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Hey everyone, Andrew here.
I’m taking a look today at a company called Kaspi.kz out of Almaty in Kazakhstan. If you haven’t heard of this company before, you might think that this is ridiculous… Well at first it might be a bit off the beaten path but that also is where some interesting companies exist.
Kaspi is listed on the London Stock Exchange so most investors can access this company. It’s easy if you have Interactive Brokers, link in the description.

Kaspi.kz is a super app in Kazakhstan. Think of it a little like Alipay and Alibaba in China. It has a
Payments part - Like a banking app
Marketplace section - To buy stuff. Electronics, household items etc.
Fintech arm - access credit, loans etc.

The CEO and co-founder, Mikhail Lomtadze, who is Georgian, has turned a small tier bank in Kazakhstan into a tech company. It’s really impressive what has happened here. Kazakhstan isn’t some innovation hub. It took a few crazy guys to take a big risk and go in a different direction. A reverse alibaba by starting as a bank and turning into a tech company.

So, Being a bank first, Kaspi’s first online product was an online bill payment system. It was remarkably successful when it launched in 2012. It eliminated the need for people to wait in queues and pay silly commissions on transactions just to pay the bills. Then in 2014, Kaspi launched Kazakhstan’s first marketplace, and in 2017, it introduced the super app called Kaspi.kz. Now Kaspi’s market share is well over 50% across the board and easily the number one player in each category. Now the superapp is the most popular mobile app in the country.

What are your thoughts about Kaspi?

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