{
  "schemaVersion": 1,
  "organisationId": "O-4bfa9548b2bd47929f06d8c2c2e228d6",
  "slug": "joint-stock-co-kaspi-kz",
  "name": "Joint Stock Co Kaspi.kz",
  "updatedAt": "2026-10-02T11:50:47.94295Z",
  "sections": [
    {
      "type": "OVERVIEW",
      "text": "Joint Stock Co Kaspi.kz is a Kazakhstan-based digital financial-services and commerce company. Its consumer Kaspi.kz and merchant Kaspi Pay Super Apps bring together three core platforms: Payments, Marketplace and Fintech. Services include payments and transfers, online shopping and merchant sales, and banking and financing products. [P147731679][P148699022]\n\nKaspi.kz states its mission is “to improve people’s lives by developing innovative mobile products and services.” Kazakhstan is its core market; its operations also include Türkiye through its majority-owned Hepsiburada subsidiary. [https://ir.kaspi.kz/about/mission/][P148699670]\n\nFor scale, Kaspi.kz reported FY2025 revenue of ₸4,046,074 million ($8,004 million) and 14,008 full-time employees at 31 December 2025. Its latest available 2026 results cover the six months ended 30 June, when revenue was ₸2,192,782 million ($4,561 million). [T17065797][https://ir.kaspi.kz/media/Form_20-F_2025.pdf][T17961675]\n[P147731679][P148699022][https://ir.kaspi.kz/about/mission/][P148699670][T17065797][https://ir.kaspi.kz/media/Form_20-F_2025.pdf][T17961675][https://ir.kaspi.kz/about/mission/][https://ir.kaspi.kz/media/Form_20-F_2025.pdf]",
      "updatedAt": "2026-10-02T11:50:47.94295Z"
    },
    {
      "type": "PRODUCTS",
      "text": "Kaspi.kz’s consumer services are integrated through its Super App. Payments include instant person-to-person transfers, Kaspi QR for in-store and online purchases, recurring household bill payments and Kaspi Gold, a digital account opened in-app using Kaspi ID biometrics. QR payments also connect with local banks and, internationally, AliPay+ and its partner network. [P148699022]\n\nThe Marketplace includes m-Commerce for shopping at merchants’ physical locations, e-Commerce with shopping and delivery, and Kaspi Travel for domestic and international flights, domestic rail tickets and holiday packages. Other offerings include e-Grocery delivery and used-car listings. For merchants, Kaspi Pay provides tools for selling on the marketplace, delivery, advertising, accepting and making payments, invoice settlement, business deposits and financing, turnover tracking, cash-register software, and tax and fiscal services. Kaspi Classifieds supports listings for goods, services and jobs; Kolesa.kz and Krisha.kz focus on car and real-estate classifieds. [P148700633][P148699670][P148699788]\n\nNamed services also include Kaspi AI Assistant, Kaspi AI for merchants, Kaspi Alaqan, Kaspi Restaurants, Kaspi B2B Payments, Kaspi Postomats, Merchant Cashback and digital Kaspi Gift Cards. [P148699099] FY2025 payment-volume mix was 69% Kaspi QR and card transactions, 16% household bill payments, 7% B2B payments and 8% P2P payments. [T16911212] The FY2025 financing-product mix was 41% Buy Now Pay Later, 36% general purpose, 18% Merchant & Micro Business Finance and 5% Car Finance; these are shares of the reported financing mix, not company revenue shares. [T16911234]\n[P148699022][P148700633][P148699670][P148699788][P148699099][T16911212][T16911212][T16911212][T16911212][T16911234][T16911234][T16911234][T16911234]",
      "updatedAt": "2026-10-02T11:50:47.94295Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "Kaspi.kz’s geographic revenue segments are “Kazakhstan & Other Countries” (including Azerbaijan and Ukraine) and Türkiye; the company does not separately report revenue for Kazakhstan versus the other countries in that segment. In FY2025, the two segments generated ₸3,070,369 million and ₸1,031,592 million, respectively—about 74.9% and 25.1% of geographic-segment revenue, calculated from the reported figures. [P148701059][T16911266]\n\nIn the six months ended June 30, 2026, Kazakhstan & Other Countries generated ₸1,663,099 million, about 75.1% of the reported total, and Türkiye generated ₸551,752 million, about 24.9%. [T17883189] Subsidiary disclosures also identify operations in Azerbaijan and Uzbekistan, while the filing describes Ukraine as part of the “Other” geographic segment. [T17065797][P148699652][P148700954][P148701059]\n\nThe company’s registered and principal executive office is at 154A Nauryzbai Batyr Street, Almaty, Kazakhstan. [P148698965]\n[P148701059][T16911266][T16911266][T17883189][T17883189][T17883189][T17065797][P148699652][P148700954][P148698965]",
