Joint Stock Company Kaspi.kz: Business Overview, Financials & Competitive Analysis
Joint Stock Company Kaspi.kz scores 8/10 on the AskCyborg Cyborg Score (Strong). High-growth fintech platform with diversified revenue streams, strong capital position, and regional expansion momentum—but EBITDA growth deceleration and currency headwinds warrant monitoring. In Q1 2026, revenue grew 31% year-over-year while Adjusted EBITDA grew 9%, driven by e-Commerce GMV growth of 41% year-over-year with orders increasing 43%. Capital strength.
What is Joint Stock Company Kaspi.kz's industry? Joint Stock Company Kaspi.kz (kaspi.kz) operates in Digital Payments. AskCyborg classifies Joint Stock Company Kaspi.kz under Digital Payments in its company registry.
Kaspi.kz is a Kazakhstan-based financial technology company providing a range of services such as online payments, e-commerce, and digital banking. Operating as Kazakhstan's leading Super App, the company is now creat...
Cyborg Score thesis
High-growth fintech platform with diversified revenue streams, strong capital position, and regional expansion momentum—but...
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Get Current Report FreeJoint Stock Company Kaspi.kz Overview
Pro stress-test →Kaspi.kz is a Kazakhstan-based financial technology company providing a range of services such as online payments, e-commerce, and digital banking. Operating as Kazakhstan's leading Super App, the company is now creating an international business, with recent expansion into Turkey and regional markets.
Strategic Profile
Pro stress-test →Kaspi.kz is becoming a larger, more diversified platform with e-Commerce as one of its most important growth engines, deepening customer engagement, expanding its addressable market and creating monetization opportunities across advertising, delivery, payments and fintech. Türkiye is a market of 85 million people and an important part of the next growth phase, now representing 50% of e-Commerce GMV, as Kaspi brings its product culture and e-Commerce, payments and fintech expertise to the market.
Competitive Landscape
Pro stress-test →Primary competitors include Halyk Bank. Kaspi competes in Kazakhstan's fintech and digital banking markets against traditional banks and other digital payment platforms. The company's super-app model—combining payments, e-commerce, and fintech services—differentiates it from narrower competitors focused on single services. Regional expansion into Turkey intensifies competition with local players like Hepsiburada.
Industry Context
Joint Stock Company Kaspi.kz operates in Digital Payments.
Key facts
Founded: 1991 · Headquarters: Almaty, Kazakhstan · Revenue: $7.69B · Market cap: $16.3B