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Joint Stock Co Kaspi.kz (KSPI) is the issuer in an amended ownership report by Fintech Partners Limited, Baring Ventures Fund V Managers Limited and Baring Fintech Manager Holding Limited. Each reports beneficial ownership of the same 15,235,270 ADSs, or 8.0% of the class, with shared voting and dispositive power. The percentage is based on 190,027,266 common shares outstanding as of September 30, 2026.
Fintech Partners is the ADSs’ shareholder of record under a participation deed with Asia Equity Partners Limited, which retains the economic rights, including distributions and proceeds from transfers or disposals. The other two reporting entities are described as potentially beneficial owners through their control relationships; the filing also states that reporting persons other than Fintech Partners disclaim beneficial ownership. Voting and investment control is exercised by Fintech Partners’ board, comprising Andrew Whitaker, Andrew Carre and Sarah Rault. Andrew Carre and Julian Timms signed as directors.
Key Figures
ADSs beneficially owned:15,235,270 ADSsPercent of class:8.0%Common shares outstanding:190,027,266 common shares
3 metrics
ADSs beneficially owned15,235,270 ADSsThe same position is reported by Fintech Partners Limited, Baring Ventures Fund V Managers Limited and Baring Fintech Manager Holding Limited.
Percent of class8.0%Reported for the 15,235,270 ADS position.
Common shares outstanding190,027,266 common sharesAs of September 30, 2026; the stated basis for the reported percentage.
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"Shared Voting Power 15,235,270.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 15,235,270.00"
Participation Deedtechnical
"under the Participation Deed between FPL and AEPL"
shareholder of recordregulatory
"FPL is the shareholder of record of the ADSs"
The shareholder of record is the person or entity whose name appears on a company's official shareholder register on a specified record date, making them the legal owner for corporate actions. It matters to investors because companies use that list to decide who is entitled to vote, receive dividends, or participate in rights offerings — similar to being on a guest list that determines who gets entry and benefits at an event.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many Kaspi.kz (KSPI) ADSs are reported as beneficially owned?
The three reporting entities each report the same 15,235,270 ADSs, equal to 8.0% of the class; this is one reported position, not three separate positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Joint Stock Co Kaspi.kz
(Name of Issuer)
American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs")
(Title of Class of Securities)
48581R205
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
48581R205
1
Names of Reporting Persons
Fintech Partners Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GUERNSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
15,235,270.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,235,270.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,235,270.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Percent set out in Row 11 is based on 190,027,266 common shares of the Issuer outstanding as of September 30, 2026, as reported in the Issuer's interim condensed consolidated financial information for the three and nine months ended September 30, 2026, as set out in the Issuer's Form 6-K furnished with the Securities and Exchange Commission (the "SEC") on November 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
48581R205
1
Names of Reporting Persons
Baring Ventures Fund V Managers Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GUERNSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
15,235,270.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,235,270.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,235,270.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Percent set out in Row 11 is based on 190,027,266 common shares of the Issuer outstanding as of September 30, 2026, as reported in the Issuer's interim condensed consolidated financial information for the three and nine months ended September 30, 2026, as set out in the Issuer's Form 6-K furnished with the SEC on November 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
48581R205
1
Names of Reporting Persons
Baring Fintech Manager Holding Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GUERNSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
15,235,270.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,235,270.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,235,270.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Percent set out in Row 11 is based on 190,027,266 common shares of the Issuer outstanding as of September 30, 2026, as reported in the Issuer's interim condensed consolidated financial information for the three and nine months ended September 30, 2026, as set out in the Issuer's Form 6-K furnished with the SEC on November 12, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Joint Stock Co Kaspi.kz
(b)
Address of issuer's principal executive offices:
154A Nauryzbai Batyr Street, Almaty, 1P 050013
Item 2.
(a)
Name of person filing:
This filing is being made on behalf of (collectively, the "Reporting Persons"):
Fintech Partners Limited ("FPL");
Baring Ventures Fund V Managers Limited ("BV Fund V ML"); and
Baring Fintech Manager Holding Limited ("BFMHL").
(b)
Address or principal business office or, if none, residence:
The principal business office of each of FPL and BFMHL is Unit 1, Houmet House, Rue Des Houmets, Castel, Guernsey GY5 7XZ, Channel Islands. The principal business office of BV Fund V ML is Ground Floor, Plaza House, Admiral Park, St Peter Port, Guernsey GY1 2HU, Channel Islands.
(c)
Citizenship:
FPL, BV Fund V ML and BFMHL are non-cellular companies organized under the laws of Guernsey.
(d)
Title of class of securities:
American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs")
(e)
CUSIP No.:
48581R205
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See the responses to Item 9 on the attached cover pages.
(b)
Percent of class:
See Item 11 of the attached cover pages. The percentages reported in Item 11 of the attached cover pages are based on 190,027,266 common shares of the Issuer outstanding as of September 30, 2026, as reported in the Issuer's interim condensed consolidated financial information for the three and nine months ended September 30, 2026, as set out in the Issuer's Form 6-K furnished with the SEC on November 12, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See the responses to Item 5 on the attached cover pages.
(ii) Shared power to vote or to direct the vote:
See the responses to Item 6 on the attached cover pages.
15,235,270 ADSs are held by FPL under the participation deed between FPL and Asia Equity Partners Limited ("AEPL") (as amended from time to time, the "Participation Deed"), whereby FPL is the shareholder of record of the ADSs, but AEPL retains all economic rights relating to the ADSs, including the right to any distributions in respect of the ADSs and to the proceeds from any transfer or disposal of the ADSs. Such ADSs may be deemed to be beneficially owned by BV Fund V ML and BFMHL because (i) BV Fund V ML is the controlling shareholder of FPL and (ii) BFMHL is the controlling shareholder of BV Fund V ML. Voting and investment control over the ADSs held by FPL under the Participation Deed is exercised by the board of directors of FPL, which is comprised of Andrew Whitaker, Andrew Carre and Sarah Rault. Each of the Reporting Persons (other than FPL) and each of their affiliated entities and the officers, partners, directors, members and managers thereof disclaims beneficial ownership of the ADSs held by FPL under the Participation Deed.
(iii) Sole power to dispose or to direct the disposition of:
See the responses to Item 7 on the attached cover pages.
(iv) Shared power to dispose or to direct the disposition of:
See the responses to Item 8 on the attached cover pages.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Fintech Partners Limited
Signature:
/s/ Andrew Carre
Name/Title:
Andrew Carre, Director
Date:
11/13/2026
Baring Ventures Fund V Managers Limited
Signature:
/s/ Julian Timms
Name/Title:
Julian Timms, Director
Date:
11/13/2026
Baring Fintech Manager Holding Limited
Signature:
/s/ Julian Timms
Name/Title:
Julian Timms, Director
Date:
11/13/2026
Exhibit Information
Joint Filing Agreement, dated as of November 13, 2026, among FPL, BV Fund V ML and BFMHL.
