Banking
Posted: 9 months ago

TBC Expects $ 12.3 Million Revenue from Uzbekistan in 2020

Vakhtang Butskhrikidze, CEO of TBC Bank, announces the rising indicators of Payme (Payments Platform) in the Uzbek market.

In 2019, revenues increased by 84% to GEL 8.6 million, EBITDA reached GEL 4.5 million, with annual growth (YoY) of 76.9%. The number of transactions increased by 24.5% (YoY) to 40.1 million.
 
Payme already serves 1.772 million customers, while at the time of its acquisition by TBC (04/19), the platform had 1.3 million registered users.
 
TBC invested $ 5.5 million in 2019 in exchange for a 51% stake.
 
Along with traditional services (utilities, loan payments, commercial purchases) Payme's new Payme 2.0 app was launched and released in beta last July with an updated interface design and new features.
 
According to the bank's calculations, Payme's revenue will grow by 43% to GEL 12.3 million in 2020, to 2.8 million registered users, and to 52.5 million transactions.
 
TBC says the business is sustainable and creates positive cashflow.