# Joint Stock Co Kaspi.kz

Summary updated: 2026-10-02T11:50:47.94295Z
Canonical: https://finbar.com/research/companies/joint-stock-co-kaspi-kz

## Overview

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. [1](https://app.finbar.com/go?id=P147731679)[2](https://app.finbar.com/go?id=P148699022)

Kaspi.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. [3](https://ir.kaspi.kz/about/mission/)[4](https://app.finbar.com/go?id=P148699670)

For 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). [5](https://app.finbar.com/go?id=T17065797)[6](https://ir.kaspi.kz/media/Form_20-F_2025.pdf)[7](https://app.finbar.com/go?id=T17961675)
[1](https://app.finbar.com/go?id=P147731679)[2](https://app.finbar.com/go?id=P148699022)[3](https://ir.kaspi.kz/about/mission/)[4](https://app.finbar.com/go?id=P148699670)[5](https://app.finbar.com/go?id=T17065797)[6](https://ir.kaspi.kz/media/Form_20-F_2025.pdf)[7](https://app.finbar.com/go?id=T17961675)[3](https://ir.kaspi.kz/about/mission/)[6](https://ir.kaspi.kz/media/Form_20-F_2025.pdf)

## Products & services

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. [2](https://app.finbar.com/go?id=P148699022)

The 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. [8](https://app.finbar.com/go?id=P148700633)[4](https://app.finbar.com/go?id=P148699670)[9](https://app.finbar.com/go?id=P148699788)

Named 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. [10](https://app.finbar.com/go?id=P148699099) FY2025 payment-volume mix was 69% Kaspi QR and card transactions, 16% household bill payments, 7% B2B payments and 8% P2P payments. [11](https://app.finbar.com/go?id=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. [12](https://app.finbar.com/go?id=T16911234)
[2](https://app.finbar.com/go?id=P148699022)[8](https://app.finbar.com/go?id=P148700633)[4](https://app.finbar.com/go?id=P148699670)[9](https://app.finbar.com/go?id=P148699788)[10](https://app.finbar.com/go?id=P148699099)[11](https://app.finbar.com/go?id=T16911212)[11](https://app.finbar.com/go?id=T16911212)[11](https://app.finbar.com/go?id=T16911212)[11](https://app.finbar.com/go?id=T16911212)[12](https://app.finbar.com/go?id=T16911234)[12](https://app.finbar.com/go?id=T16911234)[12](https://app.finbar.com/go?id=T16911234)[12](https://app.finbar.com/go?id=T16911234)

## Geographic presence

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. [13](https://app.finbar.com/go?id=P148701059)[14](https://app.finbar.com/go?id=T16911266)

In 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%. [15](https://app.finbar.com/go?id=T17883189) Subsidiary disclosures also identify operations in Azerbaijan and Uzbekistan, while the filing describes Ukraine as part of the “Other” geographic segment. [5](https://app.finbar.com/go?id=T17065797)[16](https://app.finbar.com/go?id=P148699652)[17](https://app.finbar.com/go?id=P148700954)[13](https://app.finbar.com/go?id=P148701059)

The company’s registered and principal executive office is at 154A Nauryzbai Batyr Street, Almaty, Kazakhstan. [18](https://app.finbar.com/go?id=P148698965)
[13](https://app.finbar.com/go?id=P148701059)[14](https://app.finbar.com/go?id=T16911266)[14](https://app.finbar.com/go?id=T16911266)[15](https://app.finbar.com/go?id=T17883189)[15](https://app.finbar.com/go?id=T17883189)[15](https://app.finbar.com/go?id=T17883189)[5](https://app.finbar.com/go?id=T17065797)[16](https://app.finbar.com/go?id=P148699652)[17](https://app.finbar.com/go?id=P148700954)[18](https://app.finbar.com/go?id=P148698965)

## Business segments

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. [19](https://app.finbar.com/go?id=P148699673)[20](https://app.finbar.com/go?id=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. [8](https://app.finbar.com/go?id=P148700633) Fintech provides consumer and merchant buy-now-pay-later and other financing, alongside deposit products accessed through its apps. [21](https://app.finbar.com/go?id=P148700635)

