Joint Stock Company Kaspi.kz operates a highly integrated Super App ecosystem, connecting consumers and merchants through three primary segments: Fintech, Payments, and Marketplace. The Fintech platform is the largest revenue contributor (accounting for approximately 52.5% of segment revenue in 2023) and provides consumer loans, buy-now-pay-later (BNPL) financing, SME lending, and deposit products. The Payments platform (generating ~24.5% of revenue) processes digital transactions, B2B payments, and bill payments, capturing a vast majority of Kazakhstan's non-cash retail transactions. The Marketplace segment (~23% of revenue) operates the country's dominant e-commerce platform, encompassing 1P and 3P retail, e-grocery, travel bookings, and classifieds. While historically focused on Kazakhstan, Kaspi.kz has expanded its geographic footprint into Azerbaijan and Ukraine, and in 2024/2025, it acquired a controlling stake in Hepsiburada, a leading Turkish e-commerce marketplace. The company's highly profitable business model leverages powerful network effects, driving high user engagement and cross-selling across its interconnected services to maintain a dominant competitive position in Central Asia.
