Kaspi.kz, Kazakhstan’s leading fintech company, said it has completed the purchase of 6 million American depositary receipts (ADRs) from Baring Fintech Venture Funds. Tencent is among the buyers.
Following the transaction, Tencent has become one of Kaspi.kz’s largest shareholders, according to company disclosures.
New investors and deal advisers
In addition to Tencent, new shareholders include investment firm Spice Expeditions, as well as the endowments of Washington University in St. Louis and the University of Wisconsin Foundation (WISIMCO). Morgan Stanley served as financial adviser on the transaction.
Business overview and expansion
Kaspi.kz operates a «super app» that integrates payments, an e-commerce marketplace, fintech services and government services. The company serves more than 25 million users and 900,000 merchants across Kazakhstan and Turkey.
In Turkey, Kaspi.kz owns an 86% stake in the e-commerce platform Hepsiburada. The company listed on Nasdaq in January 2024.
