Latest news with #RichardDeitz
Korea Herald
05-08-2025
- Business
- Korea Herald
Uzum Secures $70M Equity Financing Led by Tencent and VR Capital, Reaches $1.5B Valuation
Funding to accelerate the expansion of Uzbekistan's leading fintech platform and e-commerce ecosystem TASHKENT, Uzbekistan, Aug. 5, 2025 /PRNewswire/ -- Uzum, Uzbekistan's leading digital ecosystem, has secured nearly $70 million in equity financing from Tencent and VR Capital, with participation from FinSight Ventures—a U.S. fund focused on AI, fintech and super-app investments, and lead investor in Uzum's first equity round completed in March 2024. Tencent is a world-leading internet and technology company with a diverse portfolio of innovative products and services. It is listed on the Stock Exchange of Hong Kong. VR Capital is a global alternative asset management firm with over $8 billion in assets under management. The firm has managed external capital for institutional investors since 1999, with a focus on investments in emerging and developed markets. VR Capital operates via its principal offices in New York and London. This funding marks a significant increase in Uzum's valuation since the March 2024 fundraise, bringing the company's post-money valuation to approximately $1.5 billion, and comes against a backdrop of strong operating and financial traction delivered across key business segments. Fintech momentum: Uzum Bank, the company's digital banking unit, is now the fastest-growing bank in the country. Since launching its co-branded Visa debit card with pre-approved credit limits in August 2024, Uzum has issued over 2 million cards in 1H 2025, introducing Uzbekistan's first embedded credit limit tied to a debit instrument. At the same time, Uzum's consumer credit business, anchored by its market-leading BNPL offering, has more than tripled its total financed volume (TFV) in the first half of 2025. E-commerce engine: The e-commerce segment—powered by Uzum Market (the largest national marketplace) and Uzum Tezkor (Uzbekistan's leading express delivery service)—grew gross merchandise value (GMV) ~1.5x year-over-year in H1 2025. Uzum remains the only vertically integrated platform combining commerce and financial services at a national scale. The company's breakthrough valuation and new investment reflect its unparalleled market position and ambition. The proceeds from this round will be used to accelerate the buildout of Uzum's proprietary fintech infrastructure, broaden its product suite, cementing its leadership across key verticals, and capture the full potential of Uzbekistan's rapidly expanding digital economy. Richard Deitz, Founder and President, VR Capital: "Uzum embodies a unique confluence of a proven business model and first-mover advantage in a structurally underserved market. We are deeply impressed by the quality of the team and the remarkable progress the Company has achieved to date. It is our privilege to support Uzum's continued growth through our investment." Alexey Garyunov, Managing Partner at FinSight Ventures: "We believe Uzum represents one of the most compelling fintech and e-commerce growth stories in Central Asia. Since our initial investment last year, the company has achieved remarkable milestones — rapidly expanding its user base, launching new products, and driving monetization. The synergy across its diverse verticals has not only improved unit economics and reduced delinquency, but also lifted customer satisfaction and retention, reflected in a rising NPS and LTV. These dynamics mirror patterns we've seen in other breakout super-apps globally, and they're reinforcing Uzum's leadership in Uzbekistan's digital economy. We see enormous untapped potential to layer new services for both consumers and merchants on top of Uzum's existing platform. That's exactly why we're excited to double down in this new round and continue supporting Uzum on its journey." Djasur Djumaev, Founder and CEO of Uzum: "In just two years, Uzum has built the most comprehensive digital ecosystem in Uzbekistan. Today, we're reshaping how people shop, pay, and manage money. This new round of funding empowers us to deepen our fintech offerings and expand our leadership in digital banking and lending. We are delighted to welcome Tencent and VR Capital as new shareholders and proud to be working with tier-1 global investors who share our vision. It's also a vote of confidence in our strategy to integrate financial services directly within the country's largest e-commerce infrastructure." About Uzum Uzum is a digital ecosystem and the largest digital platform in Uzbekistan, providing services spanning e-commerce, express delivery, banking and fintech, and business development. The ecosystem includes Uzum Market, an online marketplace with a wide range of products and one-day delivery across the country; Uzum Tezkor, an express delivery service from restaurants and stores; Uzum Bank, a digital bank; Kapitalbank, the country's largest privately owned bank; Uzum Nasiya, an online unsecured lending service; and Uzum Business, an app for business customers. More than 17 million people — over half of Uzbekistan's population, use Uzum services every month. Learn more at The Company is compliant with AML/FATFA proceedings and observes international sanctions regime in terms of its business operations and incoming and outcoming investments. About Uzbekistan Uzbekistan, Central Asia's most populous country and second-largest economy by nominal GDP, is undergoing a generational digital and financial transformation. With nearly 60% of its 37 million citizens under the age of 30, the country combines favourable demographics with strong GDP growth (6.5% in 2024) and rising consumer demand. Despite high mobile penetration and rapidly expanding internet access (projected to exceed 87% by 2027), Uzbekistan remains significantly underbanked: over 40% of adults lack access to formal financial services, and digital lending and card issuance are still nascent. This creates a vast opportunity for fintech disruption — particularly embedded finance models integrated with commerce. E-commerce in Uzbekistan is expected to grow at a CAGR of 40–47% to reach $2.2 billion by 2027, according to KPMG, making it the fastest-growing digital consumer market in Central Asia. With strong government backing for financial inclusion, investment in digital infrastructure, and favourable regulatory reforms, Uzbekistan has become a launchpad for scalable digital finance and technology-driven platforms.
