Kaspi.KZ JSC

What Kaspi.KZ JSC does

Kaspi.kz JSC (Nasdaq: KSPI) operates an integrated Super App ecosystem that combines three revenue-generating platforms—Payments, Marketplace, and Fintech—delivered through a single mobile application. The Payments platform is the #1 digital payments solution in Kazakhstan, processing roughly 45% of the country's digital transactions via a proprietary QR infrastructure that now accepts inbound cross-border payments from 12 Alipay+-enabled wallets. The Marketplace platform connects 900,000+ merchants with consumers and produced KZT 1.3 trillion (~$2.7B) of GMV in Q1 2026, growing 41% year-over-year. The Fintech platform offers consumer lending and is pivoting toward longer-duration products (average loan tenor extended from 7 to 9.3 months). The company serves more than 25 million consumers and 900,000 merchants, generating 77 monthly transactions per active consumer and reaching 78% of Kazakhstan's population. Q1 2026 revenue was KZT 1.1 trillion (~$2.3 billion), up 31% YoY, with KZT 368 billion (~$768M) of adjusted EBITDA. Revenue streams include transaction fees on Payments, marketplace commissions, and interest income from lending.

The business model is product-led and ecosystem-driven: Kaspi.kz monetizes a single user through multiple touchpoints, with each platform reinforcing the others—payment rails drive merchant onboarding, marketplace GMV generates data and credit underwriting inputs, and Fintech credit deepens engagement. Geographic expansion is execution-led via M&A, with an 86.74% stake in Türkiye's Hepsiburada (acquired for ~$1.1B in 2024), a pending acquisition of Rabobank A.Ş. (Turkish licensed bank, expected to close July 2026 following BDDK approval in June 2026), and a prior Portmone deal in Ukraine. Capital structure is investment-grade (Baa3/BBB-) with $600M of 5.9% senior unsecured notes issued in April 2026 and a 3.2% strategic stake held by Tencent Holdings following an April 2026 secondary transaction. Geographic concentration remains heavily weighted to Kazakhstan, with Türkiye positioned as the second home market.

Name

Kaspi.KZ JSC

Legal name

Joint Stock Company Kaspi.kz

Website

https://kaspiholding.kz

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Kaspi.kz operates Kazakhstan's leading Super App integrating Payments, Marketplace, and Fintech for 25M+ consumers and 900K+ merchants, processing ~45% of national digital payments. It is expanding regionally via majority-owned Hepsiburada and pending Rabobank A.Ş. acquisitions in Türkiye.

Ownership category

akta.pro rank

Product category

Digital Payments and Fintech Super App

NAICS

Retail Trade (44-45)

akta.pro primary industry

Super-App Wallets & Mini-Program Payments (FSAMAEAE)

akta.pro secondary industries

International / Cross-Border BNPL & Multi-Currency POS Financing (FSAGAIAN), POS, QR & In-Person Acceptance Infrastructure (Crypto) (FSADAIAI)

Keywords

• Digital payments platform
• Consumer lending services
• Mobile marketplace
• Super app ecosystem
• Fintech services

Headquarters

HQ city

Otegen Batyr

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, Marketing or Sales, Infrastructure

Revenue model

1. Payments Platform: Payment processing and transaction fees from the payments platform, which handles 45% of Kazakhstan's digital payments and enables QR-based transactions across the merchant network
2. Marketplace / E-Commerce: Commission-based marketplace revenue from Hepsiburada in Türkiye and Kaspi marketplace in Kazakhstan, with GMV of KZT 1.3 trillion in Q1 2026, up 41% year-over-year
3. Fintech / Lending: Interest income from consumer lending products, with the company extending average loan portfolio duration from 7 to 9.3 months as it pivots toward longer-duration, higher-revenue lending products
4. Advertising and Other Services: Revenue from advertising services and other ancillary services within the super app ecosystem

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Kaspi.kz operates an integrated Super App ecosystem combining three revenue-generating platforms: Payments (digital and QR-based transactions handling ~45% of Kazakhstan's digital payments), Marketplace (e-commerce with KZT 1.3 trillion Q1 2026 GMV), and Fintech (consumer lending and credit products). The mobile application serves 25 million+ consumers and 900,000 merchants across Kazakhstan and Türkiye, generating 77 monthly transactions per active consumer.

Product overview

Kaspi.kz operates as an integrated Super App ecosystem combining three core revenue-generating platforms: Payments (the #1 digital payments solution handling 45% of Kazakhstan's digital transactions), Marketplace (e-commerce with KZT 1.3 trillion GMV), and Fintech (consumer lending with extended loan portfolio duration). The company serves over 25 million consumers and 900,000 merchants across Kazakhstan and Türkiye through its mobile app, generating 77 monthly transactions per active consumer. The ecosystem creates network effects and high switching costs, with Kaspi.kz holding market leadership in Kazakhstan and expanding regionally through acquisitions including Hepsiburada (86.74% stake, Türkiye's e-commerce platform) and pending acquisition of Rabobank A.Ş. (licensed Turkish bank).

