Kaspi.kz to allocate $650 million for its ambitious projects in Turkey

Kazakhstani fintech giant Kaspi.kz looks forward to spending $650 million raised from Eurobond placement in late March to fund its fintech strategy in Turkey along with acquiring a Turkish subsidiary of the Netherlands-based Rabobank group, as stated in the company’s latest financial report.

According to the document, the company plans to allocate $300 million raised from the bond placement to finance its fintech strategy in Turkey this year. The remaining funds are expected to be used to acquire Rabobank Group’s Turkish subsidiary. However, no details have been revealed.

Kaspi.kz placed five-year USD-denominated Eurobonds on the London Stock Exchange’s International Securities Market and the Astana International Exchange on March 18, 2025.

On March 27, the company announced an agreement to acquire Rabobank’s Turkish subsidiary. Neither the size of the acquired stake nor the amount has been revealed.

In 2024, the Turkish subsidiary of Rabobank ranked 40th by asset size (€52 million) among the country’s 54 banks, according to the Banks Association of Türkiye. The agency’s statement also noted that the bank has no loans or deposits. Kaspi.kz also mentioned this in its notification, as well as the fact that the bank lacks a branch network.

According to Rabobank’s statements, as of Dec. 31, 2024, there were 27 employees, while most of its assets consisted of real estate and personal property.

The acquisition of the Turkish bank will mark Kaspi.kz’s second purchase in Turkey in the past year. In January, the company announced it had acquired a 65.41% stake in Hepsiburada, one of Turkey’s largest marketplaces, for $1.1 billion. Under the arrangement, Kaspi.kz paid $600 million in cash, with the remaining $526.9 million to be transferred no later than six months after the deal’s conclusion.