Today, the Kazakhstan-based technology and finance company Kaspi.kz attracted attention by acquiring 65.4% of the shares of Hepsiburada, which belongs to Hanzade Doğan and her family.
Founded in 2012 by Vyacheslav Kim and Mikhail Lomtadze, Kaspi.kz aims to enhance digitalization and improve user experience. The company is focused on expanding the accessibility of digital services, with priorities including accelerating digital transformation and enhancing user experience, while planning to enter markets outside of Kazakhstan to reach a broader customer base.
Emphasizing customer satisfaction, Kaspi.kz aims to maintain its competitive edge in the industry through continuous innovation. The Super App developed by the company enables users to quickly and easily conduct transactions such as money transfers, loan applications, bill payments, and online shopping. The Kaspi.kz app is actively used by 8.5 million users in Kazakhstan each month.
According to Statista, the number of active consumers on Kaspi.kz’s marketplace platform increased by 15% in the first six months of 2024 compared to the same period the previous year, reaching 7.6 million.
It’s worth noting that when the company went public on the London Stock Exchange in October 2020, it achieved a valuation of $6.5 billion, becoming Kazakhstan’s most valuable publicly traded company. The IPO was the largest international technology IPO in London that year. In 2022, Kaspi garnered attention by generating $2.9 billion in revenue.
Mikhail Lomtadze, one of the company’s founders, is known as a former investor at the Russia-based private equity fund Baring Vostok. After investing in Kaspi in 2006, Lomtadze quickly became the CEO of the company. The other co-founder, Vyacheslav Kim, is one of Kazakhstan’s most recognized business figures and serves as the chairman of Kaspi.kz’s board of directors.
These two leaders play a significant role in Kazakhstan’s fintech sector with their growth strategies and innovative financial services. Kim’s vision and Lomtadze’s experience position Kaspi as a competitive player in both local and international markets.
With Kaspi.kz’s acquisition of Hepsiburada, the company’s strategic goals in the Turkish market are eagerly awaited. The new owners of Hepsiburada aim to create a significant impact in the sector with their digitalization strategies. This development is expected to strengthen the positions of both major players and mark an important turning point for Turkey’s e-commerce market.
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
