Kaspi.kz is a Kazakhstan-based Super App company that connects consumers and merchants through a single mobile platform covering payments, e-commerce, and financial services. The Kaspi.kz Super App had 15.7 million monthly active users as of end-2025, with the average active consumer conducting 77 transactions per month. The companion merchant app, Kaspi Pay, serves roughly 764,000 active merchants. Kaspi organizes its Kazakhstan business into three roughly equal segments: Payments, Marketplace, and Fintech. The Payments segment processes QR-based transactions, peer-to-peer transfers, and bill payments, earning a take rate on total payment volume. The Marketplace segment operates a primarily third-party e-commerce platform across general goods, groceries, travel, and classifieds, earning seller fees plus fast-growing, high-margin revenue from advertising and last-mile delivery services. The Fintech segment functions like an embedded bank, originating consumer and merchant loans funded by deposits, with credit underwriting driven by transaction and behavioral data from the broader platform. Kaspi's growth strategy focuses on deepening penetration of existing services in Kazakhstan — many of which remain underpenetrated among its user base — and expanding into Türkiye following its 2025 acquisition of Hepsiburada, a leading Turkish e-commerce platform. Kaspi is also pursuing a Turkish banking license to eventually launch deposit and lending products there, targeting EBITDA breakeven during 2026.