One of most popular Kazakh banks considers expanding into Uzbekistan and other markets

Kazakh fintech group Kaspi plans to enter international markets, according to the company’s CEO Mikhail Lomtadze during a conversation with Miguel Armas, co-founder of the investment fund Gligamesh Ventures, reports Kazinform News Agency correspondent.

Currently, Kaspi has 15 million monthly users, with Kazakhstan’s total population being 20 million people, the top manager noted. He mentioned that alongside further growth, launching in other countries will enhance the country’s recognition in the field of innovation.

Over the past year, Kaspi has been exploring possibilities for geographic expansion. Key factors in market evaluation include mobile penetration, the development of cashless payments, and e-commerce.

“We are interested in Eastern European countries. We are interested in Asian markets. Uzbekistan - a large market with a border shared with Kazakhstan - is also attractive to us,” Lomtadze noted.

The company’s long-term goal is to reach 100 million active users. However, the company plans to expand cautiously due to a lack of inexpensive financial resources.

In January this year, Kaspi held an IPO on the Nasdaq exchange, raising $1 billion with a share price of $92. Shortly thereafter, the company announced its delisting from the London Stock Exchange (LSE), where it had placed depositary receipts in 2020.