# Joint Stock Co Kaspi.kz > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/Joint Stock Co Kaspi.kz). ## Overview 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. ## Products & services • Consumer Super App for payments, shopping, and finance • Kaspi Pay Super App for merchants and entrepreneurs • Marketplace services for goods and services • Payments and merchant transaction processing • Consumer and merchant fintech solutions • Hepsiburada marketplace in Türkiye - **Payments** (35%) — Consumer and merchant payment processing, transaction fees, and membership-linked payment services. - **Marketplace** (30%) — Digital marketplace services connecting consumers with merchants and sellers. - **Fintech and Lending** (25%) — Consumer and merchant financial products, including lending and related fintech services. - **Other Platform Services** (10%) — Ancillary platform income, including services tied to the super app ecosystem and operations in Türkiye. - Consumer Super App for payments, shopping, and finance - Kaspi Pay Super App for merchants and entrepreneurs - Marketplace services for goods and services - Payments and merchant transaction processing - Consumer and merchant fintech solutions - Hepsiburada marketplace 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. - **Consumers in Kazakhstan** (primary) — Buy payment, shopping, and personal finance services through the consumer super app. - **Merchants and entrepreneurs** (primary) — Use Kaspi Pay for transaction acceptance, merchant services, and business-related fintech tools. - **Marketplace sellers** (secondary) — List goods and services on the platform to access Kaspi’s consumer base. - **Türkiye marketplace users** (secondary) — Buy and sell through the Hepsiburada marketplace operating within the group. - Consumers using the app for everyday payments and shopping - Merchants seeking payment acceptance and business tools - Entrepreneurs using Kaspi Pay for commerce workflows - Marketplace sellers who need customer reach and fulfillment - Türkiye marketplace users through Hepsiburada ## 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. - **Kazakhstan** (85%) — Core market for consumer and merchant super apps - **Türkiye** (15%) — Marketplace operations through Hepsiburada - Kazakhstan is the core operating market for both super apps - Türkiye adds marketplace exposure through Hepsiburada - Local payment rails and banking relationships are critical in Kazakhstan - Foreign exchange movements affect reported cash and earnings - Turkish operations create added currency and inflation complexity ## 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. - **Deepen the super-app ecosystem** (medium-term) — More services in one app increase usage, retention, and monetization. - **Grow merchant adoption** (medium-term) — Merchants are central to transaction volume and marketplace supply. - **Scale Türkiye marketplace operations** (medium-term) — Hepsiburada adds geographic diversification and a broader commerce base. - Strengthen network effects across consumers, merchants, and sellers - Use product innovation to increase app engagement and frequency - Cross-sell payments, marketplace, and fintech services - Develop merchant tools that keep businesses within the ecosystem - Integrate and scale Hepsiburada within the broader platform ## 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 concentration** [high] — Most of the core consumer and merchant platform activity is tied to one country. - **Türkiye currency and inflation exposure** [medium] — The group operates Hepsiburada in Türkiye and translates results into KZT. - **Credit risk on customer lending** [high] — Loans to customers are a large asset category and require ongoing loss estimation. - **Platform and competitive risk** [high] — The super-app model depends on retaining users, merchants, and sellers in one ecosystem. - Kazakhstan concentration creates country-specific regulatory exposure - Türkiye operations add FX and hyperinflation accounting risk - Credit risk exists in consumer lending and related fintech products - Platform competition can reduce user and merchant engagement - Complex balance sheet items make fair-value estimates sensitive ## Accounting Kaspi.kz’s reported numbers are shaped by revenue recognition under IFRS 15 for fees and commissions, and by fair-value and expected-credit-loss estimates in its financial assets and loan book. The group also presents significant balance-sheet items such as loans to customers, investment securities, derivatives, and customer accounts, so valuation and impairment judgments can affect both profit and equity. Its Turkish subsidiaries are subject to IAS 29 hyperinflation accounting, which can materially affect comparability across periods. - **IFRS 15 fee revenue** — Affects timing of reported revenue and quarter-to-quarter comparability - **Expected credit losses** — Affects loan carrying values and impairment expense - **Fair value measurement** — Can create volatility in assets, liabilities, and profit - **IAS 29 hyperinflation** — Can materially affect reported results and equity translation - **Goodwill impairment** — Could create non-cash charges if acquired businesses underperform - IFRS 15 governs fee and commission revenue timing - Loan-loss estimates affect the carrying value of customer lending - Fair-value changes affect securities and derivative balances - IAS 29 applies to Turkish subsidiaries and impacts comparability - Goodwill from acquisitions may require impairment testing --- *Last updated: 2026-09-28T12:04:11.341995+00:00*