Joint Stock Co. Kaspi.kz KSPI

What this company does

It serves around 27.5 million users, 11.8 million of them in Türkiye. As of December 31, 2025 the Kaspi.kz Super App in Kazakhstan had approximately 15.7 million Average MAU and the Kaspi Pay Super App approximately 764,000 Active Merchants. Its offerings comprise marketplace, payments and fintech solutions for both consumers and merchants. On the Payments Platform consumers pay for shopping transactions, pay household bills and make peer-to-peer payments, while merchants accept payments online and in store, issue and settle invoices, pay suppliers and monitor their turnover. The Marketplace Platform connects online and offline merchants with consumers, who buy products and services from them through the Super Apps. The Fintech Platform provides consumers and merchants with buy-now-pay-later, finance and deposit products. The group holds a controlling stake in Hepsiburada, an e-commerce platform in Türkiye, acquired during 2025.

Written from the business description in Joint Stock Co Kaspi.kz's annual report to the U.S. Securities and Exchange Commission, filed 16 March 2026. Every sentence was checked against that document before publication.