UZUM and Click announce merger
Uzum, the largest ecosystem of digital services in Uzbekistan, and Click, a leading payments company, have announced their agreement to merge. The transaction, subject to deal closing procedures, aims to solidify Uzum’s dominant position across key verticals, including Finance, Payments, and Commerce, and create a combined user base of over 13 million people in Uzbekistan.
Upon closing, Click’s shareholders will receive a minority shareholding in Uzum’s parent company and will have representation on the board of directors. Click’s teams will retain operational autonomy while gradually integrating into the Uzum ecosystem.
Djasur Djumaev, Uzum’s CEO, expressed confidence in the merger, citing favorable factors such as positive demographics and growing smartphone and mobile internet penetration in Uzbekistan. The aim is to provide convenient payment options, fast access to financial services, and a wide range of goods to people across the country. Djumaev sees the merger as a critical milestone towards achieving this goal and expects the combination of both teams’ operational expertise and talent to generate unique synergies and enhance the customer experience.
Ulugbek Rustamov, CEO of Click, also expressed enthusiasm for the merger, noting that their strategies and goals align with Uzum. Rustamov sees great prospects in merging with the Uzum ecosystem and believes that the combination of their capabilities will allow them to create a product that stands out in the country. Click will continue working on its existing plans, including a lending project, initiatives integrating with government services, and servicing the tourism sector.
Currently, one in three residents of Uzbekistan uses the Click payment system, which processes over 37 million transactions per month. The companies plan to create a super app based on Click that integrates various services within one ecosystem. The Uzum ecosystem already includes Uzum Market, a leading marketplace with one-day delivery, Uzum Bank, shari’ah compliant BNPL installment service Uzum Nasiya, and Uzum Tezkor, an online food-delivery service for restaurants and groceries.
Tags: ClickUzbekistanUZUM
