# Kaspi QR > Source: https://docs.barcoder.ai/docs/standards/kaspi-qr > research date 2026-05-29 · extracted at 2026-10-06 > Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards Specifications: - [Kaspi.kz — official](https://kaspi.kz/) - [Kaspi Nasdaq IPO — Astana Times](https://astanatimes.com/2024/01/appetite-for-innovation-look-at-kazakhstans-first-nasdaq-listed-company-kaspi-kz/) ## Overview **Kaspi.kz** is **Kazakhstan's dominant super-app** — combining digital payments, consumer lending, marketplace commerce, banking, and government services into a single mobile-app ecosystem — with **Kaspi Pay QR** as the merchant-payment foundation [1][1], [2][2], [Kazakhstan report](https://docs.barcoder.ai/docs/payments/KZ). Founded **30 November 2000** as Kaspi Credit JSC by **Vyacheslav Kim, Mikhail Lomtadze, and Kairat Satybaldy**, the company evolved from the privatised Caspian Bank (acquired by Kim in 2002) into one of Central Asia's largest fintech groups. **Lomtadze joined 2007** to co-lead the product/technology transformation. Product evolution: **digital payments 2012, e-commerce marketplace 2014, mobile super-app 2017**. By 2024 Kaspi had **13.5+ million monthly active users** — estimated to reach **~70 % of Kazakhstan's 20M population**, an extraordinary penetration figure for any consumer-financial-services platform globally [3][3]. **2024 was the inflection year**: Kaspi listed on **Nasdaq Global Select Market in January 2024** (the first Kazakh company to do so), having previously listed on London Stock Exchange in October 2020. **In 2024, Kaspi became the first Kazakh company to surpass a $20 billion market cap** on LSE. The two complementary apps: **Kaspi.kz Super App** for consumers + **Kaspi Pay Super App** for merchants/entrepreneurs. ## History **2000-2002 — Kaspi Credit founding + Caspian Bank acquisition** [2][2]: - November 2000: founded by Kim, Lomtadze, Satybaldy. - 2002: Vyacheslav Kim acquires Caspian Bank. **2006 — Baring Vostok Capital Partners investment** [2][2]: - Accelerates fintech transition. **2007 — Mikhail Lomtadze joins** [2][2]: - Co-leads product- and technology-driven transformation. **2012 — Digital payments launch** [2][2]: - Kaspi enters digital payments segment. **2014 — E-commerce marketplace** [2][2]: - Adds marketplace functionality. **2017 — Mobile super-app launch** [2][2]: - Consolidates payments + commerce + banking into single super-app. **October 2020 — London Stock Exchange listing** [2][2]: - First major public listing. **January 2024 — Nasdaq Global Select Market listing** [3][3]: - **First Kazakh company on Nasdaq**. - ~$873 million US IPO. **2024 — Market-cap milestone** [2][2]: - **First Kazakh company to surpass $20 billion market cap** on LSE. **2024 metrics** [2][2]: - **13.5M+ MAU**. - **~70 % of Kazakhstan's 20M population**. ## Technical specification Kaspi.kz is **a Nasdaq-listed Kazakh super-app + bank with Kaspi Pay QR foundation** [1][1], [2][2]: | Layer | Description | |---|---| | **Operator** | **Kaspi.kz JSC** (Nasdaq: KSPI; LSE) | | **Founders** | Vyacheslav Kim, Mikhail Lomtadze, Kairat Satybaldy | | **Underlying bank** | Caspian Bank (acquired 2002) | | **Currency** | KZT (Kazakhstani tenge) | | **Apps** | **Kaspi.kz Super App** (consumers) + **Kaspi Pay Super App** (merchants) | | **Payment model** | Direct QR-code-based payments between consumers and merchants | | **MAU (2024)** | 13.5M+ | | **Population reach** | ~70 % of Kazakhstan's 20M | **Super-app service portfolio** [2][2]: - E-commerce (consumer + B2B marketplace). - Grocery delivery. - Travel bookings. - Bill payments. - QR-code payments. - Banking + lending. - Government services. ## Use cases **Merchant QR payments** [2][2]: Cardinal use — customer scans Kaspi Pay merchant QR, instant payment. **E-commerce + marketplace** [2][2]: Kaspi.kz is also Kazakhstan's largest e-commerce platform. **Banking + lending** [Kazakhstan report](https://docs.barcoder.ai/docs/payments/KZ): Consumer banking + credit products. **Government services** [Kazakhstan