Kaspi.kz Trades at Six Earnings Despite KZT 4T Revenue and 12T Volume
KSPI•Kaspi.kz generated KZT 4 trillion in 2025 revenue, up from KZT 2.5 trillion, with quarterly payment volume exceeding KZT 12 trillion and 14 million monthly active users. Trading at around six times earnings, its valuation assumes Turkey expansion either unlocks significant upside or fails and drains capital.
1. Integrated Super App Model
Kaspi.kz's platform integrates payments, marketplace and fintech layers into a closed-loop ecosystem driving daily engagement through peer-to-peer transfers, QR transactions, bill payments and merchant commerce, while high-yield lending is powered by local deposits and proprietary data.
2. 2025 Financial Performance
In 2025 Kaspi generated KZT 4 trillion in revenue, up from KZT 2.5 trillion, with quarterly payment volume exceeding KZT 12 trillion, annual marketplace GMV of KZT 6.7 trillion and fintech revenue of KZT 420 billion, supported by 14 million monthly active users averaging over 70 transactions per month.
3. Valuation Multiple and Expansion Risk
Trading at roughly six times earnings, the stock reflects a scenario where Turkish expansion must succeed to unlock significant upside; failure of the Hepsiburada acquisition risks capital consumption and could erode the core platform's value.
