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Kaspi.kz

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Overview

Kaspi.kz is Kazakhstan's dominant super-app + bank — NASDAQ-listed (KSPI) with ~$18 billion enterprise value [1, 2, kz-cro]. Kaspi serves 14 million users (~70% of Kazakhstan's population) with 75 monthly transactions per active consumer — exceptional engagement.

Financial performance: Net income margin ~45% + return on equity >80% + forward P/E ~11x — extraordinary fintech profitability. 3Q 2025: revenue +20% YoY; net income +12% YoY [3].

Kaspi business model: integrated Payments + Marketplace + Fintech super-app (Tinkoff-style for Kazakhstan but at higher national-penetration scale). Distinctive Turkish growing pains in 2026 — recent expansion into Turkey via Hepsiburada acquisition (Jan 2025) [4].

History

2008 — Kaspi.kz launches [2] as Kaspi Bank's digital arm.

2014 — Kaspi.kz mobile app launches [2]: Beginning of super-app evolution.

2018-2020 — Marketplace + payments integration [2]: Super-app form takes shape.

October 2020 — London IPO then January 2024 — NASDAQ listing (KSPI) [1].

January 2025 — Hepsiburada acquisition for Turkish expansion [4].

3Q/9M 2025 — Strong financial results [3]: revenue +20% YoY; NI +12% YoY.

Ownership & operator

Operating entity: Joint Stock Company Kaspi.kz — NASDAQ: KSPI.

Founder + CEO: Mikhail Lomtadze (Georgia-born, Kazakhstan-based fintech leader).

Major shareholders: Mikhail Lomtadze (founder + CEO), Vyacheslav Kim, Baring Vostok Capital Partners.

Regulator: NBK (National Bank of Kazakhstan) — full Kazakh banking license.

Technical integration

Layer Description
Channels Kaspi.kz mobile app (iOS + Android) + Kaspi QR (Kazakhstan national QR rail) + Kaspi Card + Kaspi POS (merchant)
Identifiers Phone + QR + IIN (Kazakh national ID)
Sub-businesses Payments + Marketplace + Fintech (integrated super-app)
Marketplace Kaspi Marketplace + Kaspi Travel + Kaspi Mobile (telco MVNO) + Kaspi Gold (savings)
Banking Full Kazakh banking license; consumer + SME lending
Turkish expansion (2025+) Hepsiburada acquisition
License Full bank (NBK-regulated)

Users & growth

2025 baseline [1, 3]:

  • Users: 14 million (~70% of Kazakhstan's population)
  • Monthly transactions per active consumer: 75 (exceptional engagement)
  • Enterprise value: ~$18 billion
  • NASDAQ-listed (KSPI)
  • Net income margin: ~45%
  • Return on equity: >80%
  • Forward P/E: ~11x
  • 3Q 2025: revenue +20% YoY; NI +12% YoY

Use cases

KZ super-app — Payments (Kaspi QR national rail + Kaspi POS + Kaspi Pay) + Marketplace (e-commerce) + Fintech (savings + lending + cards) + Travel (Kaspi Travel) + Telco MVNO (Kaspi Mobile) + Gold (Kaspi Gold savings); cross-border to Turkey via Hepsiburada (2025+); Ukraine + Turkey adjacent markets.

Implementations & partners

Operator: Joint Stock Company Kaspi.kz (NASDAQ: KSPI).

Founder + CEO: Mikhail Lomtadze.

Major shareholders: Lomtadze + Vyacheslav Kim + Baring Vostok Capital Partners.

Turkish acquisition: Hepsiburada (Jan 2025).

Major Kazakh competitors: [[halyk-homebank]] (Kazakhstan's largest traditional bank; >1/3 KZ market share; 8.5M MAU Q1 2026), Forte Bank + Jusan Bank + traditional Kazakh banks; [[wechat-pay]] + [[alipay]] for cross-border China-KZ.

Major super-app analogues globally: [[t-bank]] (Russia analogue), [[mercado-pago]] (LATAM), [[wechat-pay]] + [[alipay]] (China), [[gcash]] + [[gopay]] (SEA).

Regulator: NBK.

Fun facts

  • 70% of Kazakhstan's population uses Kaspi (14M users).
  • 75 monthly transactions per active consumer — exceptional engagement.
  • ~$18B enterprise value (NASDAQ: KSPI) + ~45% net income margin + >80% RoE.
  • January 2024 NASDAQ listing (KSPI ticker; previously London-listed).
  • Founder + CEO Mikhail Lomtadze — Georgia-born super-app architect.
  • January 2025 Hepsiburada acquisition for Turkish expansion (Turkish growing-pains 2026 context).
  • Integrated super-app: Payments + Marketplace + Fintech + Travel + Telco MVNO + Gold savings.

Comparison

Feature Kaspi.kz [[halyk-homebank]] (KZ rival) [[t-bank]] (Russia analogue) [[mercado-pago]] (LATAM analogue) [[wechat-pay]] (China super-app)
Operator Kaspi.kz (NASDAQ: KSPI; founder Mikhail Lomtadze) Halyk Bank (KZ largest traditional bank) T-Bank (Russian super-app) Mercado Pago (MercadoLibre) Tencent
Type KZ super-app + bank (Payments + Marketplace + Fintech + Travel + Telco MVNO + Gold) KZ #1 traditional bank + Homebank digital app Russian super-app + bank LATAM super-app + wallet Chinese super-messenger + Pay
Country KZ (~70% pop) + TR + UA KZ (>1/3 market share) Russia 8 LATAM China + global cross-border
Users 14M (~70% KZ pop) + 75 monthly tx/user 8.5M MAU (Q1 2026) Russia super-app 72M+ 1.3B+
Listing NASDAQ: KSPI; ~$18B EV n/a Russian-listed NASDAQ: MELI Tencent listed
Distinctive 75 monthly tx/active user (extraordinary); ~45% NI margin; >80% RoE KZ traditional bank-led Russia super-app via Tinkoff heritage LATAM #1 super-app China dominant super-app

Status

Active, Kazakhstan's dominant super-app + bank [1, 3]:

  • Joint Stock Company Kaspi.kz (NASDAQ: KSPI) since 2008.
  • 14M users (~70% KZ population) + 75 monthly tx/active consumer.
  • ~$18B enterprise value + ~45% net income margin + >80% RoE.
  • January 2025 Hepsiburada acquisition (Turkish expansion).
  • NBK-regulated full Kazakh bank.

Sources

Source

Biography extracted from kaspi-kz.md. See matrix.md for standards-support matrix if present.

source · docs/wallets/kaspi-kz/index.md