Differentiator

Problem solved

Functional benefit

Products and services

• Kaspi.kz Super App Mobile application integrating Payments, Marketplace, and Fintech services for over 25 million consumers and 900,000 merchants across Kazakhstan and Türkiye.
• Kaspi Payments Platform #1 digital payments platform in Kazakhstan handling ~45% of the country's digital transactions, including Kaspi QR scan-to-pay for consumers and merchants nationwide.
• Kaspi Marketplace Platform E-commerce marketplace enabling merchants and consumers to buy and sell products and services, generating KZT 1.3 trillion GMV in Q1 2026 with 41% YoY growth and 15 purchases per consumer per quarter.
• Kaspi Fintech Platform Consumer lending and financial services platform offering loans and credit solutions, with average loan portfolio duration extended from 7 to 9.3 months as the company shifts toward higher-revenue longer-duration products.
• Pay by Palm Biometric payment service enabling consumers to authenticate and complete transactions using palm recognition, integrated within the Kaspi.kz Super App.
• Hepsiburada Leading Turkish e-commerce platform (86.74% owned by Kaspi.kz) serving Turkish consumers and merchants as part of Kaspi.kz's expansion into Türkiye's digital economy.

Quantifiable outcome

• 31% year-over-year revenue growth in Q1 2026
• +3 more outcomes

Named customers3 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

Integration1 record

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Rabobank A.Ş.coreStrategic or Co-development Partner · 24 June 2026Kaspi.kz received regulatory approval from Turkey's Banking Regulation and Supervision Agency (BDDK) to acquire Rabobank A.Ş., a fully licensed bank in Türkiye. Transaction expected to close in July 2026 pending customary closing conditions. CEO described the approval as a milestone for the company's development in Turkey, where it plans to apply its experience in payments, marketplace, and fintech to serve Turkish consumers and merchants.
• Freedom HoldingminorStrategic or Co-development Partner · 14 May 2026Kazakh IT company Freedom Holding was named alongside Kaspi.kz as actively supporting Turkish digital platforms during President Erdogan's state visit to Kazakhstan, as part of the Kazakhstan-Türkiye Declaration on Eternal Friendship and Expanded Strategic Partnership.
• Borsa IstanbulminorStrategic or Co-development Partner · 14 May 2026Memorandum signed between Borsa Istanbul and the Astana International Financial Centre to strengthen digital trading cooperation, with Kazakh IT companies including Kaspi.kz supporting Turkish digital platforms.
• Ant International (Alipay+)coreTechnology or Integration · 15 August 2025Alipay+, Ant International's global wallet gateway, partnered with Kaspi.kz to enable international cross-border QR payment acceptance in Kazakhstan, making it the first Central Asian country to accept Alipay+. Users of 12 Alipay+-enabled payment apps from China, Germany, South Korea and other countries can now scan-to-pay via Kaspi QR at local merchants. The partnership builds on an existing outbound payment collaboration since April 2024 that enabled Kazakhstanis to use Kaspi.kz abroad at Alipay+ merchants globally.
• PortmoneminorStrategic or Co-development Partner · 28 July 2021Kaspi.kz signed agreement to acquire Ukraine's Portmone, pending regulatory approval, with deal expected to close by end of 2021. Acquisition valued between $10-15 million to expand Kaspi.kz's reach into Ukraine's growing fintech market.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• N26: European digital bank with mobile-first payments, consumer credit, and merchant services. Comparable emerging-market fintech DNA, though focused on a single geography without a marketplace leg like Kaspi.
• Revolut: UK-headquartered digital super-app spanning payments, FX, lending, and merchant acquiring. Comparable cross-border payments infrastructure and fintech-led ecosystem ambitions, though Western-market focused.

Direct peers

• MercadoLibre: Latin American integrated commerce and fintech platform combining marketplace (MercadoLibre), payments (MercadoPago), and consumer credit. Closest analog to Kaspi's full-stack super-app model in another large emerging market.
• Paytm: Indian mobile payments and financial services super-app with QR-based merchant payments, consumer lending, and marketplace services. Directly comparable to Kaspi on payments dominance, lending monetization, and super-app distribution.
• GoTo Group: Indonesian super-app formed from Gojek (mobility/payments) and Tokopedia (marketplace), with financial services via GoTo Financial. Comparable three-leg ecosystem (transport + commerce + fintech) targeting a populous emerging market.
• Sea Limited: Owner of Shopee marketplace and SeaMoney fintech, operating a Southeast Asian super-app combining e-commerce, payments, and lending. Closely mirrors Kaspi's three-platform model of marketplace + payments + consumer credit.
• Grab Holdings: Southeast Asian super-app combining payments (GrabPay), food delivery, mobility, and financial services (GrabFin). Operates an integrated consumer-to-merchant ecosystem analogous to Kaspi's Payments + Marketplace + Fintech model in Kazakhstan.
• Kakao Corp: Korean super-app platform spanning messaging, payments (KakaoPay), mobility, and commerce. Comparable business model of monetizing a dominant consumer app with payments and financial services extensions.

Broad incumbents

• Ant Group: Operator of Alipay and the broader Alipay+ cross-border payments network. Pioneer of the super-app model with payments, lending, and merchant services at massive global scale; broader and more diversified than Kaspi, and now a partner via Alipay+.

Regional players

• Trendyol: Alibaba-backed Turkish e-commerce and payments platform. Directly comparable to Hepsiburada (Kaspi's 86.74%-owned subsidiary) and represents the primary domestic competitive threat in Kaspi's Türkiye marketplace expansion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Kaspi.KZ JSC