Revenue of Kaspi.kz quarterly 2019-2024

The revenue of Kaspi.kz reached almost 600 billion Kazakhstani tenge between April and June 2024. That was 36 percent higher than the figure recorded in the corresponding quarter of the previous year. To compare, in the first quarter of 2024, the company earned 553 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 multiservice platform and the leading e-commerce and fintech provider in the country. It was 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 one of the largest IPOs on the London Stock Exchange, having raised 6.15 million British pounds. 

E-commerce in Kazakhstan

Over 28 percent of the population of Kazakhstan were estimated to be using e-commerce services in 2024, displaying an increasing popularity of online shopping. Kazakh residents expressed a 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.