Kaspi Bank

Name

Kaspi Bank

Legal name

АО «Kaspi Bank»

Website

https://kaspi.kz/

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211), Sales Financing (52222)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Super-App Wallets & Mini-Program Payments (FSAMAEAE), Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Third-Party POS Installment Financing Platforms (FSAKAFAB), Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC)

Keywords

• Retail banking services
• Consumer lending
• Buy now pay later
• Mobile payment processing
• E-commerce marketplace

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Banking Services: Interest income from consumer lending including personal loans, installment credits, and business loans. Also generates revenue from deposit operations.
2. Payment Processing: Transaction fees from QR payments and card processing through Kaspi Pay merchant services at 0.95% commission rate.
3. Marketplace Fees: Revenue from merchant sales on the Kaspi.kz e-commerce platform with ability to offer credit and installment options.
4. International Transfers: Fees for cross-border money transfers to international bank cards at 0.95% with minimum 200 tenge.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels4 records

Core offering

Kaspi Bank operates a mobile super-app that combines retail and commercial banking with payments, a Buy Now Pay Later service, an e-commerce marketplace, travel booking, and government services for consumers, merchants, and individual entrepreneurs in Kazakhstan. The platform centers on the Kaspi Gold card and Kaspi Red installment product, extends through deposits and consumer/business loans, and is monetized via interest income, payment processing fees, and marketplace commissions.

Product overview

Kaspi Bank operates as a unified super-app financial ecosystem combining banking, e-commerce, payments, and lifestyle services. The core platform includes Kaspi Gold (primary banking card) and Kaspi Red (BNPL/installment service) which form the foundation for the ecosystem. These connect to Kaspi Депозит (deposits) and various credit products including Кредит на Покупки (retail credit), Кредит Наличными (cash loans), Кредит для ИП (business credit), and Автокредит (auto loans). The Kaspi Магазин marketplace leverages these financial products for purchases, while Kaspi Pay provides merchant payment acceptance solutions. Supporting services include Платежи (10,000+ bill payments), Переводы (money transfers), Kaspi Travel (flight/rail bookings), and Госуслуги (government services). The Мой Банк platform serves as the digital banking hub, while Kaspi Гид provides product guidance. The ecosystem serves both consumers (retail banking, BNPL, deposits, marketplace) and businesses (merchant services, business credit, payment acceptance).

Differentiator

Problem solved

Functional benefit

Brands

• Kaspi Gold: Bank card with free transfers, payments, and cash withdrawals
• Kaspi Red
• Kaspi Депозит
• Накопительный Депозит
• Кредит на Покупки
• Kaspi Pay
• Kaspi Travel
• Платежи
• Переводы

Quantifiable outcome

• 89% of all transactions in Kazakhstan are digital (2024), up from 7% in 2014
• +1 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

One partnership is on record.

• UnionPaycoreTechnology or Integration · 12 November 2025First partnership between UnionPay and Kaspi enables UnionPay cards to achieve nearly 100% acceptance at POS terminals and 90% at ATMs in Kazakhstan. This collaboration facilitates cross-border payments and enhances the payment experience for UnionPay cardholders in Kazakhstan, supporting increasing Sino-Kazakh personnel exchanges and tourism.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Paytm (One97 Communications): India's leading mobile payments and financial services super-app, combining wallet, payments, banking (Paytm Payments Bank), lending, and merchant commerce. Directly comparable to Kaspi as a mobile-first super-app bundling payments, lending, BNPL, and marketplace services.
• Grab Holdings: Southeast Asia super-app integrating ride-hailing, food delivery, payments, lending, and financial services. Highly comparable to Kaspi for its multi-product super-app distribution and embedded financial services.
• GoTo Group (Gojek + Tokopedia): Indonesian super-app combining mobility, deliveries, payments (GoPay), and merchant services. Comparable as a regional super-app that layers payments and financial services onto a marketplace platform, similar to Kaspi's model.
• Kakao Bank: South Korea's leading mobile-only digital bank with super-app distribution via KakaoTalk messenger. Directly comparable to Kaspi as a digital-native bank leveraging a super-app ecosystem and offering deposits, lending, and payments in one app.
• T-Bank (Tinkoff): Russia's largest digital bank offering deposits, consumer lending, BNPL, payments, and an integrated marketplace/investments super-app. Closely comparable to Kaspi's digital banking + marketplace + payments stack in an emerging market.
• Mercado Pago (MercadoLibre): Latin America's leading payments and digital financial services platform embedded in the MercadoLibre marketplace. Directly comparable to Kaspi for its integration of payments, BNPL, and lending with a dominant e-commerce marketplace.
• Nubank: Latin America's largest digital bank with credit cards, personal loans, and payments. Comparable to Kaspi as a digital-only bank serving emerging-market consumers with a mobile-first product set and integrated marketplace/payments ambitions.
• Revolut: Global digital bank offering multi-currency accounts, payments, transfers, and consumer finance. Comparable to Kaspi's Kaspi Gold account, payments, and transfer products serving consumers in a single mobile app.

Regional players

• Halyk Bank: Kazakhstan's largest traditional bank with full retail, SME, and corporate banking. Comparable as a direct domestic competitor in the same Kazakhstan market, though it operates a more traditional branch-based model rather than a super-app.

Broad incumbents

• WeChat Pay (Tencent): Payments and mini-program financial services embedded in China's dominant WeChat super-app. Comparable to Kaspi as the gold-standard super-app wallet and mini-program payment model that Kaspi explicitly mirrors in its product architecture.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kaspi_kz

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kaspi Bank