Joint Stock Company Kaspi.kz Overview
Pro stress-test →Kaspi.kz provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates the Kaspi.kz and Kaspi Pay Super Apps, combining Payments, Marketplace and Fintech Platforms into a single mobile ecosystem. The company has emerged as a leading fintech and digital commerce player in Central Asia with strong growth momentum.
Strategic Profile
Pro stress-test →Q1 2026 saw 31% revenue growth and 9% adjusted EBITDA growth, led by a 41% surge in e-Commerce GMV and higher value-added services. The company aims to build Kaspi.kz into a 100 million user company, with every strategic decision including the launch of new products and services, investments in Türkiye, and dividend policy anchored to this goal. The Board recommended a quarterly dividend of KZT850 per ADS, representing a 64% payout ratio, positioning the company as a shareholder-friendly business.
Competitive Landscape
Pro stress-test →Kaspi.kz faces competition from regional fintech and e-commerce players. Direct marketplace competitors include Wildberries and Ozon in Russia-adjacent markets. In fintech, it competes with emerging BNPL and payment platforms across Central Asia. Its integrated superapp model differentiates it from single-service competitors, similar to Tencent's WeChat ecosystem approach in Asia.
Industry Context
Joint Stock Company Kaspi.kz operates in Fintech and Digital Commerce.
Key facts
Founded: 2008 · Headquarters: Almaty, Kazakhstan · Revenue: KZT1.1 trillion (Q1 2026)