TASHKENT, Uzbekistan, June 12, 2023 /PRNewswire/ — Uzum, Uzbekistan’s largest ecosystem of digital services, and Click, a leading payments company, today announced that they have reached an agreement on a possible merger. Upon closing of the transaction, which is now subject to deal closing procedures, Click shareholders will gain a minority stake in Uzum’s parent company and will be represented on the board of directors. Click teams would maintain operational autonomy while gradually integrating into the Uzum ecosystem. This transaction aims to further consolidate Uzum’s dominant position in all key verticals (ie finance, payments and commerce) and create a combined user base of more than 13 million people in Uzbekistan.
“A combination of favorable factors, including positive demographics and increasing smartphone/mobile internet penetration, provides a strong pathway for explosive growth of digital services in Uzbekistan,” said Djasur Djumaev, CEO of Uzum. “Our mission is to ensure that people across Uzbekistan have access to a wide range of goods, convenient payment options, and fast, technology-driven access to financial services. There is no doubt that the combination of the two Outstanding teams with unique operational knowledge, world-class customer experience and best-in-class talent pools represents a critical milestone in achieving this goal.This transaction will create substantial value, through the generation of unique synergies that will drive to a better customer experience.”
“During the negotiations with Uzum, we saw that our strategies and goals align. Therefore, we are delighted to merge with the Uzum ecosystem and see great prospects. Combining two major players with such a wide range of capabilities will allow us to take advantage of each other’s resources and tackle a new ambitious task: to create a product that has no equal in the country,” said Click CEO Ulugbek Rustamov. “Click will, of course, continue to work on its current plans, including a loan project, a range of initiatives that integrate with government services, servicing the tourism sector, and much more.”
Today, one in three residents of Uzbekistan uses the Click payment system. The service processes more than 37 million transactions per month and the app has been downloaded by 9 million iOS and Android users since its launch. The two companies plan to create a super app based on Click that will integrate the functionality of various services within an ecosystem.
The Uzum ecosystem currently includes Uzum Market, a leading marketplace with a wide range of products and one-day delivery, Uzum Bank and other banking services, Uzum Nasiya, the sharee’ah-compliant BNPL installment payment service, and Uzum Tezkor, the online food delivery service for restaurants and grocery stores.
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