For 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%). [22](https://app.finbar.com/go?id=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%). [23](https://app.finbar.com/go?id=T17065803) Marketplace’s named propositions and the revenue-type breakdowns are finer descriptions, rather than separate reportable operating segments. [19](https://app.finbar.com/go?id=P148699673)[8](https://app.finbar.com/go?id=P148700633)
[19](https://app.finbar.com/go?id=P148699673)[20](https://app.finbar.com/go?id=P148699675)[8](https://app.finbar.com/go?id=P148700633)[21](https://app.finbar.com/go?id=P148700635)[22](https://app.finbar.com/go?id=T17883188)[22](https://app.finbar.com/go?id=T17883188)[22](https://app.finbar.com/go?id=T17883188)[23](https://app.finbar.com/go?id=T17065803)[23](https://app.finbar.com/go?id=T17065803)[23](https://app.finbar.com/go?id=T17065803)

## Company history

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. [18](https://app.finbar.com/go?id=P148698965)[24](https://app.finbar.com/go?id=P148700122)[25](https://disclosures.ifc.org/project-detail/SPI/25959/bank-caspian)

From 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. [26](https://ir.kaspi.kz/about/history/)

Kaspi.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. [27](https://ir.kaspi.kz/media/Closing_Press_Release.pdf)[28](https://ir.kaspi.kz/media/Kaspi.kz_Completes_Acquisition_of_Controlling_Interest_in_Hepsiburada.pdf)
[18](https://app.finbar.com/go?id=P148698965)[24](https://app.finbar.com/go?id=P148700122)[25](https://disclosures.ifc.org/project-detail/SPI/25959/bank-caspian)[26](https://ir.kaspi.kz/about/history/)[27](https://ir.kaspi.kz/media/Closing_Press_Release.pdf)[28](https://ir.kaspi.kz/media/Kaspi.kz_Completes_Acquisition_of_Controlling_Interest_in_Hepsiburada.pdf)[25](https://disclosures.ifc.org/project-detail/SPI/25959/bank-caspian)[26](https://ir.kaspi.kz/about/history/)[27](https://ir.kaspi.kz/media/Closing_Press_Release.pdf)[28](https://ir.kaspi.kz/media/Kaspi.kz_Completes_Acquisition_of_Controlling_Interest_in_Hepsiburada.pdf)

## Sources

1. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y), p91](https://app.finbar.com/go?id=P147731679)
2. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148699022)
3. [ir.kaspi.kz](https://ir.kaspi.kz/about/mission/)
4. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148699670)
5. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17065797)
6. [ir.kaspi.kz](https://ir.kaspi.kz/media/Form_20-F_2025.pdf)
7. [Joint Stock Co Kaspi.kz — Partial financial report (2026 Q 2), p5](https://app.finbar.com/go?id=T17961675)
8. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148700633)
9. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148699788)
10. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148699099)
11. [Joint Stock Co Kaspi.kz — Presentation (2025 Y), p12](https://app.finbar.com/go?id=T16911212)
12. [Joint Stock Co Kaspi.kz — Presentation (2025 Y), p24](https://app.finbar.com/go?id=T16911234)
13. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148701059)
14. [Joint Stock Co Kaspi.kz — Presentation (2025 Y), p46](https://app.finbar.com/go?id=T16911266)
15. [Joint Stock Co Kaspi.kz — Presentation (2026 Q 2), p34](https://app.finbar.com/go?id=T17883189)
16. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148699652)
17. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148700954)
18. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148698965)
19. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148699673)
20. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148699675)
21. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148700635)
22. [Joint Stock Co Kaspi.kz — Presentation (2026 Q 2), p33](https://app.finbar.com/go?id=T17883188)
23. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17065803)
24. [Joint Stock Co Kaspi.kz — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148700122)
25. [disclosures.ifc.org](https://disclosures.ifc.org/project-detail/SPI/25959/bank-caspian)
26. [ir.kaspi.kz](https://ir.kaspi.kz/about/history/)
27. [ir.kaspi.kz](https://ir.kaspi.kz/media/Closing_Press_Release.pdf)
28. [ir.kaspi.kz](https://ir.kaspi.kz/media/Kaspi.kz_Completes_Acquisition_of_Controlling_Interest_in_Hepsiburada.pdf)

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