Kaspi.kz
A Kazakhstan-based fintech platform combining digital payments, consumer finance, marketplace commerce, banking, travel, and merchant services in a super-app ecosystem.
Last updated August 31, 2026
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Overview
Kaspi.kz is a Kazakhstan-based fintech company whose principal businesses include Kaspi Bank, Kaspi Pay, Kaspi Shop, and Kaspi Travel. The company operates a consumer and merchant ecosystem centered on its mobile application, which brings together payments, peer-to-peer transfers, digital banking, consumer credit, online shopping, travel services, and government-related transactions. Its model is built around frequent everyday use: customers can pay bills and merchants, transfer money, purchase goods, apply for installment financing, manage cards, and access selected public services from a common digital interface. The company’s roots trace to the privatization and later transformation of Caspian Bank. Vyacheslav Kim acquired the bank in 2002, Baring Vostok became an investor in 2006, and Mikheil Lomtadze joined the management team in 2007. Together, Kim and Lomtadze redirected the business toward technology-enabled financial services. On 15 November 2008, Caspian Bank was rebranded Kaspi Bank. Kaspi.kz was subsequently organized as the broader technology and ecosystem brand, and the joint-stock company adopted the Kaspi.kz name in April 2018. Kaspi’s payments business expanded through mobile transactions, QR payments, and instant transfers between consumers and merchants. In 2019, the company introduced an end-to-end payment network that supported person-to-person and merchant payments through its application. Its marketplace developed into another major traffic and monetization engine, linking customers with merchants and combining product discovery, checkout, delivery-related services, and installment or credit options. The company also expanded into travel ticketing by acquiring Santufei in 2020 and into adjacent digital services through acquisitions in Azerbaijan and Ukraine. The platform’s domestic reach has also been reinforced through cooperation with Kazakhstani public institutions. Services introduced through the application have included vehicle re-registration and inspection, driver’s-license reissuance, residence registration, and a cash-register service for entrepreneurs. These integrations broaden Kaspi’s role from a financial application into a general-purpose national digital platform. Kaspi became a publicly traded company through a 2020 listing and later pursued a further Nasdaq offering in 2024. Its public-market identity is represented by the ticker KSPI. The company remains primarily associated with Kazakhstan, although its acquisitions have given it exposure to digital classifieds and payments in other markets. Its strategic positioning is that of a vertically integrated super-app: payments generate engagement, financial products support monetization, and commerce and public-service functions increase the frequency and breadth of customer interactions.
History
Kaspi.kz developed from the transformation of Caspian Bank into a technology-led financial-services group. Vyacheslav Kim acquired the privatized bank in 2002. Baring Vostok invested in 2006, and Mikheil Lomtadze joined the management team in 2007. Their strategy shifted the organization away from a conventional banking model and toward a digitally distributed ecosystem combining payments, banking, lending, and commerce. On 15 November 2008, Caspian Bank was renamed Kaspi Bank. The broader Kaspi structure later obtained authorization to become an indirect bank holding company of Kaspi Bank in 2015. On 2 April 2018, the joint-stock company adopted the Kaspi.kz name, reflecting the importance of its technology platform and the expansion beyond traditional banking. Payments became a central growth engine. In 2019, Kaspi.kz launched an integrated payment network supporting instant peer-to-peer transfers and merchant payments through its mobile application and QR technology. The business also expanded its commerce capabilities. Kaspi Shop became a major Kazakhstani online marketplace, while installment and consumer-finance features connected shopping with the company’s banking operations. In August 2020, Kaspi.kz acquired online ticketing company Santufei, supporting the development of Kaspi Travel. The group pursued regional diversification through digital-platform acquisitions. In September 2019, it entered Azerbaijan through the acquisition of Turbo.az, Bina.az, and Tap.az, services covering vehicle listings, real estate, and general goods and services. In July 2021, it entered Ukraine through the acquisition of the Portmone Group payment system. It also signed an agreement later that year to purchase BTA Bank Ukraine, although the transaction value was not disclosed in the cited material. Kaspi.kz increasingly integrated public services into its application. In cooperation with Kazakhstan’s Ministry of Internal Affairs, it introduced digital vehicle re-registration and inspection services in 2021. Driver’s-license reissuance followed later. In 2023, Kaspi.kz worked with the Ministry of Finance and the State Revenue Committee to launch Kaspi Kassa, a service allowing entrepreneurs to obtain a combined cash-register and point-of-sale device. Residence registration and deregistration were also added with support from relevant state agencies. The company became publicly traded in October 2020. It later applied for a Nasdaq American depositary share listing in October 2023 and completed a further share sale in January 2024. These transactions increased Kaspi.kz’s visibility among international investors while preserving its primary identity as Kazakhstan’s leading consumer fintech and super-app platform. Its current ecosystem links financial services, marketplace activity, merchant acceptance, travel, and public-service access through a common digital environment.
- 2024
Further Nasdaq share sale
[1]Kaspi.kz completed a further share sale on Nasdaq after applying for the listing in 2023.
- 2023
Kaspi Kassa launches
[1]Kaspi introduced a combined cash-register and POS service for entrepreneurs in cooperation with government agencies.
