Kaspi.kz announced that Tencent, alongside CEO and Co-Founder Mikheil Lomtadze, senior management, and long-term institutional investors, has completed the purchase of 6.0 million American Depositary Shares from Baring Fintech Venture Funds.
The transaction introduces Tencent as one of Kaspi.kz’s largest shareholders, alongside a group of strategic and institutional investors, including Spice Expeditions and U.S. university endowments such as Washington University and the University of Wisconsin Foundation.
The investment reflects continued confidence in Kaspi.kz’s super app model, which integrates payments, e-commerce, fintech, and digital services into a single platform. The company serves more than 25 million consumers and 900,000 merchants across Kazakhstan and Türkiye, with high user engagement driven by a broad range of everyday services.
Kaspi.kz has established a leading position in Kazakhstan and is expanding its footprint internationally, including through its majority stake in Turkish e-commerce platform Hepsiburada. The addition of Tencent, a pioneer in the super app ecosystem, is expected to further strengthen Kaspi.kz’s strategic positioning as it scales its platform.
The participation of senior management in the transaction underscores internal confidence in the company’s long-term growth trajectory, while the involvement of global institutional investors signals continued interest in scalable fintech platforms with strong regional leadership.
Support: Morgan Stanley served as exclusive financial advisor to the selling shareholders in the transaction.
KEY QUOTES:
“Tencent pioneered the super app ecosystem business model, and we have long admired its ability to combine innovation at scale with disciplined execution. We are delighted to welcome Tencent as one of Kaspi.kz’s largest shareholders.”
“My own investment, together with those of key members of our senior management team, reflects our strong belief in Kaspi.kz’s Super App business model, long-term strategy and future growth opportunities.”
“The combination of strategic, management and highly respected institutional capital comes at an exciting time for Kaspi.kz as we build on our market leadership in Kazakhstan and expand into Türkiye.”
Mikheil Lomtadze, CEO And Co-Founder, Kaspi.kz
