Financial Highlights of Kaspi.kz in 2025
Kaspi.kz, a leading player in the Kazakhstan financial technology sector, recently shared its impressive financial results for the second quarter and the first half of 2025. The company has made significant strides in both revenue growth and customer engagement, demonstrating its continued dominance in the market.
Revenue and Income Growth
In the second quarter of 2025, Kaspi.kz reported an exceptional 20% increase in revenue year-over-year and a 14% rise in net income. For the first half of 2025, the company achieved a similar pattern with a 20% revenue growth and a 15% increase in net income, showcasing its strong performance across its main operational segments.
Engagement Metrics
Customer engagement remains robust, evidenced by an impressive average of 75 monthly transactions per active consumer. This level of activity reflects the strong relationship Kaspi.kz maintains with its users and affirms its market leader status.
Performance in Payment Solutions
The payments segment of Kaspi.kz has shown remarkable performance, with total payment volume (TPV) rising by 21% and transaction numbers increasing by 14% in the second quarter alone. The revenue generated from payments surged by 16%, and net income saw an impressive increase of 19% in the same period. The partnership with multiple local banks and global entities like AliPay+ has significantly expanded the addressable market for Kaspi Pay QR.
Marketplace Growth
The marketplace platform of Kaspi.kz continues to thrive, significantly outpacing the overall growth of the gross merchandise volume (GMV). Purchases jumped by 35% year-over-year in 2Q 2025, contributing to a 25% revenue increase in the same quarter while GMV only grew by 15%. Enhancements in services like Kaspi Delivery and innovative advertising solutions have bolstered these results.
Highlights from Marketplace Initiatives
Kaspi’s e-Grocery segment has exhibited a striking 57% growth in GMV, now operating in five cities with more expansions planned. Additionally, advertising revenue increased by an astonishing 91% year-over-year, further underlining the success of their marketplace strategies.
Financial Technology Developments
Kaspi.kz’s fintech platform also experienced a notable 17% growth in total financed value (TFV) during the quarter. With consistent improvement in deposit inflows, the company is poised to capitalize on fast transaction growth for future earnings. Importantly, the credit quality remains healthy, allowing the team to focus on sustainable growth.
Strategic Investments and Future Directions
During this period, Kaspi.kz completed a significant payment of approximately $526.9 million to gain full control of Hepsiburada, a key step that positions the company to launch a variety of financial services in Türkiye. This strategic acquisition is expected to enhance operational efficiencies and improve customer experiences across both platforms.
Vision for Expansion
Looking towards the future, Kaspi.kz plans to balance capital returns to shareholders with continued investments geared towards long-term growth. The outlook for 2025 remains positive, with targets of around 15% net income growth year-over-year. Continuous innovation in services and expanding market presence in Türkiye signifies exciting times ahead for Kaspi.kz.
Message from Leadership
Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, expressed gratitude to employees while highlighting the company’s commitment to innovation. The team’s focus on enhancing customer service and operational enhancements at Hepsiburada will soon align closer with the standards set by Kaspi.kz.
Frequently Asked Questions
What financial results has Kaspi.kz reported for 2025?
Kaspi.kz has reported a 20% increase in revenue and a 14% rise in net income for the second quarter of 2025, with similar figures for the first half of the year.
How is Kaspi.kz expanding its services?
Kaspi.kz is expanding by enhancing its marketplace and payment solutions while also integrating with various payment partners and introducing new services like Kaspi Travel.
What are the future growth plans for Kaspi.kz?
The company aims to balance returning capital to shareholders while also investing in further growth, particularly in its fintech and marketplace sectors.
How has the acquisition of Hepsiburada impacted Kaspi.kz?
The acquisition of Hepsiburada is expected to enhance Kaspi.kz’s operational capabilities and customer service, focusing on improved engagement and growth strategies.
What role does the regulatory environment play in Kaspi.kz's expansion?
Kaspi.kz is actively working on securing regulatory approvals for new financial services, which are crucial for its strategic growth in Türkiye and beyond.
