Joint Stock Company Kaspi.kz (KSPI) Stock Price, News & Analysis

Joint Stock Company Kaspi.kz (Nasdaq: KSPI) is a technology company that operates a payment, marketplace and fintech ecosystem, with a strong focus on mobile products and services. According to its public disclosures, Kaspi.kz’s mission is to improve people’s lives by developing mobile products and services and delivering them through a unique two-sided Super App model. The company is incorporated as a joint stock company and is based in Almaty, Kazakhstan, and its American Depositary Shares trade on Nasdaq under the symbol KSPI.

Kaspi.kz operates two main Super Apps: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants. Through these Super Apps, consumers and merchants can access the company’s Payments Platform, Marketplace Platform and Fintech Platform. The firm also owns a controlling stake in Hepsiburada, described in company announcements as a leading e-commerce company and technology platform in Türkiye. Kaspi.kz has stated that Harvard Business School has written two case studies on its business, which are used in MBA teaching.

Business model and Super App ecosystem

Kaspi.kz describes its model as a two-sided Super App ecosystem that connects consumers and merchants. The company states that its services are designed to be highly relevant to users’ everyday needs and to enable consumers and merchants to connect and transact with each other. The combination of a large, highly engaged consumer and merchant base, digital products that the company characterizes as highly relevant, and a capital expenditure–light approach is cited in its communications as contributing to strong top-line growth and a profitable business model.

The company reports that it continues to add new services to its Super Apps. Examples mentioned in its public news releases include e-Grocery, Kaspi Travel, Kaspi Restaurants, Kaspi Delivery, Kaspi Advertising, Classifieds and Kaspi Tours. These services are integrated into the broader Payments, Marketplace and Fintech Platforms and are intended to increase engagement and transaction volumes across the ecosystem.

Payments Platform

The Payments Platform connects consumers and merchants to facilitate cashless, digital transactions. Company disclosures describe this segment as transaction-based, with total payment volume (TPV) and the number of transactions highlighted as key operational indicators. Kaspi.kz has reported that in multiple quarters, payments revenue and net income have grown year-over-year, and that operational gearing in Payments has resulted in profit growth ahead of revenue growth.

Kaspi Pay’s reach has been expanded through integrations with multiple local banks in Kazakhstan and with AliPay+ and its global partners. Kaspi.kz has also highlighted Kaspi Pay QR and the planned roll-out of Kaspi Alaqan, a pay-by-palm service described as a payments innovation under the Kaspi Pay brand. In addition, the company has launched vertical-specific payments tools such as Kaspi Restaurants, which are intended to support merchants in particular sectors.

Marketplace Platform

The Marketplace Platform connects merchants and consumers, enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by various merchants. Kaspi.kz reports that Marketplace Platform revenue growth has consistently outpaced gross merchandise value (GMV) growth, with purchases and revenue showing year-over-year increases in recent reporting periods.

Within the Marketplace, Kaspi.kz highlights several services that contribute to revenue and engagement. Kaspi Delivery, Kaspi Advertising, Classifieds, e-Grocery, and Kaspi Travel are all mentioned as growth drivers. The company has reported strong GMV growth in e-Grocery and has noted that e-Grocery has expanded into multiple cities in Kazakhstan. Kaspi Travel’s take rate has increased, which the company links to the success of Kaspi Tours and the launch of domestic holidays within Kazakhstan.

Kaspi.kz also reports that Marketplace advertising revenue has grown significantly year-over-year, supported by new advertising tools. A new advertising service has been introduced in which Kaspi.kz runs advertising campaigns for merchants on the Kaspi.kz Super App and on third-party platforms such as Instagram, Facebook, TikTok and Google. The company has also integrated Delivery Hero’s Glovo restaurant delivery service into the Kaspi.kz Super App, and it notes that Kaspi Restaurants continues to scale.

Kaspi.kz has described the development of Kaspi Ai, an AI assistant and set of tools that have been used to enrich the presentation of hundreds of thousands of Marketplace products. According to the company, these tools are expected to be rolled out more broadly to merchants and are intended to improve the shopping experience for consumers and support conversion and GMV growth for merchants.

Fintech Platform

The Fintech Platform enables customers to manage their personal finances online and to access consumer finance and deposit products through the Kaspi.kz Super App. Company disclosures refer to total finance volume (TFV), origination trends, revenue growth and cost of risk as key indicators for this platform. Kaspi.kz has reported year-over-year TFV and revenue growth, supported by what it describes as healthy origination trends and stable yield dynamics.

The company also notes that it offers deposit products and has adjusted deposit rates in response to interest rate conditions. It has discussed the impact of higher funding costs and macro-provisioning on net income growth, while stating that underlying customer credit quality trends remain healthy and unchanged in recent periods.

Geographic footprint and strategic initiatives

Kaspi.kz is based in Kazakhstan and emphasizes its core business in that market. It has also expanded into Türkiye through the acquisition of a controlling stake in Hepsiburada.> Company announcements describe Hepsiburada as a leading e-commerce company and technology platform in Türkiye. Kaspi.kz has outlined multiple improvement initiatives at Hepsiburada, including work on delivery, marketing, buy-now-pay-later (BNPL) payment options and the mobile app user experience.

Kaspi.kz has also signed a share purchase agreement to acquire Rabobank A.Ş., described as a fully licensed bank in Türkiye with no borrowing or depositing clients and no branch network. The company has stated that, with a banking license, it would be able to launch deposit products and fund other financial services in Türkiye, subject to regulatory approvals and closing conditions.

In addition, Kaspi.kz has issued U.S. dollar–denominated notes (Eurobonds) and has indicated that the proceeds are intended to support its expansion plans in Türkiye and general corporate purposes. The company notes that this issuance represents a significant investment-grade bond transaction by a non-sovereign issuer from Kazakhstan and references its investment-grade credit ratings from Fitch and Moody’s in that context.

Public listing and regulatory reporting

Kaspi.kz has been listed on Nasdaq since January 2024, with its American Depositary Shares trading under the ticker KSPI. As a foreign private issuer, the company files an annual report on Form 20-F and periodic reports on Form 6-K with the U.S. Securities and Exchange Commission. It has reported the filing of its Annual Report on Form 20-F for the year ended December 31, 2024, and has furnished interim condensed consolidated financial information for various periods through Form 6-K.

The company’s SEC filings include financial statements prepared in accordance with IFRS and cautionary statements regarding forward-looking information. Kaspi.kz also holds periodic conference calls and webcasts to discuss its financial results for quarters and half-year periods, as described in its public announcements.

Engagement and ecosystem metrics

Kaspi.kz regularly highlights engagement metrics such as monthly transactions per active consumer, which it reports as being high in recent periods. It emphasizes that robust transaction trends contribute to revenue growth across its Payments, Marketplace and Fintech Platforms. The company also notes that its approach to adding new Super App services, such as e-Grocery, Kaspi Travel, advertising tools and vertical-specific offerings like Kaspi Restaurants, is intended to support ongoing growth in transactions and user engagement.