Kaspi.kz reported robust financial results for the second quarter and first half of 2026, highlighted by a 16% revenue increase and an 18% dividend hike, as the company pivots toward AI-powered commerce and banking expansion in Kazakhstan and Turkey.
Strategic Growth and the Launch of “Kasper”
CEO Mikheil Lomtadze emphasized that Kaspi’s core marketplace continues to thrive, with e-commerce GMV growing by 28% on a constant currency basis. A major milestone in the company’s evolution is the launch of “Kasper,” a personal AI assistant integrated directly into their super app. As of July 1st, Kasper has been helping consumers discover products, compare features, and complete purchases with increased efficiency. Early metrics show that 20% of users are engaging with the AI, with interaction speeds averaging just 3 seconds.
Financial Performance and Margin Dynamics
David Ferguson, representing Kaspi, detailed the broader financial landscape. Despite a 21% depreciation of the Turkish Lira impacting reported figures, the company’s marketplace take rate expanded to 12.1%. While EBITDA growth was recorded at 5%, the company is successfully managing cost pressures through strategic adjustments. Notably, the firm has begun reducing deposit rates in Kazakhstan following recent Central Bank policy shifts, a move expected to provide a tailwind for profitability heading into 2027.
Fintech Expansion in Turkey
Kaspi has finalized the acquisition of a banking license in Turkey, marking a significant step in its regional fintech strategy. The company plans to invest approximately $300 million to build out its local fintech capabilities. Currently, Kaspi is piloting a new shopping loan on the Hepsiburada platform, which already accounts for 0.54% of GMV. The firm intends to roll out a full suite of consumer and merchant financial products in Turkey throughout the coming year.
Operational Resilience and Future Outlook
The company maintains its full-year guidance, projecting 20% GMV growth. Leadership remains focused on high-frequency transaction environments and improving delivery logistics, which have proven to be the primary drivers of consumer engagement. By shifting the loan portfolio mix toward higher-revenue-generating products and optimizing funding costs, Kaspi aims to strengthen its bottom line as inflation in its primary markets continues to moderate.
The management team reiterated that their competitive advantage lies in the integration of commerce and financial services, a model they intend to scale aggressively across their current and future markets.
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