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KSPI on Nasdaq

Kaspi.kz Joint Stock Company

Logo: Alibaliev, CC BY-SA 4.0, via Wikimedia Commons4

Kazakh technology company

Kaspi.kz is a Kazakhstani unicorn company comprising Kaspi Shop LLP, Kaspi Bank JSC, Kaspi Pay LLP and Kaspi Travel LLP. In 2020, it became one of the fastest-growing financial IT organizations in Europe and Eurasia.3 It was founded by Vyacheslav Kim.1 It employed 3,621 people in 2006.1 Its shares trade on Nasdaq under the symbol KSPI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

4.0TRevenue, fiscal 20255
1.1TNet income, fiscal 20255
Jan 1, 1991Founded1

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  • TickerKSPI on Nasdaq1
  • Industryfintech1
  • HeadquartersAlmaty1
  • Websitekaspi.kz
  • Legal formjoint-stock company1
  • Listed onAstana International Exchange (KSPI), Nasdaq (KSPI)1
  • Incorporated inKazakhstan6
  • Business address154A Nauryzbai Batyr Street, Almaty, 1P 0500136
  • Filer categoryLarge accelerated filer6

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Kaspi Postomat, Astana (P1190696)
Photo: Matti Blume, CC BY-SA 4.0, via Wikimedia Commons8

Kaspi.kz is a Kazakhstani unicorn company comprising Kaspi Shop LLP, Kaspi Bank JSC, Kaspi Pay LLP and Kaspi Travel LLP.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in KZT, the currency the company reports in.

Key numbers, fiscal 2025

26.4%Net margin5
59.8%Revenue growth, 20255
41.0%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Marketplace brought in 47% of the revenue Kaspi.kz Joint Stock Company broke down this way in fiscal 2025.

  1. Marketplace1.9T KZT547%up 164% from 2024
  2. Fintech1.5T KZT537%up 20% from 2024
  3. Payments658.7B KZT516%up 12% from 2024
Business segments by year
Business segments202320242025
Marketplace448.2B KZT732.9B KZT1.9T KZT
Fintech1.0T KZT1.3T KZT1.5T KZT
Payments478.7B KZT587.1B KZT658.7B KZT

Regions

Kazakhstan And Other brought in 75% of the revenue Kaspi.kz Joint Stock Company broke down this way in fiscal 2025.

  1. Kazakhstan And Other3.1T KZT575%up 19% from 2024
  2. Turkiye1.0T KZT525%
Regions by year
Regions202320242025
Kazakhstan And Other2.0T KZT2.6T KZT3.1T KZT
Turkiye0 KZT0 KZT1.0T KZT

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue29¢1.2T KZT
  • Research and development5¢208.6B KZT
  • Other costs12¢500.6B KZT
  • Interest20¢825.8B KZT
  • Income tax7¢264.2B KZT
  • Profit26¢1.1T KZT

Out of 4.0T KZT in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks3¢21.9B KZT
  • Kept or used elsewhere97¢651.7B KZT

Out of 673.6B KZT of cash from operations.5

Financial statements

Revenue91054.0T KZT in 2025+357% since 2021
02.0T KZT4.0T KZT6.0T KZT2021: 884.8B KZT884.8B KZT20212022: 1.3T KZT1.3T KZT2022+44%2023: 1.9T KZT1.9T KZT2023+51%2024: 2.5T KZT2.5T KZT2024+32%2025: 4.0T KZT4.0T KZT2025+60%
Net income91051.1T KZT in 2025+145% since 2021
0500.0B KZT1.0T KZT1.5T KZT2021: 435.2B KZT435.2B KZT20212022: 588.8B KZT588.8B KZT2022+35%2023: 848.8B KZT848.8B KZT2023+44%2024: 1.1T KZT1.1T KZT2024+25%2025: 1.1T KZT1.1T KZT2025+1%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
REVENUE4.0T KZT2.5T KZT1.9T KZT
Net fee revenue1.6T KZT1.3T KZT988.0B KZT
Interest revenue1.6T KZT1.1T KZT833.5B KZT
Retail revenue850.1B KZT163.1B KZT68.8B KZT
Other gains/(losses)18.2B KZT11.2B KZT23.2B KZT
COSTS AND OPERATING EXPENSES-2.7T KZT-1.2T KZT-891.5B KZT
Interest expenses and fees-908.7B KZT-616.1B KZT-478.0B KZT
Transaction expenses-31.6B KZT-29.5B KZT-27.5B KZT
Cost of goods and services-1.2T KZT-303.9B KZT-166.4B KZT
Technology & product development-208.6B KZT-109.6B KZT-88.7B KZT
Sales & marketing-146.2B KZT-44.0B KZT-21.9B KZT
General & administrative expenses-78.3B KZT-32.9B KZT-29.5B KZT
Provision expenses-161.7B KZT-114.0B KZT-79.6B KZT
NET INCOME BEFORE TAX1.3T KZT1.3T KZT1.0T KZT
Income tax-264.2B KZT-225.5B KZT-173.2B KZT
NET INCOME1.1T KZT1.1T KZT848.8B KZT
Shareholders of the Company1.1T KZT1.0T KZT841.4B KZT
Non-controlling interest-5.5B KZT17.1B KZT7.4B KZT
Basic (KZT)5,631.00 KZT5,477.00 KZT4,431.00 KZT
Diluted (KZT)5,592.00 KZT5,431.00 KZT4,381.00 KZT

