Kaspi.kz Secures Investment-Grade Rating from Moody’s

Kaspi.kz has received its second international credit rating, marking another milestone in its financial standing. Moody’s assigned an investment-grade Baa3 rating with a stable outlook to the company. This follows the BBB- investment-grade rating and stable outlook previously issued by Fitch in the second half of 2024. The rating assigned by Moody’s is separate from that of Kaspi Bank, a key component of Kaspi.kz’s Fintech Platform, which has been monitored by international rating agencies for many years.

According to Moody’s, the rating reflects Kaspi.kz’s strong financial position, diverse business structure, and market-leading franchise. The agency cited the company's solid profitability, capitalization, and liquidity as key factors contributing to the rating decision. Several elements played a crucial role in the evaluation:

• Diversified Business Model: Kaspi.kz operates a unique Super App ecosystem that integrates payments, e-commerce, and fintech services. This structure enables stable revenue streams and operational resilience across different economic cycles.
• High Profitability: The company maintains a profitability rate exceeding 40%, which reflects strong cost management and minimal exposure to credit losses.
• Low Leverage: The majority of Kaspi.kz’s debt consists of Kaspi Bank’s deposit liabilities, ensuring a balanced financial structure.

Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, commented on the latest credit rating, stating, "This is the second credit rating received by Kaspi.kz in the past couple of months. Both Moody’s and Fitch have recognized our diverse business model, leading market position, financial results track record, and low leverage. As we embark on expansion into Türkiye with Hepsiburada, we do this from a position of strength and are firmly on the front foot."

About Kaspi.kz

Kaspi.kz focuses on developing innovative mobile products and services designed to enhance everyday life. The company operates a two-sided Super App model, offering the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants.

Through these platforms, users gain access to Kaspi.kz’s Payments, Marketplace, and Fintech Platforms, which are designed to address everyday financial and commercial needs. The company’s proprietary payments network allows seamless transactions between consumers and merchants, reinforcing a highly interactive digital ecosystem.

By combining a large, engaged customer base with best-in-class digital products and a capital-efficient business model, Kaspi.kz continues to expand its services while ensuring financial sustainability. The company’s strong revenue growth and focus on digital innovation support its long-term mission.

In January 2025, Kaspi.kz acquired a 65.41% stake in Hepsiburada, one of Türkiye’s largest e-commerce platforms, further solidifying its presence in the region’s digital commerce and financial services sector.