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    Technology

    Sturgeon Capital plans strategic Central Asian fintech partnership

    Sturgeon Capital plans strategic Central Asian fintech partnership

    Sturgeon Capital has achieved the first institutional close of its second flagship venture capital fund, Sturgeon Emerging Opportunities II (SEO II). The fund focuses on early-stage technology investments across Central Asia, the Caucasus, Bangladesh, and Pakistan.

    Photo: Sturgeon Capital emphasizes active collaboration with portfolio companies to enhance their impact alongside financial performance.
    Source: Fiextra Research
    This milestone also initiates a strategic partnership between Sturgeon Capital and SBI Ventures Asset Pte., a subsidiary of SBI Holdings, Inc., aimed at developing business interests in Central Asia, particularly in FinTech and Uzbekistan.

    The first close of SEO II was anchored by the International Financial Corporation (IFC) and SBI Ventures Asset Pte., along with a diverse group of global investors including family offices, high-net-worth individuals, corporations, and international financial institutions (IFIs).

    SEO II builds on the success of its predecessor, SEO I, focusing on FinTech, B2B Software, and Marketplace business models within rapidly growing digital ecosystems. Sturgeon Capital emphasizes active collaboration with portfolio companies to enhance their impact alongside financial performance.

    The partnership with the United States Agency for International Development (USAID) under the Digital Invest program further underscores Sturgeon's commitment to fostering sustainable growth in emerging markets.

    Sturgeon Capital, founded in 2016 and headquartered in London, manages approximately $300 mn in assets across venture capital and private equity mandates. Key LPs include the Mirath family office, the International Finance Corporation (IFC), Montrose Advisors, and SBI Ventures Asset Pte.

    FinTech in Uzbekistan

    Uzbekistan has experienced a significant uptick in the utilization of remote banking services. A report, part of the Mastercard initiative and conducted by a group of experts, highlighted this trend. The report revealed that the adoption of online transactions in Uzbekistan has witnessed growth.

    In 2018, there were around 8 mn users engaged in online transactions, which surged to approximately 30 mn by 2022. The volume of online transactions reached $14 bn in the previous year alone, representing a 1.5-fold increase from the preceding year. Additionally, QR code payments have gained considerable popularity, with the number of users utilizing QR code payments increasing fourfold from 2021 to around 63,000. Moreover, total payments made through QR codes surged from $1.4 mn to $17 mn over the same period.

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    25.03.2024, 16:49   Comments (0)   2263
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