Tencent and Kaspi.kz CEO Purchase 6.0 Million ADSs from Baring Fintech Funds
Kaspi.kz CEO Mikheil Lomtadze, senior management and Tencent purchased 6.0 million ADSs from Baring Fintech Venture Funds, joining Spice Expeditions and U.S. university endowments as long-term shareholders. The transaction bolsters the super app’s backing as Kaspi.kz serves over 25 million consumers and 900 thousand merchants across Kazakhstan and Türkiye.
1. Transaction Details
Kaspi.kz CEO Mikheil Lomtadze, key senior management and Tencent acquired 6.0 million American Depositary Shares from Baring Fintech Venture Funds, marking a major insider and strategic investor buy-in.
2. New Long-term Shareholders
Spice Expeditions, the Washington University endowment and the WISIMCO / University of Wisconsin Foundation also participated as long-term institutional shareholders alongside the management team.
3. Strategic Implications
The added capital strengthens Kaspi.kz’s two-sided super app model, which serves more than 25 million consumers and 900 thousand merchants in Kazakhstan and supports its 86% stake in Türkiye’s Hepsiburada.
4. Advisory and Outlook
Morgan Stanley served as exclusive financial advisor on the deal; this endorsement signals strong investor confidence as Kaspi.kz pursues further market leadership and geographic expansion.