Joint Stock Company Kaspi.kz

What they do

The company operates three core platforms: Payments, Marketplace, and Fintech, which are used by consumers and merchants, primarily in Kazakhstan. Payments facilitates peer-to-peer and merchant transactions, Marketplace connects buyers with merchants, and Fintech provides consumer credit and deposit products. It also has operations in Turkey through Hepsiburada and in Azerbaijan through other entities.

Revenue drivers

• Fintech — Provides consumer loans, deposits, and other financial services. It is a major revenue contributor, generating income from interest and fees. In 2025, revenue from goods or services transferred over time was recognized.
• Marketplace — An e-commerce platform connecting merchants and consumers. Revenue is generated from commissions and related services. It includes membership revenue recognized over time.
• Payments — Facilitates payment transactions and generates revenue from transaction fees. It includes membership revenue and other services. The segment benefits from high transaction volumes.

Recent performance

In 2025, Kaspi.kz reported revenue from membership and other services transferred over time across its segments. The company continued to operate in Kazakhstan and other markets, including Turkey through Hepsiburada. Consumer loans remained a significant asset class, with stage two and stage three loans under IFRS 9. The company also managed interest rate risk and currency risk, including exposure to the Turkish lira. Specific financial figures for revenue, net income, or loan balances were not provided in the excerpts.

Strategy

Kaspi.kz focuses on expanding its super app ecosystem, integrating Payments, Marketplace, and Fintech services. It has made acquisitions such as Hepsiburada in Turkey and Ark Balance in Kazakhstan to broaden its geographic footprint. The company invests in technology and cloud services through entities like Kaspi Cloud. It also manages its capital structure through debt securities and buyback programs. Management priorities include growing user engagement and merchant partnerships.

Risks

• Credit risk — Consumer loans are subject to expected credit losses, with stage two and stage three loans indicating deterioration; changes in borrower credit quality could increase provisions.
• Currency risk — Exposure to Turkish lira and other currencies, particularly through Hepsiburada, could impact financial results due to exchange rate fluctuations.
• Interest rate risk — Changes in interest rates, such as a 3 percentage point shift, could affect the value of financial assets and liabilities.
• Concentration risk — Dependence on the Kazakhstan market and top customers may expose the company to economic and political conditions in the region.

Outlook

The company continues to expand its ecosystem and geographic reach, with recent acquisitions and investments. Management's outlook includes growing its fintech and marketplace segments. However, specific forward-looking guidance was not provided in the excerpts. The company remains focused on managing risks and capitalizing on digital trends.