Kaspi.kz is a Kazakhstan-based technology and financial services platform offering a unique blend of digital payments, e-commerce, and fintech products through its integrated “Super App.” It operates as the leading ecosystem in Kazakhstan, serving over 13 million monthly active users across its mobile application. Kaspi.kz has transformed from a traditional bank into a diversified digital marketplace and financial services company. The company plays a central role in Kazakhstan’s digital economy, helping consumers and merchants transact, shop, borrow, and pay in a frictionless environment. Kaspi.kz went public on the London Stock Exchange in 2020 and later listed on the NASDAQ under the ticker KSPI in early 2024.
Kaspi.kz reported its Q2 2025 earnings on August 4th. The company delivered revenue of $1.08 billion, up 34% year-over-year, and earnings per share (EPS) of $2.38, exceeding analyst expectations by $0.16. Net income increased 30% year-over-year to $437 million, driven by strong performance across all three of its business segments—Marketplace, Payments, and Fintech. The company reaffirmed full-year 2025 guidance of 30-35% net income growth and introduced Q3 guidance with expected revenue growth of around 32% year-over-year. Management highlighted strong traction in mobile payments, B2B services, and rural user expansion.
Founding, Evolution, and Products
Kaspi.kz traces its roots to 1991, when it began as Bank Kaspiyskiy. In the 2010s, it underwent a digital transformation led by CEO and co-founder Mikhail Lomtadze, who pivoted the company toward technology-driven financial services. Lomtadze, a Harvard MBA and former BCG consultant, played a critical role in turning Kaspi.kz into Kazakhstan’s most valuable tech company.
Kaspi.kz raised over $1 billion across its public listings, beginning with its London IPO in 2020 and NASDAQ listing in 2024. The company offers three core services through its Super App: (1) Marketplace for e-commerce and services, (2) Payments for P2P, QR, and bill payments, and (3) Fintech for lending, deposits, and buy-now-pay-later (BNPL) solutions. It competes with local banks, mobile wallets, and regional e-commerce firms like Wildberries and Ozon.
Kaspi.kz is headquartered in Almaty, Kazakhstan.
Market Opportunity and Growth Outlook
Kaspi.kz operates in a fast-digitizing Central Asian market, with Kazakhstan serving as its anchor. The country has over 19 million people and high internet and smartphone penetration, making it fertile ground for mobile-first financial ecosystems. Kaspi.kz also sees significant runway in expanding into other Central Asian nations and further digitizing commerce in Kazakhstan.
The digital payments market in Kazakhstan is projected to grow at a 15% CAGR through 2030, while e-commerce is expected to grow at over 20% annually. Kaspi.kz is positioned to capture a significant share of this growth due to its Super App strategy, which integrates commerce, lending, and payments in a closed-loop system. With its strong brand and widespread adoption, the company aims to serve as the national infrastructure for digital commerce.
Competitive Landscape
Kaspi.kz faces competition from both local and international players. In fintech, it competes with banks such as Halyk Bank and mobile wallets like Apple Pay and Samsung Pay (recently launched in Kazakhstan). In e-commerce, it competes with Wildberries, Ozon, and local retailers transitioning online.
Despite these rivals, Kaspi.kz maintains a dominant market position due to its vertical integration and extensive merchant network. It’s the only player offering a unified platform for consumers to shop, pay, and finance—all within one app.
Differentiation and Strategic Edge
Kaspi.kz’s biggest differentiator is its Super App ecosystem, which integrates payments, marketplace, and fintech in a single user interface with a seamless experience. This reduces customer acquisition costs and increases user engagement and monetization. Its proprietary payments infrastructure supports QR code and P2P payments at scale, making it a de facto payment standard in the country.
Another unique advantage is Kaspi’s tight integration with SMEs and government institutions. Through partnerships and KaspiPay, the company has digitized public services, utility payments, and municipal fee collection, reinforcing its “infrastructure layer” role in the Kazakh digital economy.
Key Management
- Mikhail Lomtadze (CEO and Co-Founder): A former BCG consultant and Harvard Business School graduate, Lomtadze is widely credited with leading Kaspi.kz’s transformation into a digital-first company. He owns a significant stake and remains the key strategic driver.
- Pavel Maly (CFO): Maly brings experience from international finance and has helped Kaspi.kz scale financial operations post-IPO. He is instrumental in guiding investor relations and financial disclosures as the company scales globally.
- Victor Lavrentyev (COO): Lavrentyev manages product development and platform operations, ensuring the Super App continues delivering seamless user experiences across fintech, payments, and marketplace functions.
Financial Performance (Last 5 Years)
Kaspi.kz has shown exceptional financial performance from 2020 through 2025. Revenue has grown from approximately $1.2 billion in 2020 to an estimated $4.2 billion in 2025E, representing a CAGR of over 28%. This growth has been underpinned by strong adoption of digital services and expansion in the merchant ecosystem.
Net income grew from $400 million in 2020 to a projected $1.65 billion in 2025E, a CAGR of around 32%, showing not just growth, but sustained profitability. Margins remain high due to the digital-first nature of the business and low-cost distribution through the Super App.
On the balance sheet, Kaspi.kz maintains low leverage and strong free cash flow generation. The company has consistently reinvested earnings into platform enhancements and expansion into new verticals, without relying heavily on external capital.
The business also boasts return-on-equity (ROE) figures consistently above 40%, positioning it as one of the most profitable fintech companies globally.
Bull Case for KSPI
- Rapid expansion in underserved Central Asian markets with low digital penetration.
- High-margin, capital-light business model with network effects from the Super App.
- Leadership in QR payments, mobile banking, and e-commerce within Kazakhstan provides defensible moats.
Bear Case for KSPI
- Heavy exposure to Kazakhstan makes it vulnerable to macro and regulatory risks.
- Competitive pressure from global fintech and e-commerce platforms as they expand regionally.
- Currency fluctuations and inflation in Kazakhstan may impact consumer spending and company margins.
The stock is in a stage 4 bearish markdown on the monthly and weekly charts, but the strong earnings report has reversed the slide to a stage 1 neutral consolidation on the daily chart, with resistance in the $85 – $89 zone, where it should head in the near term.