- 2021
Ukraine entry and digital government services
[1]The company acquired Portmone in Ukraine and added vehicle-related public services in Kazakhstan.
- 2020
Public listing and travel expansion
[1]Kaspi acquired Santufei for its travel business and completed its first major public offering.
- 2019
Payments network and Azerbaijan expansion
[1]Kaspi introduced its integrated payments network and acquired several Azerbaijani online-services platforms.
- 2018
Corporate name changes to Kaspi.kz
[1]The joint-stock company adopted the Kaspi.kz name.
- 2015
Bank-holding authorization
[1]Kaspi received authorization to become an indirect bank holding company of Kaspi Bank.
- 2008
Caspian Bank becomes Kaspi Bank
[1]The bank was officially rebranded as Kaspi Bank on 15 November.
- 2007
Mikheil Lomtadze joins the transformation
[1]Mikheil Lomtadze joined the management team and worked with Kim to redirect the bank toward fintech.
- 2002
Caspian Bank is acquired
[1]Vyacheslav Kim acquired the privatized Caspian Bank, the institutional predecessor of Kaspi Bank.
Products and positioning
A Kazakhstan-centered super-app and fintech ecosystem that integrates daily payments, banking, consumer finance, commerce, merchant tools, travel, and selected public services.
Digital platform
Kaspi.kz Super App
The central consumer interface for Kaspi’s ecosystem. It combines payments, transfers, banking, lending, shopping, travel, and selected public services in one mobile experience. Its strategic value comes from cross-service usage: frequent payment activity can bring customers into the application, while commerce and financial products deepen engagement and create additional transaction opportunities.
Merchant payments · 2019
Kaspi Pay
Kaspi Pay provides merchants with tools to accept digital payments and participate in the Kaspi ecosystem. It is associated with the company’s QR-based and mobile payment infrastructure, enabling businesses to receive customer payments while connecting them with Kaspi’s consumer application and marketplace environment.
Online marketplace
Kaspi Shop
Kaspi Shop is the marketplace component of the ecosystem. It connects consumers and merchants through online product discovery and purchasing, with payment and consumer-finance functionality integrated into the broader platform. The marketplace has been a significant part of Kaspi’s expansion beyond conventional banking.
Digital banking · 2008
Kaspi Bank
Kaspi Bank is the banking business descended from Caspian Bank. Within the Kaspi ecosystem it supports cards, banking services, payments, and consumer-finance products. The bank’s transformation into a digitally integrated institution is central to Kaspi.kz’s super-app model.
Travel services · 2020
Kaspi Travel
Kaspi Travel provides digital travel-ticketing services within the Kaspi platform. It grew in part from the 2020 acquisition of online ticketing company Santufei and illustrates the company’s strategy of adding high-frequency consumer services to its financial ecosystem.
Merchant technology · 2023
Kaspi Kassa
Kaspi Kassa is a cash-register and point-of-sale service for entrepreneurs. Introduced in 2023 with government cooperation, it was designed to provide a single device for cash-register and payment-terminal functions, extending Kaspi’s merchant infrastructure beyond payment acceptance alone.
Brand decisions
2023
Add merchant cash-register infrastructureStrategyBackground
Kaspi was extending its merchant ecosystem and working with public authorities on digital business services.
Action taken
Kaspi, Kazakhstan’s Ministry of Finance, and the State Revenue Committee launched Kaspi Kassa.
Aftermath
Entrepreneurs gained access to a combined cash-register and POS device through the Kaspi ecosystem.
2021
Acquire Portmone and pursue Ukrainian expansionM&ABackground
Kaspi sought regional growth in digital payments after establishing a strong domestic platform.
Action taken
Kaspi acquired the Portmone Group payment system and signed an agreement concerning BTA Bank Ukraine.
Aftermath
The moves expanded Kaspi’s exposure to the Ukrainian payments market, although the cited material does not disclose the transaction values.
2020
Acquire SantufeiM&ABackground
Kaspi was expanding its super-app beyond banking and payments into adjacent consumer services.
Action taken
Kaspi acquired online ticketing company Santufei for the Kaspi Travel business.
Aftermath
Travel became another service available within the Kaspi ecosystem.
2019
Build an integrated mobile and QR payments networkProduct launchBackground
Kaspi sought to make its application a routine payment channel for both consumers and merchants.
Action taken
The company launched infrastructure for instant peer-to-peer transfers and merchant payments using the application and QR technology.
Aftermath
Payments became a foundational layer of Kaspi’s broader consumer and merchant ecosystem.
2008
Rebrand Caspian Bank as Kaspi BankStrategyBackground
The company was repositioning its banking business for a broader technology and consumer-services strategy.
Action taken
Caspian Bank was renamed Kaspi Bank on 15 November 2008.
Aftermath
The rebrand established the Kaspi identity that later expanded into payments, commerce, travel, and the super-app model.
Recent events
Smart Engines software rolls out in Kaspi’s app[3]
Smart Engines rolled out its AI-driven software in Kaspi’s mobile app to support automatic credit-card scanning. The companies’ partnership enabled card scanning in the app without manually entering card details.
Sources3 sources
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