Paynet to invest 17.2 bln soums in GOINVEST platform

Tashkent, Uzbekistan (UzDaily.uz) — FurtherIT, a subsidiary of payment service provider Paynet, is investing 17.2 billion soums in investment platform GOINVEST and plans to increase its stake in the company to 51%, according to capital market firm KAP DEPO.

Under the initial stage of the transaction, FurtherIT acquired a 33.14% stake in GOINVEST.

The deal forms part of Paynet's strategy to expand its investment services by combining its fintech infrastructure and user base with the capital market technology and expertise of GOINVEST and KAP DEPO. The companies plan to broaden digital access to Uzbekistan's capital market for residents, introduce new investment products, and expand remote brokerage services.

A key focus of the partnership will be providing investors in Uzbekistan with access to international capital markets, including the US stock market. Plans also include enabling brokerage account top-ups via electronic wallets and integrating GOINVEST's investment services directly into the Paynet ecosystem.

Farrukh Khodjaev, founder of GOINVEST and chief executive officer of KAP DEPO, described the transaction as an important milestone for the company's growth, adding that combining the partners' capabilities will accelerate the development of digital investing and make the stock market more accessible to citizens.

PwC provided legal and advisory support for the transaction.