UPay co-founder Behzod Botirov has acquired the payment service Pay Way.

Co-founder of UPay, Bekhzod Botirov, has acquired a majority stake in the payment service Pay Way, according to the Unified Corporate Information Portal.

On February 13, Botirov Bekhzod Botirjon acquired 45.15% of Pay Way shares for 4.96 billion sums, with a nominal value of 1,000 sums per share. Subsequently, Bekhzod Botirov purchased an additional 29.23% of shares for 3.21 billion sums. Thus, the total transaction amount reached 8.18 billion sums, resulting in Botirov now owning 74.38% of the shares.

The share of the main founder and head of the executive body, Sattarov Bunyod Bakhtiyorovich, has decreased from 50% to 10.49%. However, he continues to manage Pay Way.

On February 14, Pay Way made changes to its list of affiliated persons, adding Botirov Bekhzod Botirjon and excluding Mustafa Rishat Ilkhamovich. Additionally, Botirov has been appointed as a member of the supervisory board since February 7.

According to EPIKU data, previously 50% of Pay Way's authorized capital belonged to Sattarov Bunyod Bakhtiyorovich, 35% to Moskvtsev Alexey Alekseevich, and another 15% to Svazyan Norik Vanikovich. The list of founders is not disclosed on the EGRPO website, where only "shareholders" are mentioned.

Updated: Later, the press service of Pay Way informed Spot that currently, Alexey Moskvtsev's share stands at 8.9%, Bunyod Sattarov's at 10.39%, and Norik Svazyan's at 6.16%.

As the majority shareholder, Bekhzod Botirov proposed that the remaining shareholders sell their shares at market value. The buyback date is set for February 14, with the price of a common share being 1,000 sums.

The payment service Pay Way, registered in Andijan, has been a resident of the IT Park technopark since July 29, 2022. As of the end of the nine months in 2024, Pay Way reported a profit of 1.3 billion sums.

In January, Bekhzod Botirov shared in a column for Spot about the key advantages of installment services, current trends in this segment, and what the industry currently lacks for sustainable development.

Previously, Spot reported that banks in Uzbekistan began notifying clients about the availability of active cards.