Payme reports revenue and profit growth

TBC Bank, the main owner of the company, indicated that the application is the second largest provider of payment services in Uzbekistan.

Net profit of Payme increased by 89% in 2020, Spot reports referring to TBC Bank.

“I am impressed by the results of Payme’s work, which has grown significantly over the year despite the COVID-19 pandemic,” said CEO of TBC Bank Group PLC Vakhtang Butskhrikidze.

According to him, the application is the second largest provider of payment services in the country with 2.9 million users (63.3% more than in 2019) and more than 65 million transactions (74.4% increase). Revenue was 16.6 million lari (almost $5 million), and net profit was 8.3 million lari (about $2.5 million), with a growth rate of 94.7% and 89.1%, respectively.

To note, TBC Bank bought 51% of Payme’s shares for $5.5 million in April 2019, when the entire company was valued at $10.8 million.

#Payme #TBC Bank