Who owns Kaspi Pay?
Kaspi Pay is owned by Kaspi.kz (Kazakhstan, Nasdaq: KSPI).[1]
Evidence: Joint Stock Company Kaspi.kz Annual Report on Form 20-F filed 2026-03-16, SEC EDGAR, 16 March 2026. Verified from filings; last checked .
Key facts
- Current owner
- Joint Stock Company Kaspi.kz verified
- Owner HQ
- 🇰🇿 Kazakhstan, Almaty
- Origin
- 🇰🇿 Kazakhstan
- Founded
- 2020
- Category
- Internet & digital › Digital services › Payments
- Parent ticker
- Nasdaq: KSPI
- Last verified
- · 1 sources
About Kaspi Pay
Kaspi Pay is the other half of the two-sided model: the Super App built for merchants and entrepreneurs rather than shoppers. Through it a business accepts payments online and in store, issues and instantly settles invoices, pays suppliers, tracks turnover, earns interest on spare cash through Business Deposit, borrows working capital, and files its taxes and fiscal receipts. Kaspi.kz reported approximately 764,000 active merchants on it at the end of 2025, and holds a registered trademark on the name.
What Kaspi.kz's annual report says about Kaspi Pay
Sentences about Kaspi Pay from Kaspi.kz's latest annual filing[1], copied word for word.
IMAG ES This annual report contains illustrative images of Kaspi.kz and Kaspi Pay Super Apps, except for language, which has been translated into English for presentation purposes.
As a holding company, the Company's principal source of cash flow is, and will continue to be, distributions from our key operating subsidiaries, Kaspi Bank, Kaspi Pay, Kaspi Travel, Kaspi Shop and Kaspi Office.
In Kazakhstan we operate a two-sided Super App business model which we believe is unique: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs.
How often Kaspi.kz names Kaspi Pay in its annual report
A plain count of the times the name appears in the text of each annual report, not counting the start of a sentence. A brand that an owner writes about more is usually one it treats as central. The brand is named more often than it was three years earlier.
Ownership timeline of Kaspi Pay
Where Kaspi Pay sits in Kaspi.kz
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Open the full Kaspi.kz ownership tree →
See the full Kaspi.kz brand portfolio (10) →
Other brands owned by Kaspi.kz
Kaspi.kz controls 10 brands on Brandtree, 10 of them in internet & digital.
Also in internet & digital
Other brands in payments, and who owns them
The 38 brands in payments on Brandtree belong to 21 owners. The largest is PayPal, with 4; Kaspi.kz has 4.
About the owner: Kaspi.kz
Kaspi.kz is a publicly listed company headquartered in Almaty, Kazakhstan, founded in 2008. Brandtree records 10 brands under its control, and it is listed as Nasdaq: KSPI.
Kaspi.kz is a Kazakhstani company, incorporated in 2008 and listed on the Nasdaq Global Select Market, that runs what it calls a two-sided Super App model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. It reports three platforms — Payments, Marketplace and Fintech — and says it serves around 27.5 million users, 15.7 million of them in Kazakhstan and 11.8 million in Türkiye. Its Kazakh business is dominant enough that a Kantar survey it commissioned put the Kaspi.kz name first for brand awareness in mobile applications, e-commerce, payments, travel, consumer finance and deposits. It acquired a controlling stake in the Turkish e-commerce platform Hepsiburada in January 2025.
🇰🇿 Kaspi Pay and other Kazakhstani brands
Brandtree records a controlling owner for 30 brands that began in Kazakhstan. 1 of them (3%) are now controlled by a company headquartered in another country; Kaspi Pay is not one of them.
- Arbuz — Freedom Holding 🇰🇿
- A'SU — RG Brands 🇰🇿
- Air Astana — Air Astana 🇰🇿
- Coca-Cola Almaty Bottlers — Coca-Cola İçecek 🇹🇷
- KTZ Express — KTZ 🇰🇿
- KazMunayGas — KazMunayGas 🇰🇿
Frequently asked questions
Who is the parent company of Kaspi Pay?
The parent company of Kaspi Pay is Kaspi.kz, a publicly listed company headquartered in Kazakhstan.
Is Kaspi Pay Kazakhstani?
Yes. Kaspi Pay originated in Kazakhstan in 2020 and its owner, Kaspi.kz, is also headquartered in Kazakhstan.
Is Kaspi Pay still owned by Kaspi.kz?
Yes. As of 29 October 2026, Kaspi Pay is still owned by Kaspi.kz. The ownership record was last checked against primary sources on that date.
Sources (1) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] Joint Stock Company Kaspi.kz Annual Report on Form 20-F filed 2026-03-16 — SEC EDGAR, SEC Form 20-F, published 16 March 2026; retrieved 16 September 2026.
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