Kaspi.kz: brands it owns and its ownership tree
Kaspi.kz (Nasdaq: KSPI) is a publicly listed company headquartered in Almaty, Kazakhstan that owns 10 consumer brands.[1][2]
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.
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divestitures recorded
Company facts
- Legal name
- Joint Stock Company Kaspi.kz (also Kaspi, Kaspi Bank)
- Type
- publicly listed company · see all publicly listed company owners
- Headquarters
- 🇰🇿 Almaty, Kazakhstan
- Founded
- 2008
- Tickers
- Nasdaq: KSPI
- Revenue
- KZT 4.05 trillion (2025)[2]
- SEC CIK
- 0001985487
- Website
- ir.kaspi.kz
- Last verified
- · 3 sources
What Kaspi.kz's annual report says about its business
Read from Kaspi.kz's latest annual filing[1]. Each line gives the sentence the filing uses, copied word for word.
Acquisitions and disposals named in the filing
- Acquired: a controlling stake in Hepsiburada (2025).
Additionally, following our acquisition of a controlling stake in Hepsiburada in 2025, our international operations account for a more significant portion of our overall operations and our exposure to fluctuations in foreign currency exchange rates has increased.
- Acquired: Hepsiburada (2025).
In 2025, we acquired a controlling stake in Hepsiburada, which operates in T rkiye.
Kaspi.kz in numbers
- Kaspi.kz owns 10 consumer brands tracked here across 1 top-level categories; the largest is internet & digital with 10 brands.[1]
- 4 of its brands originated outside Kazakhstan.
Kaspi.kz financial history
Headline figures from Kaspi.kz's annual reports filed with the US Securities and Exchange Commission, in KZT as reported, fiscal years ending 2021–2025. Revenue moved from KZT 884.8bn to KZT 4046.1bn, an average of 46.2% a year (calculated).
| Fiscal year ended | Revenue | Operating income | Operating margin | Net income | Total assets | Long-term debt | Filing |
|---|---|---|---|---|---|---|---|
| KZT 4046.1bn | — | — | KZT 1067.7bn | KZT 11081.7bn | — | 20-F | |
| KZT 2532.2bn | — | — | KZT 1056.8bn | KZT 8377.1bn | — | 20-F | |
| KZT 1913.5bn | — | — | KZT 848.8bn | KZT 6821.9bn | — | 20-F | |
| KZT 1270.6bn | — | — | KZT 588.8bn | KZT 5121.6bn | — | 20-F | |
| KZT 884.8bn | — | — | KZT 435.2bn | — | — | 20-F |
Source: SEC XBRL company facts. A dash means the company did not report that line in a form we could read. Figures for a year can be restated in a later filing; the latest filing's number is shown.
Everything Kaspi.kz owns
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Full-screen interactive tree → · Download as infographic
Brand portfolio by category
Full portfolio, 10 brands, with sources → · Competitors by shared categories →
Minority stakes, joint ventures and licences
Kaspi.kz SEC filings
The documents behind the figures on this page, as listed in the SEC's EDGAR index. Each links to the filing itself.
Annual reports
- Annual report (foreign issuer), filed (20-F)
- Annual report (foreign issuer), filed (20-F)
- Annual report (foreign issuer), filed (20-F)
Recent current and quarterly reports
| Filed | Form | What it declares |
|---|---|---|
| 6-K | Report of a foreign private issuer | |
| 6-K | Report of a foreign private issuer | |
| 6-K | Report of a foreign private issuer | |
| 6-K | Report of a foreign private issuer | |
| 6-K | Report of a foreign private issuer | |
| 6-K | Report of a foreign private issuer | |
| 6-K | Report of a foreign private issuer | |
| 6-K | Report of a foreign private issuer |
Frequently asked questions
What brands does Kaspi.kz own?
Kaspi.kz owns 10 consumer brands tracked here, including Kaspi.kz, Kaspi Travel, Kaspi Pay, Hepsiburada, Kaspi Red and Kaspi Gold.
Is Kaspi.kz a Kazakhstani company?
Yes. Kaspi.kz is headquartered in Almaty, Kazakhstan and was founded in 2008.
Who owns Kaspi.kz?
Kaspi.kz is a publicly listed company owned by its shareholders; it trades as KSPI on the Nasdaq.
Sources (3) & 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.
- [2] Joint Stock Company Kaspi.kz: Form 20-F for the year ended 2025-12-31 (revenue) — SEC EDGAR, SEC Form 20-F, published 16 March 2026; retrieved 4 October 2026.
- [3] Joint Stock Company Kaspi.kz prospectus (Form 424B4) filed 2024-01-19 — SEC EDGAR, SEC filing, published 19 January 2024; retrieved 25 October 2026.
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