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Corporate structure

Kaspi.kz Joint Stock Company sits at the top of its group. 4 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Kaspi.kz Joint Stock Company

  • Vyacheslav Kim Filed SCHEDULE 13G/A on Kaspi.kz Joint Stock Company, latest Aug 14, 2026 (3 filings since Nov 14, 2024)
  • Asia Equity Partners Ltd Filed SCHEDULE 13G/A on Kaspi.kz Joint Stock Company, latest Aug 13, 2026 (4 filings since Nov 14, 2024)
  • European Investors Ltd Filed SCHEDULE 13G on Kaspi.kz Joint Stock Company, latest Apr 24, 2025
  • Mikheil Lomtadze Filed SC 13G on Kaspi.kz Joint Stock Company, latest Nov 14, 2024
  • Fintech Partners Ltd Filed SC 13G on Kaspi.kz Joint Stock Company, latest Nov 6, 2024

Built from subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What Kaspi.kz Joint Stock Company reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net14.1B KZT5 Dec 31, 202514.6B KZT5 Dec 31, 2024−3.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents903.1B KZT5 Dec 31, 2025619.5B KZT5 Dec 31, 2024+45.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill447.1B KZT5 Dec 31, 202517.4B KZT5 Dec 31, 2024+2464.1%

Inventory

ItemLatestA year beforeChange
Inventory, total124.5B KZT5 Dec 31, 202516.2B KZT5 Dec 31, 2024+670.4%

The story

Founded by Vyacheslav Kim on Jan 1, 1991.1

After purchasing the privatized Caspian Bank in 2002, Vyacheslav Kim founded Kaspi. In 2006, Baring Vostok acquired a stake in the company. In 2007, Mikheil Lomtadze joined the management team and, together with Kim, transformed Kaspi into a Kazakhstani fintech company.

On 15 November 2008, JSC Caspian Bank was rebranded into JSC Kaspi Bank.

On September 16, 2015, per Resolution of the Board of the National Bank of the Republic of Kazakhstan No.166 dated 16 September 2015, Kaspi joint-stock company was granted authorization to acquire the status of (indirect) bank holding company of Kaspi Bank joint-stock company.

On 2 April 2018, Kaspi joint-stock company was renamed as Kaspi.kz joint-stock company.

On 17 September 2019, Kaspi.kz entered the Azerbaijani market after acquiring a number of online services: Turbo.az for placing private car sale and purchase ads, Bina.az for real estate ads, and Tap.az for goods and services.

In July 2021, Kaspi.kz entered the Ukrainian market after acquiring the Portmone Group payment system. In October, Kaspi signed an agreement on the purchase of BTA Bank Ukraine (a subsidiary of Kazakhstan's BTA Bank Kazakhstan). The transaction amounts were not disclosed.

From Wikipedia’s article on Kaspi.kz, shared under CC BY-SA 4.0.7

Leadership

Who has led Kaspi.kz Joint Stock Company, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mikheil Lomtadze2026–now

Chair

  1. Mikheil Lomtadze2026–now
  2. Pavel Mironov2026–now
  3. Tengiz Mosidze2026–now
  4. Yuri Didenko2026–now

Chief financial officer

  1. Tengiz Mosidze2026–now

Chief operating officer

  1. Pavel Mironov2026–now
1995200020052010201520202025
Board members and other officers (5)

Products and brands

Marketplace

From 2018 to 2022, Kaspi.kz ranked first among Kazakhstani e-commerce platforms in the TOP KZ Retail E-Commerce ranking in terms of online sales revenue, capturing 70% of the online retail market.

On 28 August 2020, the company acquired the online ticketing company Santufei (Kaspi Travel).

Cooperation with the state

In 2021, in cooperation with the Ministry of Internal Affairs, the company launched a service for car re-registration and inspection via the Kaspi.kz mobile app; a year and a half later, the option to get a driver's license reissued online was added.

In 2023, Kaspi.kz, the Ministry of Finance, and the State Revenue Committee launched the Kaspi Kassa service, which allowed entrepreneurs to obtain a single cash register/POS terminal device free of charge. With assistance from the Migration Service Committee of the Ministry of Internal Affairs, the Ministry of Justice, and RSP IPC, the option of registering and deregistering residence was also introduced.