Yahoo
29-04-2025
- Business
- Yahoo
When is going to college not worth the money?
Getting a college education has traditionally been seen as a way to move up the economic ladder. But an analysis by economists at the Federal Reserve Bank of New York shows that the cost of a degree may not always be worth it. The value of a college education has increasingly come into question in recent years, especially as tuition costs steadily climb and millions of Americans grapple with student loans. As a result, only one in four U.S. adults say it's extremely or very important to have a four-year college degree to get a well-paying job, according to a 2024 Pew Research poll. To be sure, the case for attending college remains strong. Another study by the New York Fed found that in recent years the typical college graduate with a bachelor's degree had annual income of roughly $80,000, versus $47,000 for people with only a high school diploma —a 68% premium. Yet a recent study by the Fed bank suggests a college degree hasn't paid off for at least 25% of college graduates in recent decades. Of course, not everyone goes to college chiefly to earn a high income — education can be its own reward, after all. But how you navigate your college career — or whether you choose to attend at all — is among the most important financial decisions a person will make. Here's when a diploma may not deliver much of a bang for the buck. When might a college degree not be worth it? Not surprisingly, the more a student must spend on out-of-pocket expenses, the lower their typical return on investment. The average college student pays about $30,000 out of pocket for four years of college, according to the New York Fed study. However, students could face significantly higher costs if they choose to live on campus, or if they miss out on financial aid and are forced to pay a school's full price. The typical college graduate sees a return on investment (ROI) of roughly 12.5% according to the New York Fed. That rate has remained mostly unchanged over the past three decades, and still exceeds the returns on most other investments, including the stock market, which over time offers long-term return of about 8%. Despite that payoff, certain factors can lower a college grad's ROI. For example, the researchers found that living on campus increased the price tag for college by nearly $30,000 – from $180,000 to $207,000 – reducing the return on investment to about 11%. The 1.5% drop in ROI may seem nominal, but it can translate to hundreds of thousands in lost dollars. "This extra cost and the associated return are comparable to attending a more expensive school that is roughly twice the average price," the researchers, economists Jaison Abel and Richard Deitz, said in the study. Among college graduates, 25% actually see little return on investment. This group was making less than $10,000 more in income than the median high school graduate in 2024. Their rate of return was only 2.6% compared to the average of 12.5% — meaning they see much less of a payoff. Another factor that can reduce the value of a college degree is how long it takes to obtain. The typical bachelor's program runs for four years, but in some cases students might extend the timeline if they haven't completed their course load. That can have major financial implications. Taking an extra one to two years to get your degree adds "considerably to the cost," the New York Fed found. There's the direct cost students have to pay for the additional tuition, but also higher "opportunity costs" — for example, a student who starts their career later misses out on years of working experience and can end up earning less over their lifetime. "All in all, we estimate that taking five years to complete college pushes the median rate of return down to about 9% and taking six years pushes it down to 7%," the researchers found. Graduating in five years, rather than four, pushes up the total cost of college from $180,000 to $272,000, while taking six years would cost $364,000. How much does a student's major matter? Another important consideration in deciding if going to college is a sound investment is a student's major. After all, certain fields tend to lead to higher incomes. So-called STEM majors tend to earn the most, both in the early and mid-stages off their career, according to New York Fed data. For instance, a computer engineering major stands to make a median wage of $122,000 mid-career, versus $55,000 for an education major, according to the bank's data. Among the fields of study with the highest returns are engineering, business and health sciences. The return is lowest for those majoring in fine arts, liberal arts, leisure, and hospitality and education, which ranked last. "While some of it may come down to choices people make for the jobs they wish to have, one significant consideration is college major, something over which students have direct control," Abel and Dietz wrote. The life of teen idol Bobby Darin Bill Belichick on a life in football Pope Francis laid to rest Sign in to access your portfolio
CBS News
28-04-2025
- Business
- CBS News
When is going to college not worth the money?
