Kaspi.kz: The Kazakh Super-App

Sector

Fintech

Background

Mikhail Lomtadze is the co-founder and CEO of Kaspi.kz. We cover the business' evolution from a small retail bank to a dominant fintech platform, how its app is integrated into the daily life of Kazakh consumers, and why keeping features as simple as possible is a core part of its product framework.

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Date

January 22, 2025

Episode Number

204

Background / Overview

History and Founding: Kaspi.kz began as a traditional retail bank in Kazakhstan, ranked among the top 10-15 banks in the country, before transforming into a fintech super app. Founded in 2007 by CEO Mikhail Lomtadze and co-founder Slav Kim, with backing from Baring Vostok Private Equity, Kaspi capitalized on the 2007-2008 financial crisis to pivot from a struggling bank to a technology-driven platform. The company initially focused on financial services, expanded into payments in the early 2010s, and subsequently entered e-commerce, travel, e-grocery, and government services. Kaspi listed on the London Stock Exchange in 2020 and transitioned to Nasdaq in January 2024 to enhance liquidity.

Context and Market: Operating in Kazakhstan, a country with a population of 20 million and a GDP of $260 billion (approximately $14,000 per capita), Kaspi serves a resource-rich economy (oil, gas, uranium, copper) with a vast geographic expanse. The Kazakh government, under President Tokayev, has prioritized digital innovation, fostering an environment conducive to Kaspi’s growth. The country has undergone a remarkable transformation from a cash-based economy (85-90% cash transactions in 2016) to a near-cashless society (90% cashless transactions today), with Kaspi driving much of this shift.

Scale and Reach: Kaspi’s super app has 14 million monthly active users (MAUs), representing 70% of Kazakhstan’s population, with 67% of users engaging daily, making it one of the most engaged apps globally (second only to WeChat). The platform facilitates $80 billion in payment volumes, $10 billion in e-commerce gross merchandise value (GMV), and $20 billion in financing volumes annually, all while maintaining profitability and a 20% net income growth rate.

Business Model Uniqueness: Kaspi’s super app integrates diverse services—payments, e-commerce, fintech, and government services—under a single brand and login, creating a seamless user experience. Unlike global peers like Amazon or Alibaba, Kaspi does not compete with retailers but empowers them with technology, logistics, financing, and payment solutions. This cooperative model, combined with a focus on consumer-centric innovation and extreme simplification in product development, distinguishes Kaspi in emerging markets.

Ownership / Fundraising / Valuation

• Ownership: Kaspi is a publicly listed company, with its shares primarily held by institutional investors following its IPOs in London (2020) and Nasdaq (2024). Baring Vostok Private Equity, which initially invested in the bank, remains a significant stakeholder, though specific ownership details are not disclosed in the transcript.
• Market Capitalization: Kaspi’s market cap is approximately $20 billion, reflecting its scale and investor confidence in its growth trajectory.
• Valuation Perspective: Despite generating net income exceeding $2 billion annually (projected for the current year) with a 25% growth rate, Kaspi’s leadership believes the company deserves a higher valuation. The $20 billion market cap implies a price-to-earnings (P/E) multiple of roughly 10x (based on $2 billion net income), which appears modest compared to global fintech peers like MercadoLibre or Coupang, potentially due to its geographic focus and limited investor familiarity.

Key Products / Services / Value Proposition

Kaspi operates three core pillars—Payments, Marketplace (E-commerce), and Fintech—alongside an adjacency in Government Services. Below is a detailed breakdown of each:

