Joint Stock Co Kaspi.kz
Joint Stock Co Kaspi.kz is a Kazakhstan-based financial technology and commerce platform built around two super apps: one for consumers and one for merchants and entrepreneurs. Its business combines payments, marketplace services, and fintech products, and since 2025 it has also operated the Hepsiburada marketplace in Türkiye through the group structure.
Fiscal year 2025 · change from previous year
Development 2023–2025
Business
Share of revenueConsumer and merchant payment processing, transaction fees, and membership-linked payment services.
Digital marketplace services connecting consumers with merchants and sellers.
Consumer and merchant financial products, including lending and related fintech services.
Ancillary platform income, including services tied to the super app ecosystem and operations in Türkiye.
Customers
Kaspi.kz serves two principal customer groups: consumers using the super app for payments, shopping, and financial services, and merchants or entrepreneurs using Kaspi Pay for checkout, collections, and business tools. The platform model depends on both sides of the network, so merchants are important both as paying customers and as supply for the marketplace. Its services are also used by marketplace sellers and users of the Hepsiburada platform in Türkiye.
Buy payment, shopping, and personal finance services through the consumer super app.
Use Kaspi Pay for transaction acceptance, merchant services, and business-related fintech tools.
List goods and services on the platform to access Kaspi’s consumer base.
Buy and sell through the Hepsiburada marketplace operating within the group.
Strategy
Kaspi.kz’s strategy is to deepen engagement across its two-sided super app by combining payments, marketplace activity, and fintech products in one ecosystem. The model relies on network effects, so product innovation and cross-selling matter because they increase user frequency, merchant adoption, and platform stickiness. Expansion through Hepsiburada adds a second marketplace asset while broadening the group’s commerce footprint.
More services in one app increase usage, retention, and monetization.
Merchants are central to transaction volume and marketplace supply.
Hepsiburada adds geographic diversification and a broader commerce base.
Geography
Kaspi.kz is centered in Kazakhstan, where its consumer and merchant super apps are built around local payments, commerce, and financial infrastructure. The group also has operations in Türkiye through Hepsiburada, which adds exposure to a second consumer internet market and introduces foreign-exchange and hyperinflation-related accounting considerations.
Risks
Kaspi.kz faces execution risk from running a complex ecosystem that combines payments, lending, marketplace, and merchant services across multiple jurisdictions. Its exposure to Kazakhstan and Türkiye creates currency, regulatory, and inflation-related risks, while the financial-services elements add credit and liquidity sensitivity. Because the model depends on network effects, any slowdown in consumer engagement, merchant adoption, or marketplace competitiveness can weaken platform economics.
- Kazakhstan market concentrationImpact: HighLikelihood: High
Most of the core consumer and merchant platform activity is tied to one country.
Exposure: Core super-app and payments business
- Credit risk on customer lendingImpact: HighLikelihood: Medium
Loans to customers are a large asset category and require ongoing loss estimation.
Exposure: Consumer and merchant finance
- Platform and competitive riskImpact: HighLikelihood: Medium
The super-app model depends on retaining users, merchants, and sellers in one ecosystem.
Exposure - Türkiye currency and inflation exposureImpact: MediumLikelihood: High
The group operates Hepsiburada in Türkiye and translates results into KZT.
Exposure: Foreign exchange and IAS 29 hyperinflation accounting
Accounting
Judgemental itemsPayments and marketplace fees are recognized based on contract terms and service delivery.
Impact: Affects timing of reported revenue and quarter-to-quarter comparability
Loans to customers require judgmental allowance estimates under IFRS 9.
Impact: Affects loan carrying values and impairment expense
Investment securities and derivatives are measured using valuation models and market inputs.
Impact: Can create volatility in assets, liabilities, and profit
Turkish operations are accounted for under hyperinflationary rules.
Impact: Can materially affect reported results and equity translation
The group carries goodwill from acquisitions and must test it for impairment.
Impact: Could create non-cash charges if acquired businesses underperform
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Last updated: 28/09/2026