Getting a college education has traditionally been seen as a way to move up the economic ladder. But an analysis by economists at the Federal Reserve Bank of New York shows that the cost of a degree may not always be worth it. The value of a college education has increasingly come into question in recent years, especially as tuition costs steadily climb and millions of Americans grapple with student loans. As a result, only one in four U.S. adults say it's extremely or very important to have a four-year college degree to get a well-paying job, according to a 2024 Pew Research poll. To be sure, the case for attending college remains strong. Another study by the New York Fed found that in recent years the typical college graduate with a bachelor's degree had annual income of roughly $80,000, versus $47,000 for people with only a high school diploma —a 68% premium. Yet a recent study by the Fed bank suggests a college degree hasn't paid off for at least 25% of college graduates in recent decades. Of course, not everyone goes to college chiefly to earn a high income — education can be its own reward, after all. But how you navigate your college career — or whether you choose to attend at all — is among the most important financial decisions a person will make. Here's when a diploma may not deliver much of a bang for the buck. When might a college degree not be worth it? Not surprisingly, the more a student must spend on out-of-pocket expenses, the lower their typical return on investment. The average college student pays about $30,000 out of pocket for four years of college, according to the New York Fed study. However, students could face significantly higher costs if they choose to live on campus, or if they miss out on financial aid and are forced to pay a school's full price. The typical college graduate sees a return on investment (ROI) of roughly 12.5% according to the New York Fed. That rate has remained mostly unchanged over the past three decades, and still exceeds the returns on most other investments, including the stock market, which over time offers long-term return of about 8%. Despite that payoff, certain factors can lower a college grad's ROI. For example, the researchers found that living on campus increased the price tag for college by nearly $30,000 – from $180,000 to $207,000 – reducing the return on investment to about 11%. The 1.5% drop in ROI may seem nominal, but it can translate to hundreds of thousands in lost dollars. "This extra cost and the associated return are comparable to attending a more expensive school that is roughly twice the average price," the researchers, economists Jaison Abel and Richard Deitz, said in the study. Among college graduates, 25% actually see little return on investment. This group was making less than $10,000 more in income than the median high school graduate in 2024. Their rate of return was only 2.6% compared to the average of 12.5% — meaning they see much less of a payoff. Another factor that can reduce the value of a college degree is how long it takes to obtain. The typical bachelor's program runs for four years, but in some cases students might extend the timeline if they haven't completed their course load. That can have major financial implications. Taking an extra one to two years to get your degree adds "considerably to the cost," the New York Fed found. There's the direct cost students have to pay for the additional tuition, but also higher "opportunity costs" — for example, a student who starts their career later misses out on years of working experience and can end up earning less over their lifetime. "All in all, we estimate that taking five years to complete college pushes the median rate of return down to about 9% and taking six years pushes it down to 7%," the researchers found. Graduating in five years, rather than four, pushes up the total cost of college from $180,000 to $272,000, while taking six years would cost $364,000. How much does a student's major matter? Another important consideration in deciding if going to college is a sound investment is a student's major. After all, certain fields tend to lead to higher incomes. So-called STEM majors tend to earn the most, both in the early and mid-stages off their career, according to New York Fed data. For instance, a computer engineering major stands to make a median wage of $122,000 mid-career, versus $55,000 for an education major, according to the bank's data. Among the fields of study with the highest returns are engineering, business and health sciences. The return is lowest for those majoring in fine arts, liberal arts, leisure, and hospitality and education, which ranked last. "While some of it may come down to choices people make for the jobs they wish to have, one significant consideration is college major, something over which students have direct control," Abel and Dietz wrote.