1. Payments:
• Description: A closed-loop payment network enabling peer-to-peer (P2P) transfers, bill payments, QR-based merchant payments, and B2B invoice settlements. Similar to Venmo or Apple Pay, but Kaspi controls the entire transaction ecosystem, bypassing traditional networks like Visa and MasterCard.
• Value Proposition: Commission-free P2P transfers, instant settlement, and low-cost merchant fees drive adoption. The closed-loop system reduces costs and enhances efficiency, while seamless QR payments digitize transactions in a formerly cash-heavy economy.
• Volume: Facilitates $80 billion in payment volumes annually.
• Revenue Contribution: Not explicitly quantified, but a foundational driver of user engagement and network effects, indirectly boosting other segments.
2. Marketplace (E-commerce):
• Description: A third-party marketplace akin to Amazon or Alibaba, offering over 8 million SKUs across electronics, groceries, travel, and more. Kaspi supports offline retailers with logistics, advertising, and financing, delivering same-day or next-day across Kazakhstan.
• Value Proposition: Empowers merchants by providing technology and logistics, enabling them to compete nationally. Consumers benefit from price transparency, multiple seller offers per item, and free delivery. The marketplace includes innovative verticals like e-grocery (5% of GMV) and travel.
• Volume: $10 billion in GMV annually, with e-grocery growing 100% year-over-year.
• Revenue Contribution: Expected to grow 65% this year, indicating significant revenue potential (exact figures not provided).
3. Fintech:
• Description: Offers buy-now-pay-later (BNPL) products, consumer loans, and working capital financing for merchants, all delivered digitally with 99.9% of decisions made in under a second.
• Value Proposition: World-class risk management (cost of risk <2%) and high Net Promoter Scores (50-60) ensure consumer satisfaction. BNPL increases consumer purchasing power, while merchant financing boosts inventory and sales, creating network effects with the marketplace.
• Volume: Originates $20 billion in financing volumes annually.
• Revenue Contribution: A high-margin segment, though specific revenue figures are not disclosed.
4. Government Services (Adjacency):
• Description: Facilitates digital access to government services, including driver’s licenses, marriage applications, birth certificates, tax filings, and car ownership transfers, all within the app.
• Value Proposition: Enhances user stickiness by integrating essential services, leveraging Kaspi’s superior user experience to outshine competitors. No exclusivity, but Kaspi’s design drives adoption.
• Volume: Not quantified, but a key engagement driver.
• Revenue Contribution: Likely minimal direct revenue, but strengthens the super app’s ecosystem.

Table: Key Products and Metrics (Estimated based on transcript)

Segments and Revenue Model

Segments: Kaspi operates three economically separable units—Payments, Marketplace, and Fintech—each with distinct revenue models but interconnected through network effects. Government Services is an adjacency that enhances engagement rather than a standalone revenue driver.

Revenue Models:

• Payments: Earns revenue through merchant fees (priced competitively to undercut Visa/MasterCard) and possibly transaction-based fees, though P2P transfers are commission-free. The closed-loop system minimizes costs, boosting margins.
• Marketplace: Generates revenue via commissions from merchants (not competing with them ensures fair pricing) and potentially advertising services. Free delivery and logistics support are subsidized to drive GMV growth.
• Fintech: Revenue from interest on BNPL and consumer loans, plus fees on merchant financing. Low cost of risk (<2%) and high automation ensure high margins.
• Government Services: Likely non-revenue-generating, but drives user retention and daily engagement.

Revenue Drivers:

• Volume: High user penetration (14 million MAUs, 70% of population) and daily engagement (67% of users) drive transaction volumes across segments. The marketplace targets underpenetrated retail and service industries (forecasted to grow 14% annually), with Kaspi growing faster due to its brand and technology.
• Pricing: Competitive pricing (e.g., low merchant fees, free delivery) maximizes adoption, while BNPL and financing products are priced to balance risk and consumer affordability. Price transparency in the marketplace enhances consumer trust.
• Mix: The marketplace is diversifying into high-growth verticals like e-grocery (100% YoY growth, 5% of GMV) and travel, shifting revenue mix toward higher-margin segments. Fintech’s BNPL and merchant financing amplify marketplace GMV, creating a virtuous cycle.

Splits and Mix

Channel Mix: Kaspi’s super app is the primary channel, consolidating all services under one platform. Merchants access a dedicated app for B2B payments and financing, enhancing efficiency.

Geo Mix: Primarily Kazakhstan (20 million population), with a recent acquisition of 65% of Hepsiburada in Turkey (85 million population), expanding Kaspi’s addressable market to 100 million people.

Customer Mix: Consumers (14 million MAUs) range from individuals using P2P payments to weekly grocery shoppers (average ticket $30). Merchants (7,000+) include offline retailers and convenience stores, supported by Kaspi’s technology and financing.

Product/Segment Mix:

• Payments: Foundational, driving user acquisition and engagement.
• Marketplace: Fastest-growing (65% revenue growth), with e-grocery and travel gaining share.
• Fintech: High-margin, fueled by BNPL and merchant financing.
• Government Services: Engagement driver, minimal revenue.

