Fintech Farm Launches Neobank in Uzbekistan. Why This Market?
Ukrainian company Fintech Farm has entered the Uzbek market with the launch of Tezbank, a digital bank built in partnership with local commercial lender Hamkorbank.
Uzbekistan marks Fintech Farm’s fifth market. The company has already launched neobanks in Azerbaijan (Leobank), Kyrgyzstan (Simbank), India (Roarbank), and Vietnam (Liobank).
Why Uzbekistan?
According to co-founder Dmytro Dubilet, Uzbekistan offered both strong market potential and the right partner.
«On the one hand, it is a very attractive market — the economy and population are growing, and the banking market is actively developing. On the other hand, after we successfully launched Leobank in Azerbaijan and Simbank in Kyrgyzstan, entering this market was very logical for us. And most importantly, we managed to find a very cool partner in this country — Hamkorbank,» Dubilet said.
He noted that Fintech Farm held talks with multiple banks, several of which expressed interest. «In the end, we agreed with the bank whose business vision and chemistry with the owners and management felt the closest to ours,» he added.
While Fintech Farm does not maintain an office in Uzbekistan, Tezbank operates with its own local team.
About Tezbank
Tezbank aims to compete with existing services through a feature-rich mobile app, improved service, and streamlined business processes. Dubilet compared its offering to monobank in Ukraine, with largely similar conditions and services.
Key offerings include:
- A free card with a credit limit of up to 50 million UZS (~$4,000) and a grace period of up to 62 days
- 10% cashback on purchases
- Zero commissions for utilities, mobile top-ups, card top-ups through other banks’ terminals, payments for government services and fines, and P2P transfers by phone number or card
- Savings account with 6% annual interest
- App features familiar to monobank users, such as Shake to Pay, split bills, likes and reactions on transfers, and other signature perks.
Pre-orders for Tezbank cards are already being collected via the website.
Financing the Expansion
Dubilet has not disclosed the specific investment in Tezbank. However, in May 2025, Fintech Farm raised $32 million, earmarked for its India launch. Another market launch is planned by the end of this year.
Earlier, the company announced the hiring of 40 new specialists (on top of its existing 250 employees) to support entry into new markets, including Uzbekistan.
Looking further ahead, Fintech Farm is preparing for an IPO within the next few years. To attract top talent, it offers stock options alongside competitive pay. The company’s latest known valuation was over $100 million (as of 2023, when it raised $22 million).
Fintech Farm Launches Neobank in Uzbekistan. Why This Market?
Ukrainian company Fintech Farm has entered the Uzbek market with the launch of Tezbank, a digital bank built in partnership with local commercial lender Hamkorbank.
Uzbekistan marks Fintech Farm’s fifth market. The company has already launched neobanks in Azerbaijan (Leobank), Kyrgyzstan (Simbank), India (Roarbank), and Vietnam (Liobank).
Why Uzbekistan?
According to co-founder Dmytro Dubilet, Uzbekistan offered both strong market potential and the right partner.
«On the one hand, it is a very attractive market — the economy and population are growing, and the banking market is actively developing. On the other hand, after we successfully launched Leobank in Azerbaijan and Simbank in Kyrgyzstan, entering this market was very logical for us. And most importantly, we managed to find a very cool partner in this country — Hamkorbank,» Dubilet said.
He noted that Fintech Farm held talks with multiple banks, several of which expressed interest. «In the end, we agreed with the bank whose business vision and chemistry with the owners and management felt the closest to ours,» he added.
While Fintech Farm does not maintain an office in Uzbekistan, Tezbank operates with its own local team.
About Tezbank
Tezbank aims to compete with existing services through a feature-rich mobile app, improved service, and streamlined business processes. Dubilet compared its offering to monobank in Ukraine, with largely similar conditions and services.
Key offerings include:
- A free card with a credit limit of up to 50 million UZS (~$4,000) and a grace period of up to 62 days
- 10% cashback on purchases
- Zero commissions for utilities, mobile top-ups, card top-ups through other banks’ terminals, payments for government services and fines, and P2P transfers by phone number or card
- Savings account with 6% annual interest
- App features familiar to monobank users, such as Shake to Pay, split bills, likes and reactions on transfers, and other signature perks.
Pre-orders for Tezbank cards are already being collected via the website.
Financing the Expansion
Dubilet has not disclosed the specific investment in Tezbank. However, in May 2025, Fintech Farm raised $32 million, earmarked for its India launch. Another market launch is planned by the end of this year.
Earlier, the company announced the hiring of 40 new specialists (on top of its existing 250 employees) to support entry into new markets, including Uzbekistan.
Looking further ahead, Fintech Farm is preparing for an IPO within the next few years. To attract top talent, it offers stock options alongside competitive pay. The company’s latest known valuation was over $100 million (as of 2023, when it raised $22 million).