      "updatedAt": "2026-10-02T11:50:47.94295Z"
    },
    {
      "type": "SEGMENTS",
      "text": "Kaspi.kz reports three operating segments: Payments, Marketplace and Fintech. Payments facilitates transactions between consumers and merchants, including consumer purchases, bill payments and peer-to-peer transfers, as well as merchant payment acceptance and settlement services. [P148699673][P148699675] Marketplace connects merchants and consumers through m-Commerce, e-Commerce and Kaspi Travel; the company also describes e-Grocery, used-car activity and Turkish marketplace operations within this area. [P148700633] Fintech provides consumer and merchant buy-now-pay-later and other financing, alongside deposit products accessed through its apps. [P148700635]\n\nFor the six months ended June 30, 2026, the three segments reported KZT 327.2 billion in Payments revenue (about 14.6%), KZT 1,028.0 billion in Marketplace revenue (about 45.9%) and KZT 884.5 billion in Fintech revenue (about 39.5%). [T17883188] These approximate shares are calculated from the sum of the three reported segment revenue amounts. For FY2025, the corresponding revenues were KZT 658.7 billion (about 15.9%), KZT 1,931.5 billion (about 46.7%) and KZT 1,542.9 billion (about 37.3%). [T17065803] Marketplace’s named propositions and the revenue-type breakdowns are finer descriptions, rather than separate reportable operating segments. [P148699673][P148700633]\n[P148699673][P148699675][P148700633][P148700635][T17883188][T17883188][T17883188][T17065803][T17065803][T17065803]",
      "updatedAt": "2026-10-02T11:50:47.94295Z"
    },
    {
      "type": "HISTORY",
      "text": "Kaspi.kz was incorporated in Kazakhstan on October 16, 2008, initially as a limited liability company, and converted to a joint-stock company in 2014. Its co-founders are Vyacheslav Kim and Mikheil Lomtadze. The bank business associated with Kaspi has earlier roots: Al-Baraka Bank Kazakhstan was established in 1991, acquired by LUKoil in 1995 and renamed Bank Caspian; Bank Caspian merged with KazdorBank in 1997. [P148698965][P148700122][https://disclosures.ifc.org/project-detail/SPI/25959/bank-caspian]\n\nFrom 2012 onward, Kaspi introduced a series of digital services that shaped its development: bill payments and an e-wallet in 2012, Marketplace in 2014, Kaspi Gold in 2015, its mobile app in 2017, and mobile commerce in 2019. [https://ir.kaspi.kz/about/history/]\n\nKaspi.kz’s American depositary shares began trading on Nasdaq in January 2024. In January 2025, the company completed its acquisition of a controlling interest in Turkish e-commerce company Hepsiburada, marking a major international expansion. [https://ir.kaspi.kz/media/Closing_Press_Release.pdf][https://ir.kaspi.kz/media/Kaspi.kz_Completes_Acquisition_of_Controlling_Interest_in_Hepsiburada.pdf]\n[P148698965][P148700122][https://disclosures.ifc.org/project-detail/SPI/25959/bank-caspian][https://ir.kaspi.kz/about/history/][https://ir.kaspi.kz/media/Closing_Press_Release.pdf][https://ir.kaspi.kz/media/Kaspi.kz_Completes_Acquisition_of_Controlling_Interest_in_Hepsiburada.pdf][https://disclosures.ifc.org/project-detail/SPI/25959/bank-caspian][https://ir.kaspi.kz/about/history/][https://ir.kaspi.kz/media/Closing_Press_Release.pdf][https://ir.kaspi.kz/media/Kaspi.kz_Completes_Acquisition_of_Controlling_Interest_in_Hepsiburada.pdf]",
      "updatedAt": "2026-10-02T11:50:47.94295Z"
    }
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