End-Market Mix: Kaspi targets retail (electronics, groceries) and services (travel, barber shops, plumbers), both growing at 14% annually. The company’s technology enables faster growth than the market.

Historical/Forecasted Mix Shifts:

• E-grocery’s share of GMV has risen to 5%, with potential to grow further given 100% YoY growth.
• Fintech’s BNPL and merchant financing are increasing wallet share, boosting marketplace GMV.
• Expansion into Turkey will diversify geo mix, potentially shifting revenue toward e-commerce initially.

KPIs

• Monthly Active Users (MAUs): 14 million, representing 70% of Kazakhstan’s population, with 67% engaging daily.
• Payment Volumes: $80 billion annually, reflecting strong adoption of cashless transactions.
• Marketplace GMV: $10 billion, with 65% revenue growth projected.
• Financing Volumes: $20 billion, with a cost of risk <2%.
• Net Promoter Score (NPS): Exceptionally high (e.g., 90% for e-commerce, 50-60 for fintech), driving retention and adoption.
• Growth Trends: Marketplace revenue growth (65%) and e-grocery growth (100% YoY) indicate acceleration, while net income grows at 25% annually.

Headline Financials

Key Metrics (Based on transcript):

• Revenue: Not explicitly stated, but marketplace revenue is projected to grow 65% this year, and total net income exceeds $2 billion.
• Net Income: >$2 billion projected for the current year, growing at 25% annually.
• Net Income Margin: Not directly provided, but e-grocery achieves 6-7% net income margin within 12 months, suggesting strong profitability across segments.
• Free Cash Flow (FCF): Not quantified, but Kaspi’s modest balance sheet and profitability imply positive FCF, with capital redeployed into acquisitions (e.g., Hepsiburada).
• Market Cap: $20 billion, implying a P/E multiple of ~10x.

Table: Headline Financials (Estimated)

Long-Term Financial Trends:

• Revenue: Driven by marketplace growth (65%) and fintech’s high-margin financing, with payments providing stable, low-margin revenue.
• Net Income Margin: Expanding due to operating leverage in fixed costs (e.g., technology platform) and high-margin fintech products.
• FCF: Likely robust, given profitability and modest capital intensity, with reinvestment into acquisitions and new verticals.

Value Chain Position

Primary Activities:

• Technology Development: Kaspi’s super app integrates payments, e-commerce, fintech, and government services, leveraging data-driven decision-making (e.g., 99.9% of fintech decisions in <1 second).
• Logistics: Same-day/next-day delivery across Kazakhstan, with dark stores for e-grocery and lockers for convenience.
• Customer Service: High NPS (90% for e-commerce) reflects consumer-centric design and feedback-driven innovation.
• Marketing: Organic growth via word-of-mouth, with consumers acting as marketers due to high product quality.

Value Chain Position: Kaspi operates midstream, acting as a platform connecting consumers, merchants, and government agencies. Unlike Amazon, which competes with retailers, Kaspi empowers merchants with technology, logistics, and financing, capturing value through commissions, fees, and interest without owning inventory.

Go-to-Market (GTM) Strategy: Kaspi’s GTM leverages its super app as a single access point, driving cross-selling and network effects. The focus on extreme simplification (launching products with minimal features) reduces consumer education costs and accelerates adoption. Partnerships with government agencies enhance credibility and reach.

Competitive Advantage: Kaspi’s value-add lies in its closed-loop payment system, data-driven fintech, and seamless user experience. By integrating diverse services under one brand, Kaspi creates a flywheel where each segment reinforces the others, enhancing stickiness and reducing churn.

Customers and Suppliers

Customers:

• Consumers: 14 million MAUs, spanning individuals using P2P payments, weekly grocery shoppers ($30 average ticket), and BNPL users. High NPS (50-90) indicates strong loyalty.
• Merchants: 7,000+, including offline retailers and convenience stores, benefiting from Kaspi’s logistics, financing, and payment solutions.
• Government Agencies: Partners for digital services, though not direct revenue contributors.

Suppliers:

• Merchants: Provide inventory for the marketplace, with Kaspi acting as a facilitator rather than a competitor.
• Technology Vendors: Likely provide cloud infrastructure and software, though Kaspi’s in-house development minimizes reliance.
• Logistics Partners: Support delivery, though Kaspi’s dark stores and lockers internalize much of the logistics chain.

