Kazakh fintech star KASPI.kz posts 37% net revenue growth

Kazakh fintech star KASPI.kz posts 37% net revenue growth
Kaspi got a boost from the lockdowns endured during the covid pandemic. / kaspi.kz
By Kanat Shaku in Almaty February 28, 2023

Net revenue at Kazakh fintech leader Kaspi.kz grew 37% y/y in 2022.

Kaspi.kz, which made a splash stock market debut in late 2020 when in a London IPO it became the most valuable ever listed Kazakh company, posted full-year net revenue of Kazakhstani tenge (KZT) 309.7bn in its latest financial results. Net revenue in 4Q22 was KZT87.8bn ($201.94mn), marking a 47% y/y gain. 

Kaspi.kz's 4Q22 net income was KZT24.8bn, marking a gain of 48% y/y, while full-year net income grew to KZT80.1bn, up 33% y/y.

The company noted that its financial performance was driven by growth in its core businesses, including in the payment and financial services segments. The company's payment business, Kaspi Pay, recorded strong growth in transaction volume and active user base, with over 21mn users as of the end of fiscal year 2022. Kaspi.kz's financial services segment also grew, with the company's loan portfolio rising by 38% y/y to KZT1.2tn.

The company's digital ecosystem continued to expand during fiscal year 2022, with Kaspi.kz introducing new services and partnerships to enhance its offerings. The company launched Kaspi Gold, a new investment platform that allows customers to buy and sell gold, and partnered with international companies such as PayPal and Mastercard to expand its payment capabilities.

Kaspi.kz's CEO Mikheil Lomtadze commented: "We are pleased to report another strong quarter and full year performance, driven by the growth of our core businesses and our continued investment in our digital ecosystem.

“We remain committed to delivering innovative and accessible financial services to our customers, and we are confident in our ability to continue to deliver sustainable growth in the future."

The 2020 IPO valued Kaspi.kz at $6.5bn.

SimplyWall.St sees the company as having an unstable dividend track record.

During its rise to renown, the company benefited from the COVID-19 pandemic-driven shift to digital services from people forced to largely stay indoors.

On its stock market debut the company highlighted its Super App, offering bill payment, loans, peer-to-peer payments, an online marketplace and a personal finance management tool.

The Kaspi app is used by many retailers in Kazakhstan to sell goods via its marketplace and to accept payments. Many retailers allow Kazakh citizens to use the payment system as an alternative to cash. This has boosted the Kaspi app as a quickly growing popular payment option.

The IPO came not long after the publication of a report by Astana International Financial Center titled “The State of Fintech in Central Asia: How Kazakhstan Drives the Regional Fintech Industry”.