Alif registers over 121% year-on-year growth, total number of users rises to 1.5 million

Alif, a renowned Islamic fintech and neobank based in Central Asia, has recorded over 121% year-on-year growth. Operating as a fully licensed bank in Tajikistan and an e-commerce and fintech company in Uzbekistan, Alif’s total number of users has surpassed 1.5 million, with a 72% annual increase in customer numbers in 2022 alone.

The volume of transactions facilitated via Alif also increased significantly in 2022. Taking into account the importance of remittance payments in the region, it recorded a 405% and 96% increase in incoming and outgoing payments. Mobile payments revenue increased by 287% – an indication that businesses and consumers have adopted fintech solutions at scale to manage their finances.

Alif was founded in 2014 and offers a range of B2C and B2B financial solutions, which utilize the latest innovative technologies. Within just one year after the launch of Visa cards, Alif became the best issuer among 9 financial institutions that issue Visa cards in Tajikistan. Alif’s progress is driven by a 1,120 strong team of leading technology and finance professionals.

Alongside notable increases in growth metrics, in November 2022, Gulanor Atobek officially assumed the position of CEO of Alif Bank, the Tajik subsidiary of Alif. Co-founders Abdullo Kurbanov, Firdavs Mirzoev and Zuhursho Rahmatulloev remain at the holding level, focusing on the international expansion of Alif.

In 2021, Alif closed one of the largest fintech funding rounds in Central Asia, raising $8 million in equity and $50 million in debt, receiving a company valuation of $100 million at the time. The total investment was raised by existing shareholder Jefferson Capital Holdings Limited – a UK-based investment vehicle founded by Khofiz Shakhidi, who also serves as chairman of Alif.

Commenting on the growth recorded in 2022, Khofiz Shakhidi, Chairman of Alif, said: “In less than a decade, Alif has become a leading Islamic fintech and neobank. Transaction volumes and user numbers are increasing at a rapid pace, with Alif at the forefront of such innovations, providing the market with financial solutions that are relevant to the needs of the private sector and society in Tajikistan and Uzbekistan.

“Additionally, there are exciting expansion plans on the horizon as Alif prepares to launch in a number of new markets where there is growing demand for Islamic fintech solutions. It is for these reasons that Alif is rapidly becoming an Islamic fintech unicorn.