Pricing

Contract Structure: Kaspi’s pricing is designed for accessibility and adoption:

• Payments: Commission-free P2P transfers and low merchant fees (cheaper than Visa/MasterCard) drive volume.
• Marketplace: Merchant commissions are fair, ensuring retailer profitability, with free delivery subsidizing consumer adoption.
• Fintech: BNPL and loans are priced to balance risk (cost of risk <2%) and consumer affordability, with interest rates reflecting data-driven credit decisions.
• Government Services: Free to consumers, with costs borne by Kaspi or government partnerships.

Pricing Drivers:

• Industry Fundamentals: Kaspi undercuts competitors (e.g., Visa, MasterCard) to gain share in payments.
• Value-Add: High NPS reflects perceived quality, justifying premium pricing in fintech.
• Mission-Criticality: Government services and payments are essential, driving daily engagement.
• Mix Effects: Growth in high-margin fintech and e-grocery boosts blended profitability.

Bottoms-Up Drivers

Revenue Model & Drivers

How Kaspi Makes $1 of Revenue:

• Payments: Earns ~1-2% merchant fees on QR transactions and B2B settlements, with $80 billion in volumes generating significant revenue (e.g., 1% of $80 billion = $800 million).
• Marketplace: Commissions (~5-10% of GMV, estimated) on $10 billion GMV, plus advertising revenue. E-grocery’s $30 average ticket and 100% growth amplify contributions.
• Fintech: Interest (~10-20% APR, estimated) on $20 billion in financing volumes, with low default rates (<2%) ensuring high margins.
• Government Services: Minimal direct revenue, but drives engagement for other segments.

Revenue Drivers:

• Volume: 14 million MAUs and 7,000 merchants drive transaction and GMV growth. Underpenetrated retail/service markets (14% annual growth) provide headroom.
• Pricing: Competitive pricing maximizes adoption, with fintech’s data-driven pricing optimizing yield.
• Mix: Shift toward e-grocery (5% of GMV, 100% YoY growth) and fintech increases high-margin revenue.
• Organic Growth: New verticals (e.g., travel, barber shops) and Turkey acquisition expand addressable market.

Cost Structure & Drivers

Cost Structure:

• Variable Costs (50-60% of revenue, estimated):
• Payments: Transaction processing costs, though minimized by closed-loop system.
• Marketplace: Logistics (delivery, dark stores), subsidized to drive adoption.
• Fintech: Cost of funds and credit losses (<2% of financing volumes).
• Fixed Costs (40-50% of revenue, estimated):
• Technology: App development, data infrastructure, and product teams (50 teams, ~500-1000 FTEs).
• Operations: Dark stores, lockers, and support staff.
• Marketing: Minimal, as word-of-mouth drives growth.
• Overhead: Facilities, admin, and compliance.

Cost Drivers:

• Variable Costs: Scale with transaction volumes and GMV. Logistics costs are high in e-grocery but offset by $30 average tickets.
• Fixed Costs: Technology and dark stores are capital-intensive but benefit from operating leverage as volumes grow.
• Economies of Scale: Shared platform (super app) reduces per-unit costs across segments.
• Operating Leverage: Fixed costs (e.g., app development) are spread over growing revenue, boosting margins (e.g., e-grocery’s 6-7% net income margin).

EBITDA Margin: Not explicitly stated, but implied to be high due to:

• Low variable costs in payments (closed-loop).
• High-margin fintech (low risk, automated decisions).
• Operating leverage in marketplace (shared logistics/tech).

FCF Drivers

Net Income: >$2 billion, growing at 25% YoY, forms the basis for FCF. Capex:

• Maintenance Capex: Minimal, covering app updates and server maintenance.
• Growth Capex: Dark stores, lockers, and logistics infrastructure for e-grocery and marketplace expansion. Likely 5-10% of revenue, given profitability. Net Working Capital (NWC):
• Inventory: Minimal, as Kaspi is a third-party marketplace.
• Receivables: Fintech loans ($20 billion) create receivables, but low default rates (<2%) minimize risk.
• Payables: Merchant settlements and logistics payments, with a short cash conversion cycle due to digital operations. Cash Conversion Cycle: Likely short (<30 days), given instant settlements and low inventory.

FCF Estimate: Assuming 80% of net income converts to FCF (after capex and NWC), FCF could exceed $1.6 billion annually, supporting acquisitions and organic growth.

