Joint Stock Co Kaspi.kz KSPI

NASDAQ KSPI

$107.67 -0.14 (-0.13%)

As of: Sep 4, 2026 · 3:57 PM EDT

Key Stats

Market Cap20.53 Bn

P/E0.01

P/S0.00

Div. Yield0.00

Add ratio to table…

About

Joint Stock Company Kaspi.kz operates as a leading provider of mobile-based Super App services in Kazakhstan, integrating marketplace, payments, and fintech solutions within a unified platform for consumers and merchants. The company's core business revolves around its two-sided Super App model, comprising the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants, which together facilitate a wide range of daily transactions and services. By combining…

Kaspi.kz generates revenue primarily through transaction fees, interest income, and service charges across its integrated platforms. Revenue is derived from the Payments Platform via merchant acquiring fees and transaction volumes, from the Marketplace Platform through commissions on third-party sales and value-added services like advertising and delivery, and from the Fintech Platform via interest on consumer and merchant loans, BNPL products, and deposit account spreads. The company serves a broad base of individual consumers and small to medium-sized merchants, leveraging its high engagement metrics to increase cross-selling and deepen user retention across its service offerings.

The company operates through the following segments: Payments Platform, Marketplace Platform, and Fintech Platform.

Payments Platform: This segment facilitates transactions between consumers and merchants using integrated mobile payment solutions. Key services include Kaspi QR for in-store and online payments, Peer-to-Peer (P2P) transfers, Household Bill Payments, and Kaspi Alaqan, a pay-by-palm technology enabling contactless payments without cards or phones. For merchants, the platform provides acquiring services, B2B payment settlement, Kaspi Shopping Register software, and Kaspi Pay business accounts, along with tools for tax reporting and supplier payments. The Payments Platform processed ₸44,219 billion in transaction volume (TPV) for the year ended December 31, 2025, representing a 19% increase from the prior year.
Marketplace Platform: This segment connects online and offline merchants with consumers to enable the sale of a broad range of goods and services. Core offerings include e-Commerce for general products, e-Grocery for home delivery of groceries, e-Cars for auto-related purchases, Kaspi Travel for booking flights and holidays, and Kaspi Classifieds and Kaspi Jobs for advertising used goods, services, and employment opportunities. The platform integrates with Kaspi Delivery Smart Logistics, which uses a network of 10,441 Kaspi Postomats for last-mile delivery, and Kaspi Advertising, which places ads on the Super App and third-party platforms like Facebook, TikTok, and Google. For the year ended December 31, 2025, the Marketplace Platform generated ₸6,657 billion in gross merchandise volume (GMV), an 11% increase year-over-year, excluding Türkiye.
Fintech Platform: This segment provides digital financial products to consumers and merchants, including Buy-Now-Pay-Later (BNPL), General Purpose Loans, Car Finance, Merchant and Micro Business Finance, BINPL, and deposit accounts. Services are accessible via the Kaspi.kz and Kaspi Pay Super Apps, with user identity verified through Kaspi ID biometrics technology. The platform originates 99.9% of lending decisions in under six seconds using automated underwriting powered by proprietary data and external bureau checks. For the year ended December 31, 2025, the Fintech Platform recorded a total financed volume (TFV) of ₸11,652 billion, reflecting a 13% increase compared to the prior year, excluding Türkiye.

Kaspi.kz holds a dominant position in Kazakhstan’s digital services market, consistently ranking as the most recognized brand across multiple categories including mobile applications, e-commerce, payments, travel, consumer finance, deposits, and classifieds. The company’s competitive advantages stem from its integrated Super App model, proprietary technology infrastructure, and high user engagement, which together create powerful network effects that are difficult for single-purpose apps to replicate. Its leadership in brand awareness and transaction frequency reinforces its moat in the Kazakhstani fintech and e-commerce landscape.

As of December 31, 2025, Kaspi.kz served approximately 15.7 million monthly active users in Kazakhstan and 11.8 million in Türkiye, totaling 27.5 million users across its markets. The platform supported around 764,000 active merchants in Kazakhstan, who utilize its tools for sales, payments, financing, and advertising. While specific customer names are not disclosed in the filing, the user base encompasses individual consumers seeking daily transactional and financial services, as well as entrepreneurs and small businesses accessing digital tools to manage operations, accept payments, and access working capital.

