Kaspi.kz, Kazakhstan's leading fintech platform, posted robust quarterly results with revenue rising 38% year-on-year to KZT 172 billion, driven by digital banking and payment services. The company maintained profitability amid macroeconomic headwinds.
- Q4 2025 revenue: KZT 172 billion, up 38% YoY
- Net profit: KZT 48 billion, +25% YoY
- Active users: 13.7 million, +12% from Q3 2025
- Transaction volume growth: +42% YoY
- Gross profit margin: 52.3%
- Expansion plans in Uzbekistan and Kyrgyzstan
Kaspi.kz delivered a standout performance in the fourth quarter of 2025, reporting revenue of KZT 172 billion, a 38% increase compared to the same period in 2024. The growth was primarily fueled by a 42% surge in transaction volume across its digital payment and banking platforms, reflecting sustained consumer adoption of its integrated financial ecosystem. The company’s net profit reached KZT 48 billion in Q4, up 25% from the prior-year quarter, despite elevated operating costs tied to infrastructure upgrades and regional expansion. Gross profit margin improved to 52.3%, demonstrating operational efficiency gains. Kaspi.kz also reported 13.7 million active users, a 12% increase from Q3 2025, with mobile app engagement rising by 18% over the quarter. Market indicators suggest investor confidence remains high, with the company’s shares (KASP.L) trading 7% above their 52-week average. The Kazakhstani tenge (KZT=USD) remained stable at approximately 475 per USD during the reporting period, supporting the local currency valuation of the company’s earnings. The results underscore Kaspi.kz’s dominance in Kazakhstan’s rapidly digitizing financial sector, where it now holds over 35% of the country’s digital payment market. The company plans to extend its services into new Central Asian markets, including Uzbekistan and Kyrgyzstan, in 2026. This strategic move could position Kaspi.kz as a regional fintech leader, attracting interest from emerging market investors.