report](https://docs.barcoder.ai/docs/payments/KZ): Integration with Kazakh public services. **Bill payment** [2][2]: Utility + government-fee payment. **Cross-app B2C + B2B** [2][2]: Kaspi Pay enables merchant-side acceptance. ## Implementations & ecosystem **Operator**: **Kaspi.kz JSC** (Nasdaq: KSPI; LSE). **Founders**: **Vyacheslav Kim, Mikhail Lomtadze, Kairat Satybaldy**. **Underlying bank**: Caspian Bank (acquired 2002). **Geographic scope**: Kazakhstan primary; recently expanding (Uzbekistan via Humans acquisition). ## Fun facts - **Mikhail Lomtadze's $20B market-cap achievement**: Lomtadze's leadership since 2007 transformed Kaspi from regional bank into Central Asia's first $20B+ fintech. One of the most consequential CEO-driven Central Asian fintech-success stories. - **70 % of Kazakhstan on the super-app**: 13.5M MAU in 20M population. Penetration rate few peer products achieve anywhere. - **First Kazakh company on Nasdaq (Jan 2024)**: Major milestone for Central Asian tech-public-market presence. - **Biggest non-US IPO since Birkenstock 2023**: Kaspi's Nasdaq IPO was among the largest emerging-market listings of 2024. - **2012 → 2024 super-app evolution**: Digital payments 2012 → marketplace 2014 → super-app 2017 → IPO 2020 → Nasdaq 2024 — a 12-year-arc from payments to global-public-market presence. - **Caspian Bank acquisition origin**: Kaspi's bank-as-foundation model differs from peers like Wave (pure fintech) or M-Pesa (MNO-led). Bank-led super-app is structurally similar to [Daviplata](https://docs.barcoder.ai/docs/standards/daviplata) (Davivienda) but vastly different scale. - **Dual-app strategy (consumer + merchant)**: Kaspi.kz Super App + Kaspi Pay Super App reflects mature segmentation — recognising consumer + merchant have different needs. - **Baring Vostok early investor**: Russian private-equity firm Baring Vostok provided 2006 funding that accelerated Kaspi's fintech pivot — illustrating regional VC ecosystem importance. ## Comparison | Feature | Kaspi.kz (KZ) | [Click](https://docs.barcoder.ai/docs/standards/click) (UZ, Central Asia peer) | [Bizum](https://docs.barcoder.ai/docs/standards/bizum) (ES) | WeChat Pay (CN) | Mercado Pago (LATAM) | |---|---|---|---|---|---| | Operator | Kaspi.kz JSC (Nasdaq: KSPI) | Click LLC (private) | Bizum SL | Tencent | MercadoLibre | | Type | **Super-app + bank** | Super-app (non-bank) | P2P + merchant | Super-app (WeChat) | Marketplace + payments | | Users | **13.5M MAU (~70 % KZ)** | 15M accounts | 24M | 1.3B+ | 100M+ | | Listing | **Nasdaq + LSE** | Private | Private | Parent Tencent (HK) | Nasdaq (MELI) | | Market cap | **$20B+** | n/a | n/a | (Tencent ~$400B+) | $80B+ | | Founded | 2000 (Caspian Bank acquired 2002) | ~2009 | 2016 | 2013 | 2003 | **Closest peer**: **[Click](https://docs.barcoder.ai/docs/standards/click)** (UZ) — Central Asian neighbour. Kaspi is vastly larger, has bank-foundation, and is publicly listed. ## Status **Active, dominant Central Asian super-app** [1][1], [2][2]: - **Kaspi.kz JSC** (Nasdaq: KSPI; LSE). - **13.5M+ MAU** (~70 % of KZ population). - **$20B+ market cap** (first Kazakh company). - **Kaspi.kz Super App + Kaspi Pay Super App**. - **Digital payments + e-commerce + banking + lending + government services**. ## Sources [1]: https://kaspi.kz/ "Kaspi.kz — official" [2]: https://medium.com/@patalex/operator-stories-mikhail-lomtadze-kaspi-on-building-a-20bn-valued-business-out-of-kazakhstan-cf9dc58b38a3 "Mikhail Lomtadze on Kaspi — Medium" [3]: https://astanatimes.com/2024/01/appetite-for-innovation-look-at-kazakhstans-first-nasdaq-listed-company-kaspi-kz/ "Kaspi Nasdaq listing — Astana Times" - [1] [Kaspi.kz][1] - [2] [Operator Stories — Mikhail Lomtadze on Kaspi][2] - [3] [Kaspi Nasdaq listing — Astana Times][3] - [Kazakhstan report](https://docs.barcoder.ai/docs/payments/KZ) `reports/countries/KZ-kazakhstan.md` ## Deployments Found in the following country reports (grep across `reports/countries/`): - **KZ** — [KZ-kazakhstan.md](https://docs.barcoder.ai/docs/payments/KZ) - **TJ** — [TJ-tajikistan.md](https://docs.barcoder.ai/docs/payments/TJ)