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    Kaspi.kz AO (KSPI)

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    Kaspi.kz is a Kazakhstan-based company operating a two-sided Super App business model that integrates services for consumers and merchants. The company provides a wide range of digital services, including payments, e-commerce, and financial solutions, through its consumer and merchant-focused Super Apps. Kaspi.kz's offerings include payment processing, online shopping, travel booking, and financing products, making it a leader in Kazakhstan's digital economy.

    1. Fintech - Provides consumer and merchant financing solutions, including Buy Now, Pay Later (BNPL) products, and generates revenue from interest on loans and banking service fees. Merchant & Micro Finance is a key growth area.
    2. Payments - Processes payments for household needs, online and in-store purchases, debit card transactions, and money transfers. Includes QR-based payments and membership fees for payment services.
    3. Marketplace - Facilitates e-commerce, m-commerce, and e-grocery transactions, with merchants paying seller fees. Includes Kaspi Travel for booking travel and holidays, and recently expanded into car sales and services through Kolesa.kz.
    NamePositionExternal RolesShort Bio

    Mikheil Lomtadze

    ExecutiveBoard

    Chairman of the Management Board (CEO)

    Member of Harvard Business School’s Middle East & North Africa Advisory Board

    Co-founder of KSPI, joined in 2007. Former partner at Baring Vostok Capital Partners. Holds an MBA from Harvard Business School. Named Best CEO in Kazakhstan multiple times (2017–2022).

    View Report →

    Pavel Mironov

    Executive

    Deputy Chairman of the Management Board (COO)

    None

    Founding management team member, joined in 2008. Oversees daily operations. Holds a degree in computer science and completed Harvard Business School GMP program.

    Tengiz Mosidze

    Executive

    Deputy Chairman of the Management Board (CFO)

    None

    Founding management team member, joined in 2008. Former financial manager at Ernst & Young. Holds a master’s degree in finance and is an alumnus of Harvard Business School GMP program.

    Yuri Didenko

    Executive

    Deputy Chairman of the Management Board (Capital Markets)

    Chairman of the Board of Directors at Kolesa

    Founding management team member, joined in 2007. Responsible for capital markets and treasury. Holds a CFA charter and completed Harvard Business School GMP program.

    Alina Prawdzik

    Board

    Director

    None

    Joined KSPI in 2019. Former Business Director at Meta in Poland and Managing Partner at Innogy Innovation Hub. Extensive experience in digital strategy and e-commerce.

    Douglas Gardner

    Board

    Director

    Founder and CEO of CAIGAN Capital

    Joined KSPI in 2019. Extensive experience in advisory and consulting roles. Previously held board and audit committee positions for various organizations.

    Nikolay Zinovyev

    Board

    Director

    None

    Member of the Board of Directors. No additional details about achievements or external roles are provided in the documents.

    Szymon Gutkowski

    Board

    Director

    Managing Partner at DDB Poland; Board Member of the Stefan Batory Foundation; Member of the Client Advisory Board of Meta in Poland

    Joined KSPI in 2019. Extensive experience in marketing and strategy. Former President of the Polish Marketing Communication Association.

    Vyacheslav Kim

    Board

    Chairman of the Board of Directors

    Member of the Board of Directors of Magnum; Member of the Board of Governors of the Physics and Mathematics School

    Co-founder of KSPI. Extensive experience in retail. Plays a key role in strategic direction.

    1. Considering that the Hepsiburada acquisition is an all-cash deal, wouldn't it have been more strategic to keep the existing owners involved to leverage their local market expertise as you enter a new and highly competitive market like Turkey?

    2. Given the acquisition of Hepsiburada and the potential capital requirements for growth in Turkey, how will this impact your dividend payout ratio in the medium term, and should shareholders expect a reduction in dividends to fund this transaction?

    3. With strong competitors already established in the Turkish e-commerce market, how do you plan to differentiate Hepsiburada and improve its profitability to match Kaspi's levels, and can you provide specific strategies you will implement to achieve this in such a competitive environment?

    4. In light of the allegations around former shareholders, what reassurances can you provide regarding Kaspi's KYC processes and compliance measures to ensure full adherence to local and international regulations and mitigate any reputational risks?

    5. As you expand into new markets like Turkey and potentially Uzbekistan, how do you plan to allocate management time and resources without detracting from your core operations in Kazakhstan, and what measures are in place to maintain growth and focus across all markets?

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    D-Market Electronic Services & Trading (Hepsiburada)

    2025

    Completed on January 29, 2025, Kaspi.kz acquired 40,000,000 Class A shares and 173,246,220 Class B shares for approximately $1,127 million ($600 million in cash and $526.9 million deferred), resulting in a controlling 65.41% stake; the acquisition is aimed at leveraging combined technological and market strengths to drive sustainable growth in Turkey and Kazakhstan.

    Magnum E-commerce Kazakhstan

    2023

    Completed in February 2023, Kaspi.kz acquired a 90.01% share in Magnum E-commerce Kazakhstan for an investment of ₸70 billion, with Magnum retaining a 9.99% stake; this deal strengthens Kaspi.kz’s position in the local e-commerce market through the acquisition of established market presence and operational capabilities.

    Kolesa JSC

    2023

    Completed on October 12, 2023, Kaspi Shop LLC (a subsidiary of Kaspi.kz) acquired 39.758% of Kolesa JSC for USD 88.5 million, and following an additional 11% share transfer in trust from Mikheil Lomtadze, gained approximately 51% of the voting rights to secure control and prepare for consolidation under IFRS 10; this strategic move supports integration and enhanced market presence.

    Recent developments and announcements about KSPI.

    Earnings

    • New Earnings (Q4 2024)

      ·
      Feb 24, 2025, 4:12 PM

      In Q4 2024, Kaspi posted strong volume growth in payments & marketplace, driven by new BNPL products and a resilient Kazakh market. However, 2025 profit growth guidance drops from 25% to 20%, reflecting rising rates and possible regulatory headwinds.

      View full earnings summary →

    Press Releases

    • Press Release

      ·
      Feb 12, 2025, 1:49 AM

      Investors in Joint Stock Company Kaspi.kz have until Feb. 18, 2025 to request lead plaintiff status in a class action alleging undisclosed risks from Russian business ties and related party transactions. No cost to participate.

      View full press release →