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Kaspi.kz runs linked consumer and merchant apps in Kazakhstan. Consumers use the Kaspi.kz Super App to shop, pay and borrow; merchants use Kaspi Pay to accept payments and sell to those consumers. Its marketplace mainly connects shoppers with third-party sellers, who pay merchant fees and can buy advertising and delivery services. Payments also generate fees from merchants and consumers. Marketplace and lending account for the bulk of revenue.
The lending business provides purchase installments, consumer loans and financing for merchants and small businesses. It earns mainly interest, using customer deposits as its principal funding source and lending only in local currency. Earnings depend on borrowers repaying and on the cost of deposits relative to lending income.
Kaspi.kz also controls Hepsiburada in Türkiye, which both sells goods directly to shoppers and hosts third-party merchants. This adds direct retail sales to the group's largely fee-based marketplace business.
The business depends on consumers continuing to spend through its apps and merchants continuing to offer products there, with Kazakhstan remaining its main market. Kaspi Bank's license is essential to lending, deposit-taking and payment processing. Kazakhstan also caps consumer-loan interest rates and requires the bank to maintain minimum capital and reserves.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond its Turkish subsidiary and overseas app comparisons, Kaspi.kz’s results depend mainly on Kazakhstan consumer spending, credit quality and the cost of funding loans with tenge deposits.
D-Market Electronic Services & Trading, known as Hepsiburada, directly affects Kaspi.kz’s profit: Kaspi.kz controls and consolidates the Turkish business, which sells goods to shoppers and operates a marketplace for merchants. Its ₸93,018 million net loss was the main reason Kaspi.kz’s Marketplace net income fell 20% in 2025, making its losses a key figure to watch.
Alibaba Group matters to Kaspi.kz through Trendyol, which competes with Kaspi.kz’s controlled Hepsiburada marketplace for shoppers and merchants in Türkiye.
PayPay Corporation offers a close comparison for Kaspi.kz’s Kazakhstan apps: it combines smartphone payments for shoppers and merchants with banking and credit in Japan. Watch whether greater payment use draws more merchants and encourages customers to adopt banking services—the same payment-to-finance connection that matters for Kaspi.kz.
Grab Holdings provides a Southeast Asian comparison for Kaspi.kz’s combined shopping, payments and lending apps, though Grab relies more on rides and deliveries and earns most revenue from driver and merchant fees. Its merchant payment-processing fees offer a concrete comparison for Kaspi.kz’s payments business, alongside Grab’s lending and digital banking services.
PayPal offers a comparison for Kaspi.kz because both connect consumers with merchants for payments and earn revenue from transaction fees, credit products and customer balances. Watch PayPal’s payment-fee revenue alongside interest and fees from consumer and merchant credit to compare how payment activity translates into earnings.
PayPay Corporation earningsPAYP
PayPay's report will show whether greater smartphone payment use draws in merchants and leads customers to adopt banking services, the same payment-to-finance link that matters to Kaspi.kz.
Read payment use alongside merchant participation and adoption of banking and credit services. If payment use rises as more merchants join and customers use more banking services, payments are helping pull users into finance—a useful sign for Kaspi.kz's model. If payments grow without that broader adoption, the link between payments and finance looks less dependable.
Joint Stock Company Kaspi.kz earningsThis company
Kaspi.kz's report will show whether fees from payments and merchants, and interest from lending, turn into more profit after rewards, deposit funding costs and losses in Türkiye.
Compare payment transaction volume with fee revenue and the take rate, then weigh Fintech interest revenue against funding costs and segment profit. Also check whether Marketplace revenue growth comes with higher segment profit. If activity and income rise alongside profit, Kaspi.kz is turning platform use into earnings; if revenue grows but profit stalls or falls, rewards, funding costs or expansion in Türkiye are absorbing the gains.
D-Market Electronic Services & Trading earningsHEPS
Hepsiburada's report gives a direct read on whether the Turkish marketplace Kaspi.kz controls can grow sales while narrowing the losses that weigh on Kaspi.kz's Marketplace profit.
Compare Hepsiburada's sales or marketplace growth with its net loss and operating costs. Growth alongside a narrowing loss would suggest the Turkish business is moving toward a more sustainable scale; growth alongside a wider loss would mean costs are still consuming the gains and weighing on Kaspi.kz's Marketplace profit.
