Kaspi.kz Brings Super-App Model to Türkiye Through Strategic Investment

Kazakhstan's fintech giant Kaspi.kz is expanding its market-leading super-app to Türkiye through a strategic acquisition, aiming to replicate its domestic success. After acquiring a significant stake in e-commerce marketplace Hepsiburada, the Nasdaq-listed group is working to transplant its integrated payments, lending, and marketplace model to a market of approximately 85 million people. The expansion represents a major test of whether the company can successfully export its proven business model beyond its home market.

What is Kaspi.kz's strategy for expanding into Türkiye?

Kaspi.kz is leveraging its acquisition of a majority stake in e-commerce platform Hepsiburada to deploy its proven super-app model, which combines digital payments, marketplace shopping, and lending services to capture Türkiye's large, digitally-savvy consumer base and drive growth in the region.

The Türkiye expansion - what is being built

Kaspi.kz's strategy centers on its acquisition of a controlling stake in Hepsiburada, allowing the company to integrate its payments and lending services within an established marketplace platform, aiming for user adoption and gross merchandise value (GMV) growth.

Kaspi's Turkish expansion is built on its key acquisition:

Asset	Stake	Function	Planned Integration
Hepsiburada	Majority	Leading e-commerce marketplace	Integrate Kaspi Pay & BNPL services

The company is working to establish banking capabilities in Türkiye, which would provide access to the central bank's payment network and enable the deployment of consumer loan and buy-now-pay-later (BNPL) products directly through the Hepsiburada platform. This mirrors the seamless "shop-now, finance-in-three-clicks" model that generates a significant portion of Kaspi.kz's Kazakh GMV.

Management has indicated the Turkish strategy must demonstrate GMV growth while managing operational efficiency before achieving country-level profitability. The approach prioritizes scale first, with unit economics validation following.

The company has allocated substantial resources to fund technology migration, launch marketing, and initial operations. According to company statements, Turkish operations are expected to begin contributing to group revenue in the coming years, with plans to expand service offerings after core marketplace and credit functions are established.

Market timing - why Türkiye looks attractive now

Türkiye presents a compelling market opportunity. According to industry reports, the country's e-commerce sector has shown significant growth, with the digital banking sector also projected for substantial expansion. The market benefits from a large mobile user base and government initiatives supporting digital financial services. Furthermore, with elevated inflation levels, installment payments are increasingly common, and BNPL represents a growing portion of online retail spending.

Kaspi.kz enters with a distinct advantage: an integrated, all-in-one balance sheet. While competitors like Alibaba-owned Trendyol or neobank Papara must partner with third-party lenders, Kaspi can potentially underwrite, disburse, and collect within its own ecosystem. This allows it to capture interchange fees, merchant discounts, and credit yield simultaneously. Early integration efforts on Hepsiburada show promising engagement metrics, according to company reports.

Capital allocation and shareholder returns

The company has been managing its capital allocation strategy carefully, balancing growth investments with shareholder returns. According to recent company communications, management has indicated a disciplined approach to capital deployment, with a commitment to return cash to shareholders if expansion opportunities do not meet return thresholds.

"Capital allocation decisions reflect our commitment to disciplined growth," management has stated regarding the expansion strategy.

Milestones investors are watching

Checkpoint	Focus Area	Timeframe	Implication
Hepsiburada Integration	Platform synergies	Near-term	Proof of concept validation
Turkey Operations	Path to profitability	Medium-term	Sustainable business model
Group Performance	Overall growth trajectory	Ongoing	Market expansion success
User Growth	Market penetration	Long-term	Scale achievement

While execution risks from regulation, competition, and currency volatility remain, early progress suggests strategic partners view Kaspi as a credible platform for financial services integration. The expansion serves as a critical test of whether a Central Asian fintech champion can export its model westward, potentially unlocking a market significantly larger than its home base.