Revenue of Kaspi.kz quarterly 2019-2023

The revenue of Kaspi.kz reached 448 billion Kazakhstani tenge between April and June 2023. That was 51 percent higher than the figure recorded in the corresponding quarter of the previous year. To compare, in the first quarter of 2023, the company earned 404 billion Kazakhstani tenge. 

The making of Kaspi.kz

Starting out as a Kazakh bank for customers of an electronics store, at the time owned by Vyacheslav Kim, Kaspi.kz quickly turned into a multi-service platform and the leading e-commerce and fintech provider in the country under the direction of entrepreneur Mikheil Lomtadze and investments from Baring Vostok. Between 2012 and 2019, the company began offering a wide spectrum of services, largely appealing to consumers, as well as opened a marketplace platform. Kaspi.kz was the one of the largest IPOs on the London Stock Exchange, having raised 6.15 million British pounds. 

E-commerce in Kazakhstan

Over 40 percent of the population of Kazakhstan used e-commerce services in 2022, displaying an increasing popularity of online shopping. Kazakh residents expressed preference for purchasing goods and services online via mobile devices, especially noticeable in comparison to other countries in the Commonwealth of Independent States (CIS). Kazakhstan was among the major e-commerce importers from Russia, as nearly one fifth of Russian international online sales were conducted in Kazakhstan.