Fintech PR
Uzum becomes first tech unicorn in Uzbekistan after raising over $100 mln in funding
TASHKENT, Uzbekistan, March 26, 2024 /PRNewswire/ — Uzum, a leading digital services ecosystem in Uzbekistan, has secured more than $100 mln in funding through a combination of a Series A funding round and debt financing, making Uzum the first tech company in Uzbekistan to achieve unicorn status with a post-money valuation of over $1 billion. Uzum plans to use the funds to develop the country’s IT and logistics infrastructure, as well as to fund its own BNPL-service.
Uzum secured over $50 mln in equity through a Series A funding round consisting wholly of primary investments. The round was led by the global venture capital firm FinSight Ventures (whose portfolio companies have included Intercom, ThoughtSpot, Automation Anywhere, Toss, GupShup, Razorpay, Bumble, Rappi, Carta and others), joined by Xanara Investment Management, a multifamily office in the UAE, and Uzum’s senior management team. The company separately raised an additional $50+ mln in debt financing.
Investors taking part in the Series A funding round will receive stakes of less than 5% in the company. Given Uzum’s strong performance in 2023 – its first full year of operations – and the ecosystem’s enormous potential, the shareholders decided to not substantially dilute their ownership stakes during the funding round. In 2024, Uzum plans to raise additional financing of approximately $200 million in a Series B funding round from investors in the Middle East, the United Kingdom and the United States.
Combining e-commerce, fintech and banking services for individuals and small and medium-sized enterprises, the Uzum digital ecosystem includes a marketplace, an express delivery service, traditional and digital banks, a BNPL service, an automotive marketplace and an app for entrepreneurs. All of the ecosystem’s components are now being integrated into two superapps: Uzum for individuals, and Uzum Business for legal entities. By the end of 2023, the Uzum ecosystem had 10 million monthly average users and net profit just shy of $100 million. Meanwhile, Uzum’s retail banking and fintech businesses were among the leaders in the country in terms of profit, and its e-commerce business was the largest online platform in Uzbekistan by the number of users and number of orders, with turnover of around $150 million.
In 2024, Uzum plans to launch the largest logistics complex for e-commerce in the country, which is expected to increase e-commerce turnover on its platform by more than 150% during the year. It also plans to launch a number of ecosystem products for unsecured lending to individuals as well as small and medium-sized enterprises.
Alexey Garyunov, managing partner at FinSight Ventures, commented:
“We focus on FinTech, B2B SaaS and the e-commerce markets in the US and India, as well as investing in superapps in emerging markets. By combining convenient payment solutions with an e-commerce platform, Uzum achieved impressive results in just a year and a half, launching one of the top three apps in the country in terms of the number of downloads, trailing only instant messengers and social networks. Uzum has already become the national leader in its key business verticals (fintech and e-commerce) thanks to strong network effects and synergies between its various businesses. Uzbekistan is one of the markets where consumers moved from offline directly to mobile (bypassing the web browser stage), which makes this market ideal for creating a superapp that combines banking, fintech, e-commerce and other services in an ecosystem for consumers and entrepreneurs. We witnessed the success of Kaspi.kz in creating a superapp in neighboring Kazakhstan, Rappi in Latin America, and Toss in South Korea, and we are confident that Uzum, which has the necessary talent, resources and products, will repeat this success to become the national tech leader in Uzbekistan.
Djasur Djumaev, Uzum’s founder and CEO, said:
“Digital services in Uzbekistan today are incredibly popular. We see this in the growth rates of the markets that we work in as well as in our own experience. In a little over a year, we have built an ecosystem whose services are used by more than 10 million people in Uzbekistan every month. Last year, we earned nearly $100 million in net profit, and we intend to increase this figure this year, partly by integrating services within the Uzum ecosystem. We also plan to add new business streams and services for business and private users to the ecosystem this year. We see tremendous interest in the Uzbek market and in Uzum’s digital ecosystem as one of its drivers and, of course, this would not have been possible without the extraordinary team of world-class professionals who created the first tech unicorn in the country’s history.”
