# Kaspi.kz

> Source: https://docs.barcoder.ai/docs/wallets/kaspi-kz
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Kaspi.kz — official](https://kaspi.kz/)

## Overview

**Kaspi.kz** is **Kazakhstan's dominant super-app + bank** — **NASDAQ-listed (KSPI)** with **~$18 billion enterprise value** <sup>[1][1], [2][2], [Kazakhstan report](https://docs.barcoder.ai/docs/payments/KZ)</sup>. Kaspi serves **14 million users (~70% of Kazakhstan's population)** with **75 monthly transactions per active consumer** — exceptional engagement.

**Financial performance**: Net income margin **~45%** + return on equity **>80%** + forward P/E **~11x** — **extraordinary fintech profitability**. **3Q 2025**: revenue +20% YoY; net income +12% YoY <sup>[3][3]</sup>.

**Kaspi business model**: integrated **Payments + Marketplace + Fintech** super-app (Tinkoff-style for Kazakhstan but at higher national-penetration scale). Distinctive **Turkish growing pains in 2026** — recent expansion into Turkey via **Hepsiburada acquisition (Jan 2025)** <sup>[4][4]</sup>.

## History

**2008 — Kaspi.kz launches** <sup>[2][2]</sup> as Kaspi Bank's digital arm.

**2014 — Kaspi.kz mobile app launches** <sup>[2][2]</sup>: Beginning of super-app evolution.

**2018-2020 — Marketplace + payments integration** <sup>[2][2]</sup>: Super-app form takes shape.

**October 2020 — London IPO** then **January 2024 — NASDAQ listing (KSPI)** <sup>[1][1]</sup>.

**January 2025 — Hepsiburada acquisition for Turkish expansion** <sup>[4][4]</sup>.

**3Q/9M 2025 — Strong financial results** <sup>[3][3]</sup>: revenue +20% YoY; NI +12% YoY.

## Ownership & operator

**Operating entity**: **Joint Stock Company Kaspi.kz** — NASDAQ: KSPI.

**Founder + CEO**: **Mikhail Lomtadze** (Georgia-born, Kazakhstan-based fintech leader).

**Major shareholders**: **Mikhail Lomtadze** (founder + CEO), **Vyacheslav Kim**, **Baring Vostok Capital Partners**.

**Regulator**: **NBK (National Bank of Kazakhstan)** — full Kazakh banking license.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Kaspi.kz mobile app (iOS + Android) + Kaspi QR (Kazakhstan national QR rail) + Kaspi Card + Kaspi POS (merchant) |
| **Identifiers** | Phone + QR + IIN (Kazakh national ID) |
| **Sub-businesses** | **Payments + Marketplace + Fintech** (integrated super-app) |
| **Marketplace** | Kaspi Marketplace + Kaspi Travel + Kaspi Mobile (telco MVNO) + Kaspi Gold (savings) |
| **Banking** | Full Kazakh banking license; consumer + SME lending |
| **Turkish expansion (2025+)** | Hepsiburada acquisition |
| **License** | Full bank (NBK-regulated) |

## Users & growth

**2025 baseline** <sup>[1][1], [3][3]</sup>:
- **Users**: 14 million (~70% of Kazakhstan's population)
- **Monthly transactions per active consumer**: 75 (exceptional engagement)
- **Enterprise value**: ~$18 billion
- **NASDAQ-listed (KSPI)**
- **Net income margin**: ~45%
- **Return on equity**: >80%
- **Forward P/E**: ~11x
- **3Q 2025**: revenue +20% YoY; NI +12% YoY

## Use cases

KZ super-app — Payments (Kaspi QR national rail + Kaspi POS + Kaspi Pay) + Marketplace (e-commerce) + Fintech (savings + lending + cards) + Travel (Kaspi Travel) + Telco MVNO (Kaspi Mobile) + Gold (Kaspi Gold savings); cross-border to Turkey via Hepsiburada (2025+); Ukraine + Turkey adjacent markets.

## Implementations & partners

**Operator**: **Joint Stock Company Kaspi.kz** (NASDAQ: KSPI).

**Founder + CEO**: **Mikhail Lomtadze**.

**Major shareholders**: Lomtadze + Vyacheslav Kim + Baring Vostok Capital Partners.

**Turkish acquisition**: **Hepsiburada** (Jan 2025).

**Major Kazakh competitors**: **[Halyk Homebank](https://docs.barcoder.ai/docs/wallets/halyk-homebank)** (Kazakhstan's largest traditional bank; >1/3 KZ market share; 8.5M MAU Q1 2026), **Forte Bank** + **Jusan Bank** + traditional Kazakh banks; **[WeChat Pay](https://docs.barcoder.ai/docs/wallets/wechat-pay)** + **[Alipay](https://docs.barcoder.ai/docs/wallets/alipay)** for cross-border China-KZ.

