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Price · 6M
$80.17
Thesis
Kaspi.kz is the dominant consumer financial and commerce ecosystem in Kazakhstan — a single super-app spanning payments, a marketplace, and a fintech lending franchise used by the large majority of the adult population. It is one of the most profitable fintech businesses in any emerging market, with very high returns on equity and deep daily engagement.
The investment case is the EM super-app archetype: payments generate the engagement and data, the marketplace monetizes commerce flow, and fintech monetizes credit — each leg reinforcing the others. The principal risk is concentration and geopolitics: a single-country franchise in a market bordering Russia, with the associated currency, governance, and sanctions-adjacent considerations. Its 2025 expansion into Türkiye (Hepsiburada) extends the model beyond home.
Catalysts
- Kazakhstan engagement depth and transactions per user
- Türkiye / Hepsiburada integration and international expansion
- Fintech credit performance through the cycle
- Regulatory and geopolitical developments in the region