Capital Deployment

• Acquisitions: 65% stake in Hepsiburada (Turkey) to expand to a 100 million-person market, leveraging Kaspi’s expertise in e-commerce and fintech.
• Organic Growth: Investments in new verticals (e.g., travel, barber shops) and logistics (dark stores, lockers).
• Buybacks/Dividends: Not mentioned, suggesting a focus on reinvestment.
• Synergies: Hepsiburada acquisition offers cultural fit and potential to introduce Kaspi’s super app model, driving GMV and profitability.

Market, Competitive Landscape, Strategy

Market Size and Growth

• Kazakhstan:
• Total Addressable Market (TAM): Retail and services markets grow at 14% annually, with e-grocery alone at $16-17 billion (fragmented).
• Growth Drivers: Volume (underpenetrated markets), price (inflation, premiumization), and value (digital adoption).
• Kaspi’s Share: Dominant in payments (90% cashless transactions), e-commerce (largest platform), and fintech (world-class risk metrics).
• Turkey (via Hepsiburada):
• TAM: Larger e-commerce market in an 85 million-person economy, with similarities to Kazakhstan (fragmented retail, digital growth).
• Growth: Kaspi aims to replicate its super app model, targeting faster-than-market growth.

Market Structure

• Kazakhstan: Fragmented across banking (30+ banks), payments (Visa, MasterCard), and e-commerce (AliExpress, Taobao). Kaspi’s super app consolidates these markets, creating an oligopolistic position.
• Minimum Efficient Scale (MES): Kaspi’s scale (14 million MAUs, $80 billion payment volumes) creates a high MES, deterring new entrants due to capital and user acquisition costs.
• Industry Traits: Government support for digitalization, low financial inclusion historically, and a young, tech-savvy population drive adoption.

Competitive Positioning

• Matrix Positioning: Kaspi competes on quality (high NPS) and convenience (super app), targeting mass-market consumers and merchants in emerging markets.
• Risk of Disintermediation: Low, as Kaspi’s closed-loop system and government partnerships create barriers. Global players like WeChat or Amazon face challenges adapting to Kazakhstan’s unique dynamics.
• Market Share: Dominant in payments, e-commerce, and travel; rapidly gaining share in e-grocery (largest in key cities within 18 months).

Competitive Forces (Hamilton’s 7 Powers)

1. Economies of Scale:
• Strength: Shared super app platform reduces per-unit costs across payments, marketplace, and fintech. High MES (14 million MAUs) deters competitors.
• Evidence: E-grocery achieves 6-7% net income margin despite growth investments.
2. Network Effects:
• Strength: Cross-segment flywheel—BNPL boosts marketplace GMV, merchant financing increases inventory, and payments drive engagement.
• Evidence: 67% daily user engagement and rapid adoption of new verticals (e.g., travel, grocery).
3. Branding:
• Strength: Kaspi’s single-brand super app creates trust and loyalty, with NPS of 90% (e-commerce) and 50-60 (fintech).
• Evidence: Consumers act as marketers, driving organic growth.
4. Counter-Positioning:
• Strength: Kaspi empowers retailers rather than competing, unlike Amazon. Closed-loop payments bypass Visa/MasterCard.
• Evidence: 7,000 merchants adopt Kaspi’s platform, boosting GMV.
5. Cornered Resource:
• Strength: Government partnerships for digital services (e.g., licenses, taxes) enhance stickiness.
• Evidence: Kaspi’s app is the preferred channel for government services.
6. Process Power:
• Strength: Extreme simplification (launching minimal features) and consumer feedback (500,000 monthly surveys) drive innovation.
• Evidence: 50 product teams launch 50+ features quarterly.
7. Switching Costs:
• Strength: High engagement (67% daily users) and integrated services create lock-in.
• Evidence: Rapid adoption of new verticals due to existing user base.

Strategic Logic

• Capex Bets: Offensive investments in e-grocery (dark stores, lockers) and travel (launched during COVID) to capture underpenetrated markets.
• Economies of Scale: Kaspi operates at MES, leveraging its platform to minimize costs. No evidence of diseconomies, as the company remains lean.
• Vertical Integration: Midstream platform integrates payments, logistics, and financing, enhancing efficiency without owning inventory.
• Horizontal Expansion: New verticals (e.g., barber shops, plumbers) and Turkey acquisition diversify revenue.
• M&A: Hepsiburada acquisition aligns with Kaspi’s culture and expertise, offering synergies in e-commerce and potential fintech/payments expansion.