From Wikipedia’s article on Kaspi.kz, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

  • Kaspi Bank

From Wikidata.1

Employees over time

  • 20063,6211

Timeline

  1. Mar 18, 2026New chief executive Mikheil Lomtadze becomes CEO11
  2. Jan 19, 2024Went public Listed on NASDAQ1
  3. Jan 1, 1991Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $2.72 a share, on Nov 10, 2025.20

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

168 filings to the SEC since October 2021: 3 annual reports, 70 insider forms, 10 large holders, 85 other. The latest 20:

  1. Oct 13, 20264 EDGAR
  2. Oct 8, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Sep 30, 20264 EDGAR
  5. Sep 25, 20264 EDGAR
  6. Sep 22, 20264 EDGAR
  7. Sep 17, 20264 EDGAR
  8. Sep 14, 20264 EDGAR
  9. Sep 10, 20266-K EDGAR
  10. Sep 9, 20264 EDGAR
  11. Sep 3, 20264 EDGAR
  12. Aug 31, 2026144 EDGAR
  13. Aug 31, 20264 EDGAR
  14. Aug 26, 20264 EDGAR
  15. Aug 21, 20264 EDGAR
  16. Aug 19, 20264 EDGAR
  17. Aug 18, 2026144 EDGAR
  18. Aug 18, 20264 EDGAR
  19. Aug 17, 2026144 EDGAR
  20. Aug 17, 2026144 EDGAR

The 168 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Kaspi.kz Joint Stock Company has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Baring Fintech Manager Holding Ltd16,737,053$1.5B100.0%−1,314,798
Brehaut David Pascal12,257,305$1.1B100.0%No change
Baring Fintech Fund III Managers Ltd7,106,927$615.7M100.0%−4,955,070
Baillie Gifford & Co5,779,168$500.7M0.5%+655,961
FIL Ltd3,635,858$315.0M0.2%+309,616
Pzena Investment Management LLC3,071,888$266.1M0.8%+399,501
Spice Expeditions, LP2,584,454$223.9M100.0%New
Schroder Investment Management Group2,319,420$201.0M0.1%+753,135
Fmr LLC1,983,010$171.8M0.0%+371,088
Sands Capital Management, LLC1,531,017$132.6M0.5%−55,317
Samlyn Capital, LLC1,498,332$129.8M2.2%+431,337
Capital World Investors1,143,698$99.1M0.0%+115,124
Ameriprise Financial Inc1,116,967$96.8M0.0%+1,031
BlackRock, Inc.1,085,784$94.1M0.0%+46,210
VR Advisory Services Ltd1,049,999$91.0M8.1%−27,370
North of South Capital LLP987,390$85.5M6.3%+417,709
Brandes Investment Partners, LP833,669$72.2M0.5%+89,570
Coronation Fund Managers Ltd.814,783$70.6M2.7%−50,967
Wellington Management Group Llp759,803$65.8M0.0%+113,975
Polar Capital Holdings Plc673,258$58.3M0.2%+4,919
Greenvale Capital LLP665,590$57.7M6.3%+15,590
Wcm Investment Management, LLC656,410$57.4M0.1%+84,998
Ranmore Fund Management Ltd620,000$53.7M5.9%No change
Southpoint Capital Advisors LP600,000$52.0M1.2%−400,000
Kingsway Capital Partners Ltd596,134$51.6M7.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Kaspi.kz Joint Stock Company is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARJoint Stock Co Kaspi.kz2
  • CIK0001985487
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company27
  • Incorporated inKazakhstan27
  • Fiscal year endsDecember 312
  • Industry code (SIC)7389 Services-Business Services, NEC2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address154A Nauryzbai Batyr Street, Almaty, 1P 0500132
  • Phone7 727 33067102
  • Shares outstanding190,227,932 shares as of Dec 31, 202527
  • AuditorDeloitte LLP, Almaty, Kazakhstan PCAOB ID 1056; it also attests to the company’s internal control over financial reporting27
  • On EDGAR sinceSep 11, 20232
  • Filings179 in all: 4 (61), 6-K (41), 144 (22), SCHEDULE 13D/A (10), 3 (9), SCHEDULE 13G/A (5), DRSLTR (4), SC 13G (4)2
    All 23 form types

    UPLOAD (4), 20-F (3), DRS/A (3), CORRESP (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), F-1 (1), F-1/A (1), F-1MEF (1), S-8 (1), SCHEDULE 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) Mar 16, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares, each representing one common share, no par valueKSPINasdaq Global Select Market
Common shares, no par valueKSPINasdaq Global Select Market

From the cover page of the 20-F filed Mar 16, 2026 (Section 12(b) of the Exchange Act).27

Sources

The numbers on this page point here. Each one links to the record it came from.

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