Investment Thesis

▲ Bull case

Kaspi's e-commerce segment is exhibiting robust growth, with GMV increasing by 41% year-over-year, driven by a 43% rise in transactions and a 44% year-over-year growth in the frequency of quarterly purchases. This growth is not just limited to Kazakhstan but also extends to Turkey, where the company is making significant strides. The increasing engagement of the consumer base is a positive indicator, as it opens up more opportunities for monetization through advertising, delivery, and fintech services. The company's focus on the front end of the consumer and merchant relationship positions it well to capitalize on the growing trend of e-commerce and the future integration of AI agents in the purchasing process.
The company's strategic investments in Hepsiburada are beginning to yield results, with the marketplace GMV growing by 19% year-over-year on a constant currency pro forma basis. The inclusion of Hepsiburada has contributed to the overall growth of the marketplace segment, with revenue up 49% and EBITDA up 12%. The transition from offline to online retail is gathering momentum, and Kaspi is well-positioned to benefit from this shift. The company's ability to drive order growth and increase the take rate is a testament to its strong market position and effective execution of its strategy.
Kaspi's fintech segment is showing signs of strength, with an average net loan portfolio growth of 23% and a fintech yield of 6% year-over-year. The company is prioritizing longer-duration loans that generate more revenue, which is a positive development for its bottom line. The risk metrics, such as first and second payment default rates and delinquency rates, are stable and at low levels, indicating a healthy portfolio. The cost of risk is broadly flat year-over-year, and the NPL ratio is moving up due to the portfolio shifting towards lower-risk merchant finance and secured products.
The company's recent $600 million capital raise at a 5.9% rate provides it with the flexibility to fund growth initiatives across both Kazakhstan and Turkey. This financial maneuvering strengthens Kaspi's position to invest in its strategic priorities, such as enhancing the consumer experience in Turkey and driving engagement on the platform. The involvement of Tencent as a shareholder brings strategic synergies and a wealth of knowledge in the super app business model, which could further enhance Kaspi's innovative capabilities and market positioning.

Kaspi's e-commerce segment is exhibiting robust growth, with GMV increasing by 41% year-over-year, driven by a 43% rise in transactions and a 44% year-over-year growth in the frequency of quarterly purchases. This growth is not just limited to Kazakhstan but also extends to Turkey, where the company is making significant strides. The increasing engagement of the consumer base is a positive indicator, as it opens up more opportunities for monetization through advertising, delivery, and fintech services. The company's focus on the front end of the consumer and merchant relationship positions it well to capitalize on the growing trend of e-commerce and the future integration of AI agents in the purchasing process.
The company's strategic investments in Hepsiburada are beginning to yield results, with the marketplace GMV growing by 19% year-over-year on a constant currency pro forma basis. The inclusion of Hepsiburada has contributed to the overall growth of the marketplace segment, with revenue up 49% and EBITDA up 12%. The transition from offline to online retail is gathering momentum, and Kaspi is well-positioned to benefit from this shift. The company's ability to drive order growth and increase the take rate is a testament to its strong market position and effective execution of its strategy.
Kaspi's fintech segment is showing signs of strength, with an average net loan portfolio growth of 23% and a fintech yield of 6% year-over-year. The company is prioritizing longer-duration loans that generate more revenue, which is a positive development for its bottom line. The risk metrics, such as first and second payment default rates and delinquency rates, are stable and at low levels, indicating a healthy portfolio. The cost of risk is broadly flat year-over-year, and the NPL ratio is moving up due to the portfolio shifting towards lower-risk merchant finance and secured products.
The company's recent $600 million capital raise at a 5.9% rate provides it with the flexibility to fund growth initiatives across both Kazakhstan and Turkey. This financial maneuvering strengthens Kaspi's position to invest in its strategic priorities, such as enhancing the consumer experience in Turkey and driving engagement on the platform. The involvement of Tencent as a shareholder brings strategic synergies and a wealth of knowledge in the super app business model, which could further enhance Kaspi's innovative capabilities and market positioning.