According to KPMG, Uzbekistan is home to the fastest-growing e-commerce market in Central Asia, with the potential to grow up to sevenfold by the end of 2027. At the same time, the country’s GDP grew by 6% in 2023, and Uzbekistan plans to double this figure in the next few years. Experts note that the country’s economy has the potential for growth and rapid digitalization thanks to several factors, including a high rate of Internet penetration, a young population, as well as a currently low penetration rate of banking and financial services.
About Uzum
Uzum is a digital ecosystem and the largest digital platform in Uzbekistan, providing services spanning e-commerce, express delivery, banking and fintech, and business development. More than 10 million people in Uzbekistan, or nearly one-third of the country’s population, use Uzum services every month. Learn more at uzum.com.
About FinSight
FinSight Ventures is a venture capital firm specializing in investments in FinTech, B2B SaaS and e-commerce companies as well as other segments of the tech market. The company invests at various stages (from seed to later stages), covering the entire funding cycle for tech companies. FinSight focuses on the US and Indian markets and also invests on a more global scale in superapps in emerging markets. FinSight manages more than $500 million in assets, with investor returns of over $600 million since its founding in 2004.
One of the firm’s biggest deals was its investment in Bumble, which Blackstone acquired in 2019. At the time of the deal, the company was valued at $3b. Having backed Bumble from the very beginning, Finsight VC was the sole financial investor in the company.
About Xanara
Xanara Investment Management is a multifamily office located in Dubai. The company specializes in managing client assets, provides family office services, and also advises on wealth creation and preservation.
For additional information please contact: pr@uzum.com
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PANAMA CITY, March 15, 2025 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce its participation as a Gold Sponsor at the 5th edition of Next Block Expo (NBX), scheduled for March 19-20, 2025, at Multikino Złote Tarasy in Warsaw, Poland. As one of Europe’s premier Web3 events, NBX 2025 is expected to attract over 2,000 attendees, making it a key platform for blockchain innovation and collaboration.
NBX serves as a dynamic hub for industry leaders, startups, investors, and developers, fostering knowledge-sharing and networking opportunities to drive the future of blockchain. As a firm advocate for Web3 advancements, BingX will showcase its ongoing commitment to innovation through an interactive booth, featuring engaging activities, expert insights, and exclusive giveaways. Attendees will gain firsthand knowledge of how BingX supports high-potential blockchain projects with financial backing, technical expertise, and strategic growth consultations.
In addition to its sponsorship, Vivien Lin, Chief Product Officer of BingX, will be a key speaker at NBX 2025, contributing to discussions on strategic trading approaches, risk management, and the evolving landscape of blockchain investments. She will also deliver a keynote speech exploring BingX’s vision for blockchain innovation and how the company translates emerging technologies into real-world applications.
“At BingX, we believe that true innovation comes from bold ideas and strategic execution,” said Lin. “Sponsoring NBX 2025 is more than just a presence for us — it’s a commitment to fostering a thriving blockchain ecosystem. We are here to connect with visionaries, provide the resources they need, and help shape the future of decentralized technology. By empowering builders and innovators, we’re not just supporting projects — we are accelerating the evolution of Web3 itself.”
BingX’s participation at NBX 2025 underscores its long-term vision of driving blockchain innovation and supporting the next generation of industry leaders. As BingX continues to expand its global footprint, initiatives like this sponsorship reinforce its role as a catalyst for growth in crypto space. By engaging with emerging projects, thought leaders, and investors, BingX remains at the forefront of Web3 advancements, bridging the gap between groundbreaking ideas and real-world impact.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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WEST ATLANTIC CITY, N.J., March 14, 2025 /PRNewswire/ — The Great Bay Insurance Group (the “Group”), a leading provider of coastal homeowners’ insurance in New Jersey, today announced the following leadership changes. Timothy J. Byrne, Jr., has been named as President of the Group and Ronald R. Lovatt has been named President of Great Bay Insurance Company, a wholly owned affiliate of the Group.
Mr. Byrne Jr. has nearly 15 years of industry experience and previously served as the Group’s Chief Operating Officer overseeing the Groups operations and underwriting strategies.
Mr. Timothy J. Byrne, Sr., Chief Executive Officer of the Group, added, “I’m excited to announce the promotion of Tim Jr. to the role of President of The Great Bay Insurance Group and Ron to the role of President of Great Bay Insurance Company. Tim Jr. and Ron have been an integral part of the Group since its founding in 2019.”
