Kaspi.kz: 20% Revenue Jump Fuels AI Launch, Turkey Expansion
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Kaspi.kz's Q3 2025 revenue surged 20%, fueling a January 2026 AI launch & Turkey expansion. Strong growth across all segments.
Kazakhstan's leading digital ecosystem, Kaspi.kz, reported a significant 20% revenue jump in Q3 2025, a performance that fuels its ambitious Kaspi AI launch and strategic Turkey expansion. The company's core payments, marketplace, and fintech segments drove quarterly revenue to KZT 1.11 trillion and nine-month revenue to KZT 2.2 trillion. This robust top-line, achieved despite a smartphone supply squeeze and a 200 bp rate hike, is funding an aggressive, acquisition-led strategy in Turkey, where over USD 1 billion has already been invested this year.
| Segment (3Q 2025) | Key metric | YoY growth |
|---|---|---|
| *Payments * | Total payment volume (TPV) | +18 % |
| *Marketplace * | Gross merchandise value (GMV) | +12 % (+21 % excl. phones) |
| *Fintech * | Total financed value (TFV) origination | +16 % |
"Underlying net income rose 21% when excluding the one-off impact from handset shortages and the higher base rate," management told analysts. They highlighted strong engagement with 76 monthly transactions per active consumer and a 10.3% marketplace take-rate, which has increased by two percentage points over two years.
Kaspi AI: 500 000 products already optimised, public launch next month
Kaspi AI is a new tool for merchants that automatically generates photos, multi-language descriptions, and structured product attributes. By optimizing listings, it measurably improves click-through and conversion rates. The platform will be integrated into the existing merchant dashboard for its January 2026 release.
Following a successful internal test on 500,000 SKUs, Kaspi.kz confirmed the January 2026 public launch for Kaspi AI. Product pages enhanced by the AI showed significant increases in click-through and conversion rates. The tool will be available to all 200,000 merchants via their existing dashboard, offered free for the first six months, and is already integrated with Kaspi's cross-media ad manager for placements on platforms like Instagram, TikTok, and Google Shopping.
"Merchants can press one button to receive a ready-to-sell product card. Our data shows these AI-generated listings move to the top of search results twice as fast," stated the Head of Marketplace, noting this contributed to advertising revenue jumping +56% YoY in Q3.
Turkey: Hepsiburada GMV accelerates, Rabobank licence on the horizon
In 2025, Kaspi.kz invested USD 1.127 billion to acquire a 66.35% stake in Hepsiburada. The Turkish e-commerce platform contributed TRY 3.7 billion in quarterly revenue (+22% YoY) and saw its Gross Merchandise Value (GMV) grow by 15%. While aggressive spending on delivery, BNPL, and marketing led to a TRY 1.3 billion loss, the pending acquisition of Rabobank A.Ş. is a key part of the long-term strategy. Expected to close in mid-2026, the deal will provide Kaspi with a full Turkish banking license, enabling the integration of Kaspi Pay, Kaspi BNPL, and high-yield deposits within the Hepsiburada app. To finance this, Kaspi has allocated approximately USD 300 million from its USD 650 million Eurobond.
| Turkey KPI (3Q 2025) | Value | YoY change |
|---|---|---|
| Hepsiburada GMV | ~USD 1.1 bn | +15 % |
| Hepsiburada revenue | TRY 3.7 bn | +22 % |
| Hepsiburada EBITDA | TRY -1.3 bn | -74 % (investment phase) |
Margins: resilient at home, compressed abroad
While Kaspi.kz maintained a robust EBITDA margin above 68% in Kazakhstan, the consolidated group margin fell to 54% due to the inclusion of lower-yield e-grocery operations and investment-related losses in Turkey. CFO Alexey Kats noted that while each 100 bp rate increase reduces fintech net interest margin by about 30 bp, this pressure is offset by higher marketplace take-rates and new payment technologies. The company forecasts full-year net income growth of 10-12%, with the lower end of the range reflecting ongoing smartphone shortages and front-loaded marketing expenses in Turkey.
Looking ahead
Looking to 2026, Kaspi AI is set to become the standard content engine for merchants in January, as the company completes the technical integration of Hepsiburada into its logistics and payment systems. Analysts project a potential return to a high-teens earnings trajectory for 2026 if Turkish daily order growth sustains its current +16% rate and Kazakh consumer engagement remains high. With USD 100 million in authorized ADS buy-backs and no further major acquisitions planned, Kaspi.kz intends to redirect surplus capital toward dividends once its Turkish operations achieve breakeven - a target set for the end of 2026.