Joint Stock Company Kaspi.kz: history, ownership, mission, how it works & makes money

A Brief History of Joint Stock Company Kaspi.kz

Joint Stock Company Kaspi.kz, established in 2013, is a leading technology company in Kazakhstan. It operates a comprehensive digital platform that integrates e-commerce, financial services, and marketplace solutions for consumers and businesses alike.

In its early years, Kaspi.kz focused on providing online payment solutions. By 2016, the company expanded its offerings to include a mobile wallet, enabling users to make transactions easily via their smartphones. This innovation set the stage for rapid growth.

As of the end of 2022, Kaspi.kz reported revenues of KZT 204.1 billion (approximately $461 million), a remarkable increase from KZT 157.3 billion in 2021. The company's net profit for 2022 reached KZT 46.9 billion (around $104 million), showcasing a significant increase from KZT 20.4 billion in 2021.

In 2020, Kaspi.kz successfully went public on the Kazakhstan Stock Exchange, raising KZT 130 billion (about $290 million) during the initial public offering (IPO). The company’s market capitalization as of October 2023 stands at approximately KZT 1.5 trillion (or roughly $3.3 billion), making it one of the most valuable companies in the region.

Kaspi.kz has also seen substantial growth in its user base. By the third quarter of 2023, it had over 11 million registered accounts, with more than 7 million active users engaging with its services daily. The company's mobile app has been downloaded over 10 million times, reflecting its wide acceptance among consumers.

The following table summarizes Kaspi.kz's key financial performance metrics from 2020 to 2022:

In addition to its financial growth, Kaspi.kz has also made notable strides in technology. The company invests heavily in artificial intelligence and machine learning to enhance customer experience and streamline operations. This strategy has led to a significant reduction in transaction processing times and improved security measures.

Moreover, Kaspi.kz has engaged in strategic partnerships with international e-commerce platforms, further expanding its reach within the digital marketplace. This positioning has allowed the firm to tap into new revenue streams, benefiting from the growing trend of online shopping, which surged during the global pandemic.

As of 2023, Kaspi.kz continues to be a dominant player in Kazakhstan’s financial technology landscape, with aspirations for regional expansion and further diversification of its services. The company’s success story reflects not only its robust business model but also its commitment to digital innovation and customer-centric solutions.

A Who Owns Joint Stock Company Kaspi.kz

Joint Stock Company Kaspi.kz, a prominent fintech company in Kazakhstan, has seen substantial ownership dynamics as well as significant financial performance metrics that shed light on its corporate structure and stakeholder involvement. As of October 2023, Kaspi.kz is primarily owned by its co-founder and major shareholder, Vladimir Kim, who holds approximately 47% of the company's shares.

The remaining ownership is distributed among various institutional and retail investors, underlining the diversified nature of its shareholder base. Notably, Kaspi.kz went public on the London Stock Exchange (LSE) in October 2020, marking one of the largest IPOs for a Kazakh company. The initial pricing was set at £1.88 per share, raising approximately $200 million for the company.

The company has experienced robust growth in its core business segments, including e-commerce, fintech, and digital banking. In its latest earnings report for Q2 2023, Kaspi.kz reported:

• Revenue: KZT 75 billion ($164 million)
• Net income: KZT 30 billion ($66 million)
• Active users: 10 million users across its platform
• Number of transactions: 500 million transactions in the last year

As of the most recent shareholder distribution data, the ownership structure can be summarized in the following table:

The company's market capitalization has also demonstrated impressive growth, reaching approximately $2.5 billion in October 2023. This growth trajectory is attributed to increased adoption of digital financial services in Kazakhstan and an expanding e-commerce market.

In addition, Kaspi.kz's strategic focus on technology-driven solutions has placed it at the forefront of the fintech industry in the region. The company has invested heavily in technology infrastructure, enhancing its service offerings and customer experience to support its rapid growth.

Kaspi.kz's stock has been performing well in the public market, reflecting investor confidence. As of October 2023, the stock price is trading around £4.30, more than double its IPO price. This performance is indicative of the strong fundamentals of the company and the positive market sentiment surrounding its business model.

Joint Stock Company Kaspi.kz Mission Statement

Joint Stock Company Kaspi.kz, a leading fintech and e-commerce platform in Kazakhstan, aims to enhance consumer convenience through its integrated suite of services. The company operates in three key segments: payments, marketplace, and financial services, allowing it to address a wide range of customer needs.

As of the third quarter of 2023, Kaspi.kz reported a total customer base of over 9.5 million active users, demonstrating its extensive reach within the region.

The company emphasizes its purpose of providing easy access to digital financial services and fostering financial literacy among its users. Its mission is reflected in its commitment to innovation and customer satisfaction, highlighted by an average customer satisfaction score of 4.7 out of 5.