▼ Bear case

Kaspi's payments segment is experiencing take rate compression, driven by a change in product mix in favor of Kaspi QR and Kaspi B2B payments. This trend is consistent with long-run trends and is likely to continue, impacting the revenue growth of the payments segment. The EBITDA metric for payments excludes interest revenue, which is around 1/4 of payments revenue and grew about 26% year-over-year. While the payments business remains highly profitable and cash generative, the slower revenue growth could pose challenges to its overall financial performance.
The company's guidance for the full year includes a GMV growth of around 20% and TPV growth of 15%, with TFE growth trending below the 5% guidance. The slower growth in TFE is a result of the company's deliberate choice to prioritize longer-duration loans that generate more revenue. While this strategy is beneficial for the bottom line, it could lead to a divergence between loan portfolio growth and TFE growth, which may raise concerns among investors about the sustainability of this approach.
Kaspi's net income is flat year-over-year, driven by higher interest expense due to increased funding costs in Kazakhstan and Turkey, as well as the inclusion of Hepsiburada, which has COGS for 3 months versus 2 months previously. The company's investments in Hepsiburada and other growth initiatives are weighing on profitability, and while the company aims to keep EBITDA around breakeven this year, the slower growth in subsequent quarters could pose challenges to achieving this goal.
The geopolitical situation in the Middle East and its potential impact on the electronic supply chain could pose risks to Kaspi's marketplace growth in Kazakhstan. While the current macro situation is more positive than negative for Kazakhstan, any escalation in geopolitical tensions could disrupt supply chains and impact the company's operations. Additionally, the company's reliance on the Kazakhstan market for a significant portion of its revenue exposes it to country-specific risks, such as regulatory changes and economic fluctuations.
The company's strategic focus on increasing consumer engagement and frequency of purchases in Turkey, while admirable, comes with significant investment requirements. The shift in the portfolio towards lower-risk merchant finance and secured products, while beneficial for risk management, could also lead to a slower pace of loan origination and revenue growth. The company's ability to execute on its strategic priorities and deliver on its guidance will be crucial in determining its long-term success.

Kaspi's payments segment is experiencing take rate compression, driven by a change in product mix in favor of Kaspi QR and Kaspi B2B payments. This trend is consistent with long-run trends and is likely to continue, impacting the revenue growth of the payments segment. The EBITDA metric for payments excludes interest revenue, which is around 1/4 of payments revenue and grew about 26% year-over-year. While the payments business remains highly profitable and cash generative, the slower revenue growth could pose challenges to its overall financial performance.
The company's guidance for the full year includes a GMV growth of around 20% and TPV growth of 15%, with TFE growth trending below the 5% guidance. The slower growth in TFE is a result of the company's deliberate choice to prioritize longer-duration loans that generate more revenue. While this strategy is beneficial for the bottom line, it could lead to a divergence between loan portfolio growth and TFE growth, which may raise concerns among investors about the sustainability of this approach.
Kaspi's net income is flat year-over-year, driven by higher interest expense due to increased funding costs in Kazakhstan and Turkey, as well as the inclusion of Hepsiburada, which has COGS for 3 months versus 2 months previously. The company's investments in Hepsiburada and other growth initiatives are weighing on profitability, and while the company aims to keep EBITDA around breakeven this year, the slower growth in subsequent quarters could pose challenges to achieving this goal.
The geopolitical situation in the Middle East and its potential impact on the electronic supply chain could pose risks to Kaspi's marketplace growth in Kazakhstan. While the current macro situation is more positive than negative for Kazakhstan, any escalation in geopolitical tensions could disrupt supply chains and impact the company's operations. Additionally, the company's reliance on the Kazakhstan market for a significant portion of its revenue exposes it to country-specific risks, such as regulatory changes and economic fluctuations.
The company's strategic focus on increasing consumer engagement and frequency of purchases in Turkey, while admirable, comes with significant investment requirements. The shift in the portfolio towards lower-risk merchant finance and secured products, while beneficial for risk management, could also lead to a slower pace of loan origination and revenue growth. The company's ability to execute on its strategic priorities and deliver on its guidance will be crucial in determining its long-term success.

Segments Breakdown of Revenue (2025)

Peer group

Peer Comparison

Companies in the Money Center Banks

S.No.	Ticker	Company	match	Market Cap	P/E	P/S	Total Debt (Qtr)
1	BAC	Bank Of America Corp /De/	primary	448.27 Bn	13.95	3.70	406.81 Bn
2	MS	Morgan Stanley	primary	338.69 Bn	17.33	4.34	122.94 Bn
3	RY	Royal Bank Of Canada	primary	296.86 Bn	18.09	5.78	126.20 Bn
4	MUFG	Mitsubishi Ufj Financial Group Inc	primary	274.66 Bn	17.76	-	114.75 Bn
5	SAN	Banco Santander, S.A.	primary	221.79 Bn	0.45	1.28	2,338.17 Bn
6	AXP	American Express Co	primary	221.12 Bn	19.32	2.91	61.08 Bn
7	TD	Toronto Dominion Bank	primary	210.21 Bn	18.66	4.50	221.61 Bn
8	SCHW	Schwab Charles Corp	primary	190.16 Bn	19.56	7.31	36.61 Bn

Joint Stock Co Kaspi.kz KSPI

About

Investment Thesis

Segment consolidation items [axis] Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

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