Tencent Backs Kaspi.kz in Major Deal, Fueling Super App's Global Push

ALMATY, Kazakhstan – April 20, 2026 – Kazakhstani fintech giant Kaspi.kz has secured a powerful new ally, announcing today that Chinese technology conglomerate Tencent has become one of its largest shareholders. The investment is part of a larger transaction where Tencent, alongside Kaspi.kz Co-Founder and CEO Mikheil Lomtadze and other institutional investors, purchased 6.0 million American Depositary Shares (ADSs) from the Baring Fintech Venture Funds.

The deal is a resounding endorsement of Kaspi.kz's dominant "Super App" model and its ambitious international expansion plans. It brings together strategic capital from the pioneer of the Super App ecosystem, significant personal investment from the company's own leadership, and long-term backing from respected U.S. university endowments, setting the stage for the next chapter of growth for the Nasdaq-listed company.

A Strategic Endorsement for the Super App Model

Tencent's investment is more than just a capital injection; it's a strategic validation from the very company that perfected the Super App concept with its ubiquitous WeChat platform, which serves over 1.3 billion users. Tencent has a long history of making strategic minority investments in promising tech companies across emerging markets, building a global portfolio that includes stakes in Singapore's Sea Group and the Philippines' Voyager Innovations. This move signals Tencent's belief that Kaspi.kz has successfully replicated and adapted the integrated digital ecosystem model for the Central Asian market and beyond.

Mikheil Lomtadze, CEO and Co-Founder of Kaspi.kz, underscored the strategic alignment. "Tencent pioneered the super app ecosystem business model, and we have long admired its ability to combine innovation at scale with disciplined execution," he commented. "We are delighted to welcome Tencent as one of Kaspi.kz’s largest shareholders."

Lomtadze's own participation in the share purchase, along with key members of his senior management team, sends a strong message of internal confidence in the company's trajectory. This vote of confidence is further amplified by the inclusion of new institutional shareholders, including the globally focused fintech investment firm Spice Expeditions and the U.S. university endowments of Washington University and the University of Wisconsin Foundation (WISIMCO). This diverse coalition of investors highlights broad market appeal, blending strategic tech expertise with stable, long-term institutional capital.

Kazakhstan's Fintech Powerhouse Goes Global

The investment shines a spotlight on Kaspi.kz's meteoric rise and its ironclad grip on its home market. The company is not merely a player in Kazakhstan's digital economy; it is the landscape. Its Super App is an indispensable part of daily life for millions, seamlessly integrating payments, e-commerce, banking, government services, travel, and more.

The company's metrics are staggering. With over 14.7 million monthly active users—representing more than 70% of Kazakhstan's population—Kaspi.kz boasts unparalleled market penetration. User engagement is exceptionally high, with the average active consumer conducting 77 transactions per month through the app. This has translated into a dominant market share, with Kaspi.kz accounting for an estimated 60% of the nation's retail e-commerce value in 2023 and a payments platform whose transaction volume exceeds that of Visa and Mastercard combined within the country.

This domestic success provided a powerful narrative for its U.S. public offering. Since listing on the Nasdaq in January 2024—the first Kazakh company to do so—Kaspi.kz has delivered robust financial results. For the fiscal year 2024, the company reported a 32% year-over-year increase in total revenue to approximately $4.8 billion and a 25% rise in net income to $2.8 billion. Its stock has reflected this momentum, climbing 19% year-to-date and jumping over 9% on the news of the Tencent investment.

The Turkish Gambit: Replicating Success Abroad

While consolidating its leadership in Kazakhstan, Kaspi.kz has set its sights on a much larger prize: regional expansion. The new capital and strategic backing are expected to significantly bolster its efforts in Türkiye, a dynamic and rapidly growing digital market. In January 2025, Kaspi.kz made a decisive move into the country by acquiring a majority stake, now at 86%, in Hepsiburada, one of Türkiye's leading e-commerce platforms.

The challenge now is to export its successful Super App formula. Hepsiburada provides a strong foundation, ranking as a major player in a Turkish e-commerce market that is experiencing robust growth. The goal is to leverage Kaspi.kz's expertise in integrating fintech, payments, and other services to transform Hepsiburada from a pure-play e-commerce site into a comprehensive digital ecosystem, mirroring the model that proved so successful in Kazakhstan.

Lomtadze noted the investment comes at an "exciting time for Kaspi.kz as we build on our market leadership in Kazakhstan and expand into Türkiye.” While the Turkish consumer environment faces near-term economic headwinds, the long-term potential of its large, young, and digitally-savvy population presents a compelling opportunity. This new funding round provides Kaspi.kz with the resources and strategic patience needed to navigate this expansion and establish a second major hub of operations.

Synergies and the Path Forward

The partnership with Tencent opens a new frontier of potential synergies. Tencent Cloud has been actively promoting its "Super App as a Service" (TCSAS) platform, which helps businesses build their own integrated apps by leveraging the technical architecture and lessons learned from WeChat. This expertise could prove invaluable as Kaspi.kz refines its platform and scales its mini-app ecosystem. Potential collaborations could extend to integrating more sophisticated social and messaging features, leveraging Tencent's AI and cloud computing capabilities for enhanced personalization, or even exploring the integration of gaming elements to boost user engagement—a hallmark of many successful Asian super apps.

The transaction also marks a significant milestone for Baring Fintech Venture Funds, which are completing a highly successful, multi-decade investment cycle. As one of the earliest backers of Kaspi in 2005, Baring played a pivotal role in its transformation from a traditional bank into a fintech behemoth. Its gradual and orderly exit, culminating in this sale to a strategic and institutional consortium, represents a natural evolution for a maturing public company and clears the way for a new generation of long-term shareholders to support the company's ambitious future.

With a fortified balance sheet, a powerful new strategic partner, and unwavering confidence from its leadership, Kaspi.kz is poised to accelerate its mission. The company's journey from a local Kazakh bank to a Nasdaq-listed regional tech contender has entered a new, more ambitious phase, powered by the very innovators who wrote the playbook on the Super App model.