Key Dynamics and Unique Aspects

1. Super App Model:
• Kaspi’s integration of payments, e-commerce, fintech, and government services under one app is rare globally. Unlike single-purpose apps (e.g., Venmo, Amazon), Kaspi’s single login and brand create seamless cross-selling and network effects.
• Why It Works: High-quality products (NPS 50-90) ensure user retention, while a small market (20 million) forces Kaspi to prioritize consumer satisfaction to avoid churn.
• Global Relevance: The super app model has potential in emerging markets with low financial inclusion and fragmented retail, as evidenced by Kaspi’s Turkey expansion.
2. Consumer-Centric Innovation:
• Kaspi’s culture of extreme simplification—launching products with minimal features and iterating based on consumer feedback (500,000 monthly surveys)—drives rapid innovation (50+ features quarterly).
• Unique Insight: Killing a $200 million credit card business due to negative NPS demonstrates ruthless prioritization of consumer happiness over short-term profit.
• Impact: High NPS and daily engagement (67%) create a flywheel where new verticals (e.g., grocery, travel) achieve market leadership quickly.
3. Cooperative Retail Model:
• Unlike Amazon, Kaspi empowers offline retailers with technology, logistics, and financing, aligning incentives to drive GMV growth.
• Evidence: 7,000 merchants use Kaspi’s platform, with working capital financing boosting inventory and sales.
• Advantage: Avoids retailer backlash and fosters a sustainable ecosystem, critical in a fragmented market.
4. Closed-Loop Payments:
• Kaspi’s payment network bypasses Visa/MasterCard, reducing costs and enabling low fees, which drives adoption (90% cashless transactions).
• Impact: Creates a defensible moat, as competitors face high capital costs to replicate the network.
5. Government Partnerships:
• Integrating government services (e.g., licenses, taxes) enhances stickiness without exclusivity, leveraging Kaspi’s superior user experience.
• Strategic Value: Aligns with Kazakhstan’s digital agenda, creating a quasi-regulatory barrier.
6. Data-Driven Fintech:
• Fintech’s 99.9% automated decisions and <2% cost of risk reflect world-class risk management, enabling high-margin BNPL and merchant financing.
• Network Effect: BNPL increases consumer wallet share, boosting GMV, while merchant financing drives inventory growth.

Valuation and Market Overview

Valuation:

• Market Cap: $20 billion, with >$2 billion net income implying a P/E of ~10x, low compared to peers like MercadoLibre (P/E ~50x) or Coupang (P/E ~30x).
• Upside Potential: Kaspi’s 25% net income growth, 65% marketplace revenue growth, and Turkey expansion suggest undervaluation, constrained by geographic perception and investor unfamiliarity.
• Risks: Concentration in Kazakhstan (70% penetration limits headroom), geopolitical risks (proximity to Russia/China), and competition from global players entering Turkey.

Market Overview:

• Kazakhstan: $260 billion GDP, with retail/services growing at 14% annually. Kaspi dominates payments, e-commerce, and fintech, with room to capture share in underpenetrated verticals (e.g., barber shops, plumbers).
• Turkey: 85 million population, fragmented e-commerce market. Hepsiburada’s EBITDA-positive status and cultural fit make it a platform for Kaspi’s super app model.
• Global Context: Super apps thrive in emerging markets (e.g., WeChat, Grab) but struggle in developed markets due to fragmented ecosystems. Kaspi’s success in Kazakhstan positions it to replicate in similar markets.

Conclusion

Kaspi.kz exemplifies a super app model tailored to emerging markets, integrating payments, e-commerce, fintech, and government services to create a flywheel of network effects, high engagement, and profitability. Its unique dynamics—consumer-centric innovation, cooperative retail model, closed-loop payments, and government partnerships—enable it to dominate Kazakhstan’s digital economy while expanding into Turkey. Financially, Kaspi generates >$2 billion in net income (25% growth), with high-margin fintech and fast-growing e-commerce driving value. A Hamilton’s 7 Powers analysis highlights its economies of scale, network effects, and process power as durable advantages. Despite a modest $20 billion valuation, Kaspi’s growth trajectory and strategic expansion suggest significant upside, making it a compelling case study in fintech innovation and emerging market dynamics.

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