Georgian TBC Bank has bought the 51% stake in Inspired LLC, which owns the PayMe digital payment system in Uzbekistan for US$ 5.5 million, the bank said in a statement.
TBC Bank also entered into a deal for a possible buyout of the remaining 49% stake. PayMe was valued at US$ 10.8 million.
“This app will give us the immediate access to a large client base and allows us to implement our Georgian digital solutions in the Uzbekistan market,” commented Vakhtang Butskrikidze, the chief of TBC Bank.
The purchase is a step towards a planned expansion in Uzbekistan he said, while the current managers will remain with PayMe and will continue to work on company strategies.
PayMe is one of the two digital payment services in Uzbekistan and has about 1.3 million customers. According to the bank, last year alone, the number of PayMe customers increased by 70%, while revenues and net income increasing by 41.9% and 24.5%.
“In 2018, PayMe’s gross assets amounted to US$ 700 thousand, while total revenues and profit before taxes surpassed US$ 1.6 million and US$ 800 thousand, respectively,” the statement concluded.