Joint Stock Company Kaspi.kz
- Industry
- FinTech
- Exchange
- US
- Country
- USA
- IPO date
- Jan 19, 2024
- Employees
- 14,008
- Website
- ir.kaspi.kz
Composite valuation range · conservative $60–$75 / fair $85–$110 / optimistic $130–$170. At $86.48, Within the fair intrinsic-value range.
At publication $87.78 (May 18, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
History
Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, Kazakhstan. It operates as a two-sided super-app platform structured around three segments: Payments, Marketplace, and Fintech, serving consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. Consumers access services through the Kaspi.kz Super App, while merchants use the Kaspi Pay Super App for collections, marketing, inventory, and financing; the company has also embedded government services, travel, classifieds, and e-grocery into the same entry point. The company listed via an IPO dated 2024-01-19 and employed 14,008 people. In 2025 it acquired a 65.41% controlling stake in Türkiye's Hepsiburada for total consideration of approximately $1.127 billion, raising its holding to 85.66% by March 2026 and to a disclosed 86% in April 2026, extending the group from a Kazakhstan platform into Turkish e-commerce. By the end of 2025 the Kazakhstan operation had about 15.7 million Average MAU, about 10.7 million Average DAU (roughly 68% DAU/MAU), about 764,000 active merchants, 14.6 million Payments Active Consumers, and 12.2 million cumulative Government Services visitors. Full-year 2025 total revenue was KZT 4,046.1 billion and net income attributable to shareholders was KZT 1,073.2 billion.
Industry position
Kaspi.kz operates at the intersection of payment digitization, online retail penetration, and digital financial services in Kazakhstan, where internet usage reached about 93.4% of the population in 2024 and e-commerce penetration rose to 17.1% in the first half of 2025. Its differentiation is a local closed loop combining brand, a large two-sided network, a data and underwriting edge, and high usage frequency rather than global scale: 2025 figures include Payments TPV of KZT 44.2 trillion (up 19% year over year), Marketplace GMV of KZT 5.365 trillion excluding Türkiye (KZT 9.053 trillion including Hepsiburada), and Fintech TFV of KZT 11.652 trillion with Cost of Risk of only 2.2%. Monetization is deepening as the Marketplace Take Rate rose from 9.2% in 2023 to 10.5% in 2025 and the e-Commerce Take Rate rose from 11.0% to 12.7%. Switching costs are soft rather than contractual—leaving the platform forfeits a unified entry point spanning payments, shopping, lending, government services, travel, and classifieds—while licensing forms a regulatory barrier: Kaspi Bank carried a Basel III total capital adequacy ratio and Tier 1 ratio of 19.6% in 2025, holds Fitch BBB- and Moody's Baa3 investment-grade ratings, and issued $600 million of 5.9% senior unsecured notes due 2031 in April 2026. Its principal domestic competitor is Halyk Bank, which describes itself as Kazakhstan's largest financial group and markets its own app as a super app. Following the Hepsiburada consolidation, the group's net margin fell from 41.7% in 2024 to 26.4% in 2025, reflecting a high-quality domestic core combined with a lower-margin international expansion.