As President, Tim Jr. will provide oversight for all corporate support functions and will continue to report to Tim Sr.
Mr. Byrne Jr. holds a BS in Economic and Mathematics from the University of Vermont, an MBA in Risk Management and Insurance from St. John’s University and holds a CPCU designation.
Mr. Lovatt has 40 years of broad insurance industry experience in leadership capacities with international, national, regional and start-up insurance companies. Ron is a founding member of The Great Bay Insurance Group, working with Tim Sr. & Tim Jr. to launch Great Bay in late 2019. Ron currently serves as Chief Underwriting Officer & Chief Claims Officer for The Great Bay Insurance Group, has an MBA from The Wharton School of the University of Pennsylvania, and a Bachelor of Science degree in Economics, Finance, Accounting & Marketing from Miami University.
Contact:
Investor Relations
Brian Schleider, CPA
Chief Financial Officer
609-434-2000, x102
brian.schleider@greatbayinsure.com
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Fintech PR
Forward Global responds to surge in UK shareholder activism with launch of UK Corporate Contests Practice
LONDON, March 14, 2025 /PRNewswire/ — International risk management firm Forward Global launched its UK Corporate Contests Practice on Tuesday in response to what is described as “all-time high of shareholder activism” in London and Paris.
Speaking ahead of the launch on Tuesday night, Brendan Foo, Partner and Global Head of Corporate Contests at Forward Global, said “As activism gains currency as an asset class, savvy investors are looking toward the UK and Europe to generate alpha. Indeed, in 2025 alone, we have seen an unprecedented demand for our services not just in our traditional strongholds of the US and Canada, but also in the UK and Europe. This reflects the surge in activist (and active) engagements, with which our team is uniquely well-placed to assist.”
Forward Global’s Corporate Contests Practice was established to meet demand from law firms, investors, and advisers to provide a comprehensive suite of services to support companies in high-stakes shareholder engagements. In keeping with the firm’s established activism practice in the US, the new London offering will deliver investigative and intelligence work such as vetting board nominees, relationship mapping, scrutinizing the track records of both incumbents and challengers, and conducting deep-dive reputation analyses. In Europe, Forward Global’s Patrice Lambert-de Diesbach offers clients battle-tested expertise in investor relations and financial communications.
Shareholder activism in the UK has expanded significantly, with campaigns becoming more frequent and sophisticated. In 2023, the number of new public activist campaigns in Europe surged by 68%, with the UK remaining a primary target. US-based activist investors have also increased their focus on UK firms, launching 40% of all UK activist campaigns in 2024. With contested boardroom battles and regulatory shifts on the rise, the expansion of Forward Global’s Corporate Contests practice into the UK is well-timed, equipping issuers with the intelligence and strategies needed to navigate this evolving landscape.
The firm launched the new practice at an exclusive gathering at the International Institute of Strategic Studies in London, bringing together leading voices from the shareholder activism space to discuss the evolving landscape of transatlantic shareholder activism.
The panel discussion, featuring Brendan Foo, Patrick J. McHugh of Okapi Partners, and Sebastian Fain of Freshfields, explored critical considerations for US investors entering the UK market and vice versa, differences in engagement styles across jurisdictions, and strategies for issuers to proactively engage with both activist and active investors. Panelists also examined the impact of anti-DEI and ESG sentiment on investor relations in the UK, as well as how issuers can adapt to evolving regulatory and institutional expectations.
John Watts, Managing Partner of Forward Global UK, added, “Forward Global’s new UK Corporate Contests Practice is designed to provide companies with the strategic intelligence and investigative depth needed to navigate an increasingly complex activist landscape. Our team is committed to equipping clients with the tools to engage proactively with investors, safeguard their strategic interests, and strengthen shareholder relations across Europe.”
Notes for Editors
Forward Global is an international group, with its historic headquarters in France, boasting five main offices in Paris, Brussels, London, Miami, and Washington. As a leading player in risk management with over 450 employees and 30 partners, Forward Global offers an integrated approach across the three major risks: digital, economic, and informational.
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