Business breakthrough: an international success story of Kaspi.kz - Beautiful Lifestyle Magazine

Business breakthrough: an international success story of Kaspi.kz

Михаил Ломтадзе история успеха
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Beautiful Lifestyle magazine will tell about the international success of the Kazakh platform Kaspi.kz.

The success story of the Kaspi.kz finance and payment management platform began when Kaspi Bank gradually attracted more than 9 million users through the introduction of information technology into the banking system. The innovations offered by Kaspi Bank allowed the residents of Kazakhstan to reduce the use of cash and switch to non-cash payments. Kaspi Bank’s apps and services have been particularly popular with users during the pandemic – according to Forbes, the company’s revenues increased by 32% in the first half of 2020. At the same time, the number of mobile app users increased to 7.8 million monthly.

Kaspi Bank

The company is known in Kazakhstan not only for its banking applications. In November 2014, the company launched the Kaspi Store, which allowed the users to compare prices and buy goods on credit online. After the launch of the aggregator, two years later, the company presented the Kaspi Red service, which provided the user with installments for purchasing goods. A little later, an application for cashless payments was launched, which made Kaspi a leader in the Kazakhstan financial market.

This fall, Kaspi had a breakthrough – on the first day of trading on the London Stock Exchange, the company’s share price rose sharply by 32%. As a result, Kaspi.kz became the most expensive public company in Kazakhstan with a market value of $6.5 billion. On the same day, the owners of the company, Vyacheslav Kim and Mikhail Lomtadze, became dollar billionaires: their fortune is now worth $1.9 billion and $1.8 billion, respectively.

Kaspi случился прорыв

There was information in various media that the company planned to hold an IPO last year but abandoned this plan. It is also reported that the funds collected as a result of the bidding were transferred directly to the accounts of businessmen, since Kaspi did not carry out additional issues, and the sold shares belonged to Vyacheslav Kim and Mikhail Lomtadze, as well as other shareholders.

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