Click, Uzbekistan’s largest digital payments company, and Kazakhstan’s Halyk Bank financial group have announced a strategic partnership involving a dual investment valued at more than $237mn.

As part of the agreement, Halyk Bank will acquire a 49% equity stake in Click for $176.4mn, the companies said in a press release. Simultaneously, Click’s shareholders will acquire a 49% stake in Tenge Bank, Halyk’s wholly owned subsidiary in Uzbekistan, for $60.76mn. 

Despite the mutual shareholdings, both Click and Tenge Bank will retain full legal and operational independence, the companies added.

Click has over 20mn registered users and holds a dominant position on Uzbekistan’s fintech market. 

In 2024, the company transitioned into a “super app” platform, integrating services such as payments, insurance, delivery, car maintenance and charitable initiatives. 

The company reported revenue growth of 35.3% and profit growth of 37.5% last year.

“This is a historic moment for Click,” said Ulugbek Rustamov, CEO of Click. “Partnering with Halyk Bank and expanding our capabilities through Tenge Bank represents a major step forward in delivering world-class digital financial services to millions of users.”

Click will continue normal operations for users and maintain its current platform strategy. 

Tenge Bank will continue its existing banking operations. 

As of March 31, Tenge Bank reported a total loan portfolio of more than Uzbekistani som (UZS) 4.5 trillion ($358.4mn) and total assets exceeding UZS 7.7 trillion (613.3mn). 

In 2024, it became the first bank in Uzbekistan to introduce digital onboarding and lending services for entrepreneurs.

More than 70,000 service providers working with Click will gain access to Tenge Bank’s corporate banking products, further integrating fintech and traditional banking services in Uzbekistan.

Regulatory approval of the deal is still pending, but the parties have expressed confidence that they will secure the necessary clearances in both Kazakhstan and Uzbekistan, neighbouring countries that are Central Asia's largest and second largest economies, respectively.. 

The transaction will be conducted in full compliance with both countries’ legal frameworks, the statement said.

Halyk Bank is Kazakhstan’s largest financial group by assets. As of March 31, Halyk Bank reported total assets of Kazakhstani tenge (KZT) 18.9 trillion ($35.6bn). It operates across the retail, SME and corporate banking sectors.

The financial group has been listed on the Kazakhstan Stock Exchange (KASE) since 1998, the London Stock Exchange (LSE) since 2006 and the Astana International Exchange (AIX) since 2019.

Click holds Payment Institution Licence No. 1 in Uzbekistan and is PCI DSS 4.0-certified. 

The company also invests in artificial intelligence (AI), green energy and social programmes. 

Tenge Bank holds a Moody’s credit rating of Ba3, consistent with Uzbekistan’s sovereign rating.

In 2024, it was recognised as the Best Bank in Uzbekistan by Global Finance and received additional awards for corporate and digital banking services.

The collaboration also promises benefits for the B2B segment, said the parties to the deal.