Kaspi.kz AO
NASDAQ:KSPI
Kaspi.kz AO
Kaspi.kz AO has masterfully positioned itself at the heart of Kazakhstan's fintech renaissance, emerging as a powerhouse in the realm of digital finance and e-commerce. Founded initially as a traditional bank, Kaspi has transformed into a multifaceted technology platform that seamlessly integrates financial services, marketplace offerings, and payment systems under one digital roof. The company cleverly taps into the needs of a burgeoning digital economy, providing consumers with a comprehensive suite of services that includes lending, payments, and online shopping – all accessible through its centralized super app. This approach not only addresses the daily financial needs of consumers with an unmatched ease of access but also creates a well-rounded ecosystem that links spending, saving, and shopping in a frictionless loop.
The engine behind Kaspi.kz's thriving business lies in its ability to generate revenue through a blend of transaction fees, commission from marketplace sales, and interest income from financial products. Kaspi Pay, their digital wallet and payment system, collects transaction fees whenever users make payments or transfers, while their marketplace capitalizes on the increased trend toward online shopping by earning commissions on the platform's sales. Furthermore, the financial services arm of the company, including lending operations, generates interest and fees from credit products offered to both retail and business customers, ensuring a steady stream of income. This synergistic business model, underpinned by robust technology and an acute understanding of consumer behavior, allows Kaspi.kz to harness the vast potential of Kazakhstan's digital transformation while setting the stage for regional expansion.
Kaspi.kz AO has masterfully positioned itself at the heart of Kazakhstan's fintech renaissance, emerging as a powerhouse in the realm of digital finance and e-commerce. Founded initially as a traditional bank, Kaspi has transformed into a multifaceted technology platform that seamlessly integrates financial services, marketplace offerings, and payment systems under one digital roof. The company cleverly taps into the needs of a burgeoning digital economy, providing consumers with a comprehensive suite of services that includes lending, payments, and online shopping – all accessible through its centralized super app. This approach not only addresses the daily financial needs of consumers with an unmatched ease of access but also creates a well-rounded ecosystem that links spending, saving, and shopping in a frictionless loop.
The engine behind Kaspi.kz's thriving business lies in its ability to generate revenue through a blend of transaction fees, commission from marketplace sales, and interest income from financial products. Kaspi Pay, their digital wallet and payment system, collects transaction fees whenever users make payments or transfers, while their marketplace capitalizes on the increased trend toward online shopping by earning commissions on the platform's sales. Furthermore, the financial services arm of the company, including lending operations, generates interest and fees from credit products offered to both retail and business customers, ensuring a steady stream of income. This synergistic business model, underpinned by robust technology and an acute understanding of consumer behavior, allows Kaspi.kz to harness the vast potential of Kazakhstan's digital transformation while setting the stage for regional expansion.
Dividend: Board proposes a dividend of KZT 850 per ADS and management said this level is sustainable going forward.
Core performance: Kazakhstan underlying net income grew ~18% for FY2025 (10% including external headwinds); Q4 underlying net income +13%.
Marketplace momentum: Marketplace GMV grew 12% in Q4 and 19% for FY2025, but smartphone sales were a notable headwind (smartphone GMV down ~24% in Q4; returned to growth in January).
e‑Commerce dynamics: e‑Commerce purchases surged (purchases up 70% in Q4 and 83% for FY2025) and take rate reached all‑time highs (13.1% in Q4, 12.7% FY2025) driven by advertising and delivery.
Hepsiburada (Turkiye): Orders growth accelerated (Q4 +19%); management is targeting EBITDA breakeven while continuing targeted investment to grow engaged consumers.
Fintech stability: Fintech yield stayed flat at 24% and cost of risk at 2.2%; loan portfolio and deposits grew strongly (loans +27% Q4, +31% FY; deposits +16% Q4, +18% FY).
New payments innovation: Pay‑by‑palm (Kaspi Alaqan) adoption strong: ~0.5 million customers in Almaty, ~6,000 merchants, ~10% of transactions in connected stores, launched within ~90 days.
2026 guidance: Group-level marketplace/GMV guidance ~20% (now consolidating Kazakhstan + Turkiye); adjusted EBITDA guidance ~5% for 2026 (guidance assumes no interest‑rate cuts).