Kaspi.kz generated a revenue of approximately KZT 299 billion in the first nine months of 2023, showcasing a year-on-year growth of 38%. The segment breakdown is as follows:

In line with its vision, Kaspi.kz integrates advanced technologies such as artificial intelligence and big data analytics to personalize user experiences and streamline service delivery. The company allocated approximately KZT 7 billion towards research and development in 2023, indicating its dedication to technological advancement.

As of October 2023, Kaspi.kz holds a market capitalization of around KZT 1.8 trillion and is listed on the Kazakhstan Stock Exchange, where its shares have shown a 40% increase year-to-date. This performance highlights investor confidence in the company's innovative approach and growth prospects.

The mission statement of Kaspi.kz also emphasizes social responsibility, with the company actively engaging in community development initiatives. In 2023, it contributed KZT 1.5 billion to various social programs, enhancing its brand reputation and community standing.

Overall, Kaspi.kz is focused on delivering user-centric financial and e-commerce solutions while maintaining a strong commitment to social impact and technological innovation. This strategic alignment with its mission statement aims to solidify its market leader position in Kazakhstan and the broader Central Asian region.

How Joint Stock Company Kaspi.kz Works

Joint Stock Company Kaspi.kz, based in Kazakhstan, operates primarily in the fintech sector, offering a range of services that include online payments, e-commerce, and banking services. The company leverages technology to bridge the gap between consumers and financial institutions.

As of Q3 2023, Kaspi.kz reported a customer base exceeding 12 million users. The platform facilitates transactions across various sectors, emphasizing convenience and accessibility.

Business Segments

Kaspi.kz's operations are divided into three main segments:

• E-commerce: Products and services sold through the platform.
• Payment Services: Digital payments, including transfers and bill payments.
• Banking: Loan products, deposits, and financial management services.

Financial Performance

In its latest earnings report for Q2 2023, Kaspi.kz achieved a revenue of $258 million, marking an increase of 32% year-over-year. The net profit for the same period was reported at $91 million, translating to a net profit margin of 35%.

Growth Strategies

Kaspi.kz has implemented several strategies to boost growth:

• Investment in Technology: Continuous upgrades to its platform to enhance user experience.
• Expanding Product Offerings: Introduction of new financial products including insurance and investment services.
• Partnerships: Collaborations with local businesses to broaden its service reach.

Market Position

As of 2023, Kaspi.kz holds a dominant position in Kazakhstan’s fintech market, controlling approximately 60% of the local digital payments sector. The company's market capitalization is valued at around $3 billion.

Detailed performance metrics place Kaspi.kz significantly ahead of its peers, showcasing a robust financial foundation and innovative business model. The company is poised for sustained growth, adapting to emerging market trends and consumer needs.

How Joint Stock Company Kaspi.kz Makes Money

Joint Stock Company Kaspi.kz operates primarily in Kazakhstan, leveraging technology to drive growth across various segments. The company generates revenue from multiple streams, including financial services, e-commerce, and payment solutions.

Financial Services Revenue

Kazpi.kz is a major player in Kazakhstan's fintech sector. As of Q2 2023, the company's financial services segment generated revenues of approximately KZT 45 billion, reflecting a year-on-year growth of 30% from Q2 2022's KZT 34.6 billion. This revenue comes from several core activities:

• Consumer lending: The company reports an outstanding loan portfolio of around KZT 330 billion.
• Merchant lending: Loans extended to merchants have reached KZT 80 billion.
• Insurance products: Revenue from insurance services contributed about KZT 4 billion.

E-commerce Revenue

The e-commerce platform, which includes a marketplace similar to eBay, has seen significant growth. In the first half of 2023, Kaspi.kz reported e-commerce revenues of KZT 26 billion, up from KZT 19 billion in H1 2022, indicating an increase of 37%.

Payment Solutions

Kaspi.kz’s digital wallet and payment processing services also represent a substantial revenue source. The company reported payment solutions revenues reaching KZT 24 billion in H1 2023, compared to KZT 18 billion in the same period of 2022, marking a growth of 33%.

Customer Base and Engagement

As of late 2023, Kaspi.kz boasts over 10 million registered users, significantly increasing user engagement. The average transaction volume on their platform has grown to approximately KZT 1 trillion per month.

Market Position and Competition

Kaspi.kz has positioned itself as a leader in the Kazakhstani market, capturing 36% of the digital payment market share and 29% of the e-commerce market. The competitive landscape includes players such as Halyk Bank and Forte Bank, yet Kaspi.kz continues to thrive due to its integrated service offerings.

Future Projections

Analysts forecast that Kaspi.kz will continue its upward trajectory, with projected revenues expected to surpass KZT 200 billion by the end of 2024, fueled by ongoing investments in technology and expanded service offerings.