzbekistani market. With Payme joining our effort, we intend to further develop the payment business and also use it as a platform to develop new ecosystems in the country ", Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank, commented.
Founded in 2011 Payme continues to be managed by the three original founding shareholders and two new shareholders: one acting as Business Development and Research Director and the other as the Chief Technology Officer.
As TBC announces Managing Owners Sarvar Ro'zmatov, Baxrom Xodjayev, and Farrux Ziyayev, Business Development and Research Director Abdul-Axadov Abdul-Aziz and Chief Technology Officer Oleg Geverges have sold part of their shares to TBC Bank for $5.5 million.
As TBC mentions, the management team will remain with Payme and will continue to be actively involved in the development of Payme's strategy.
"We are thrilled to partner with a leading bank in the region, with advanced digital capacities and and strong commitment to Uzbekistan. I am confident that together we will bring the company to the next level and offer our customers new, cutting-edge solutions and services in a very short period of time", the official release quotes Sarvar Ro'zmatov, Managing Owner of Payme .
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