**Major super-app analogues globally**: **[T-Bank (formerly Tinkoff Bank)](https://docs.barcoder.ai/docs/wallets/t-bank)** (Russia analogue), **[Mercado Pago](https://docs.barcoder.ai/docs/wallets/mercado-pago)** (LATAM), **[WeChat Pay](https://docs.barcoder.ai/docs/wallets/wechat-pay)** + **[Alipay](https://docs.barcoder.ai/docs/wallets/alipay)** (China), **[GCash](https://docs.barcoder.ai/docs/wallets/gcash)** + **[GoPay](https://docs.barcoder.ai/docs/wallets/gopay)** (SEA).

**Regulator**: **NBK**.

## Fun facts

- **70% of Kazakhstan's population** uses Kaspi (14M users).
- **75 monthly transactions per active consumer** — exceptional engagement.
- **~$18B enterprise value (NASDAQ: KSPI)** + ~45% net income margin + >80% RoE.
- **January 2024 NASDAQ listing** (KSPI ticker; previously London-listed).
- **Founder + CEO Mikhail Lomtadze** — Georgia-born super-app architect.
- **January 2025 Hepsiburada acquisition** for Turkish expansion (Turkish growing-pains 2026 context).
- **Integrated super-app**: Payments + Marketplace + Fintech + Travel + Telco MVNO + Gold savings.

## Comparison

| Feature | Kaspi.kz | [Halyk Homebank](https://docs.barcoder.ai/docs/wallets/halyk-homebank) (KZ rival) | [T-Bank (formerly Tinkoff Bank)](https://docs.barcoder.ai/docs/wallets/t-bank) (Russia analogue) | [Mercado Pago](https://docs.barcoder.ai/docs/wallets/mercado-pago) (LATAM analogue) | [WeChat Pay](https://docs.barcoder.ai/docs/wallets/wechat-pay) (China super-app) |
|---|---|---|---|---|---|
| Operator | **Kaspi.kz (NASDAQ: KSPI; founder Mikhail Lomtadze)** | Halyk Bank (KZ largest traditional bank) | T-Bank (Russian super-app) | Mercado Pago (MercadoLibre) | Tencent |
| Type | **KZ super-app + bank (Payments + Marketplace + Fintech + Travel + Telco MVNO + Gold)** | KZ #1 traditional bank + Homebank digital app | Russian super-app + bank | LATAM super-app + wallet | Chinese super-messenger + Pay |
| Country | KZ (~70% pop) + TR + UA | KZ (>1/3 market share) | Russia | 8 LATAM | China + global cross-border |
| Users | **14M (~70% KZ pop) + 75 monthly tx/user** | 8.5M MAU (Q1 2026) | Russia super-app | 72M+ | 1.3B+ |
| Listing | **NASDAQ: KSPI; ~$18B EV** | n/a | Russian-listed | NASDAQ: MELI | Tencent listed |
| Distinctive | **75 monthly tx/active user (extraordinary); ~45% NI margin; >80% RoE** | KZ traditional bank-led | Russia super-app via Tinkoff heritage | LATAM #1 super-app | China dominant super-app |

## Status

**Active, Kazakhstan's dominant super-app + bank** <sup>[1][1], [3][3]</sup>:
- **Joint Stock Company Kaspi.kz (NASDAQ: KSPI)** since 2008.
- **14M users (~70% KZ population) + 75 monthly tx/active consumer**.
- **~$18B enterprise value + ~45% net income margin + >80% RoE**.
- **January 2025 Hepsiburada acquisition** (Turkish expansion).
- **NBK-regulated full Kazakh bank**.

## Sources

[1]: https://koalagains.com/stocks/NASDAQ/KSPI "Kaspi.kz NASDAQ KSPI analysis — KoalaGains"
[2]: https://underthesurface.blog/2025/05/27/kaspi-the-super-app-that-no-one-talks-about/ "Kaspi.kz super-app — Under The Surface"
[3]: https://finance.yahoo.com/news/kaspi-kz-3q-9m-2025-120000232.html "Kaspi.kz 3Q & 9M 2025 results — Yahoo Finance"
[4]: https://www.deepvalue.tech/research/kaspikz-kspi-deep-research-report-undervalued-super-app-facing-turkish-growing-pains-in-2026 "Kaspi.kz Turkish growing pains 2026 — DeepValue"
[kz-cro]: https://docs.barcoder.ai/docs/payments/KZ

- [1] [Kaspi.kz NASDAQ KSPI analysis — KoalaGains][1]
- [2] [Kaspi.kz super-app — Under The Surface][2]
- [3] [Kaspi.kz 3Q & 9M 2025 results — Yahoo Finance][3]
- [4] [Kaspi.kz Turkish growing pains 2026 — DeepValue][4]
- <sup>[Kazakhstan report](https://docs.barcoder.ai/docs/payments/KZ)</sup> In-corpus: `reports/countries/KZ-kazakhstan.md`

## Source

Biography extracted from [kaspi-kz.md](https://docs.barcoder.ai/source/wallets/kaspi-kz). See `matrix.md` for standards-support matrix if present.