UPay

History

2022: Uzbek fintech company Humans bought UPay payment service

At the end of May 2022, it became known about the sale of the UPay payment service of the Uzbek fintech company Humans. The value and other parameters of the transaction are not disclosed. It is only known that Humans became the sole owner of UPay.

UPay will enter the Human ecosystem, but will continue to operate under its brand. The founders of the service will retain their positions and develop it with the super application development team.

Humans bought UPay payment service

The founder of Humans, Vladimir Dobrynin, called the purchase of UPay a "logical step" in the development of the company in the Uzbek market. Cooperation with one of the most advanced fintech products will strengthen the company's digital ecosystem, he added.

At Humans, we were considering the option of creating our own payment provider, "says Dobrynin. - But UPay has a number of advantages - it is a technological expertise and a strong team.

Thanks to the deal, the company will be able to create an all-encompassing and convenient "service for everyday life." It will close the digital gap between the regions of Uzbekistan, accelerate the growth of e-commerce and the digital economy, the press release said.

The UPay team is ready with Humans to create payment solutions of a new format, said co-founders of the service Behzod Botirov and Anvar Babakulov. Cooperation will provide an opportunity to exchange experience and expertise with an international company, they add. In addition, together with Humans, the service will be able to reach new segments of the audience, expand the range of services and scale the business.

Together, we will be able to create a reliable infrastructure that will allow payments, including in cash, to be made as quickly and efficiently as possible, UPay said.

By the end of May 2022, the Human platform combines fintech services, cellular services and an online payment system with cashback function. The number of active users of the super application is 2 million people.^[1]

Notes