Our mission is to improve people’s daily lives by developing innovative, highly relevant world-class mobile services. On Kaspi.KZ’s investor relations website, the company says that it is the largest payments, marketplace and FinTech ecosystem in Kazakhstan.  (Incorporated in Kazakhstan)

We operate a two-sided Super App business model which we believe is unique: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. The Kaspi.kz Super App is Kazakhstan’s most recognized consumer mobile app, according to KResearch, with 13.5 million average monthly active users (“Average MAU”) as of September 30, 2023, 65% of whom access our services daily (“Average DAU”), which is one of the highest levels of daily engagement among selected major mobile applications globally as of June 30, 2023, according to the ADL Report.

Increased use of our existing products by merchants and consumers, along with a growing range of new products, facilitates a greater number of transactions across more areas of household spending and merchants’ business activity. As of September 30, 2023, the number of Monthly Transactions per Active Consumer was 68.

Our offerings include payments, marketplace and FinTech solutions for both consumers and merchants. We believe our business model, reinforced by our highly recognizable brand and continuing product innovation, generates powerful network effects, which have resulted in growth and strong financial performance.

Being “Super App first” is at the core of everything we do and is a key factor behind our success. We call our mobile applications Super Apps because, unlike single-purpose apps, our apps integrate different and complex services that are used on a daily basis and are found in one place, in a way that is simple and seamless for users.

With the Kaspi.kz Super App, consumers can shop online with fast, and in most cases free, e-Commerce and e-Grocery delivery, use m-Commerce to find and shop at local merchants, book travel and holidays with Kaspi Travel, pay with Kaspi QR throughout Kazakhstan, shop with our buy-now-pay-later (“BNPL”) products, pay their household bills and save for the future, among other services. Consumers’ use of these services is rewarded through Kaspi Bonus, our loyalty points program, which can then be applied towards future purchases and payments on our Platforms. With integrated Government Services, consumers can also access digital documents, including passports, renew their driving licenses, and transfer car ownership.

With the Kaspi Pay Super App, merchants can sell products and services online using e-Commerce or list their businesses and offers using m-Commerce, organize nationwide delivery by connecting to Kaspi Delivery Smart Logistics Platform, run product ad campaigns with Kaspi Advertising, participate in our promotional events and access merchant financing through our Fintech Platform. Merchants can also issue and instantly settle invoices, accept payments, pay suppliers and track their turnover, among other things. Merchants also have access to Government Services, including tools to initially register their business, issue fiscal receipts for all types of payments, calculate and pay their taxes, and file tax reports. Kaspi Classifieds allows merchants to advertise their used and new goods, services and jobs to consumers.

We believe that the combination of integrated merchant and consumer Super Apps, with multiple services, creates a more powerful business model than single-purpose payments or shopping apps. Users of our Super Apps value our existing products and, as a result, they are able to quickly adopt new products as they are introduced. We believe that our integrated merchant and consumer Super Apps enable a faster user adoption of new features and products with lower marketing and operating costs than if the same service was provided through separate, differently branded apps.

*Note: Net income and revenue are in U.S. dollars (converted from Kazakhstan’s Tenge) for the 12 months that ended Sept. 30, 2023. 

(Note: Kaspi.KZ priced its upsized IPO at $92.00 – below the assumed IPO price of $97.00 in the prospectus – and sold 11.3 million American Depositary Shares (ADS) – up from 9.0 million ADS in the prospectus – to raise $1.04 billion ($1,039.6 million) on Jan. 18, 2024.) 

(Note: Kaspi.KZ filed its F-1/A on Jan. 16, 2024, and disclosed terms for its IPO: The selling stockholders will offer 9.0 million American Depositary Shares (ADS) at $97.00, the as-converted closing price on Jan. 16, 2024, of the company’s Reg S Global Depositary Receipts (GDRs) traded on the London Stock Exchange, to raise $873.0 million.)

(Note: Kaspi.KZ filed its F-1 to go public on Dec. 28, 2023, without disclosing terms for its IPO. Estimated IPO proceeds are $100 million, a placeholder figure. Selling stockholders will be offering American Depositary Shares (ADS) in the IPO. Kaspi.KZ submitted confidential IPO paperwork to the SEC on Sept. 11, 2023.)