Tencent-Led Round Values Uzbek Fintech Uzum at $1.5 Billion

Tencent Holdings Ltd. and VR Capital Group led an equity financing round into Uzum that values the Uzbek fintech and e-commerce company at about $1.5 billion.

The investment round, which included participation by FinSight Ventures, raised nearly $70 million, Uzum said in a statement Tuesday.

Uzbekistan is Central Asia’s most populous country, with more than half of its 38 million people under the age of 30. More than 40% of Uzbekistan’s adults lack access to formal financial services, according to Uzum, which offers services ranging from digital banking to food delivery.

Last year, the company raised $114 million in funding ...