Tencent and Leadership Acquire Major Stake in Kaspi.kz, Boosting Fintech Influence

Kaspi.kz, Kazakhstan's leading fintech and digital services company, has announced a significant share acquisition involving Tencent, co-founder and CEO Mikhail Lomtadze, key management members, and long-term US institutional investors. Together, they acquired approximately 6 million American Depositary Shares (ADS) of Kaspi.kz from Baring Fintech Venture Funds.

Tencent Joins Kaspi.kz’s Core Shareholders

Tencent, the Chinese technology giant known for pioneering the super app model through its flagship platform WeChat, is now among Kaspi.kz's largest shareholders. WeChat boasts over 1.3 billion active users worldwide, highlighting Tencent's expertise in integrating payments, social, and digital services into a seamless ecosystem.

"Tencent is the largest technology company in China and creator of one of the world’s most popular mobile applications. We are pleased to welcome Tencent as a major shareholder of Kaspi.kz," said Mikhail Lomtadze.

Beyond Tencent's new stake in Kaspi.kz, the company holds notable investments in global digital media and gaming firms, including approximately 10% of Universal Music Group, 7.4% of VK, and 5% stakes in Activision Blizzard, Ubisoft, and Paradox Interactive. This broad portfolio underscores Tencent's strategic positioning within the digital economy.

Confidence in Kaspi.kz’s Fintech Business Model

The participation of Kaspi.kz’s management in the share acquisition signals strong leadership confidence in the company’s growth trajectory. Lomtadze emphasized the long-term vision driving their investments.

"My investment, alongside key management members, reflects solid confidence in our business model and strategic direction. We also welcome Spice Expeditions, an international fintech-focused investment firm, and university endowment funds from Washington University and the University of Wisconsin Foundation to our investor base," Lomtadze added.

Kaspi.kz’s Expanding Digital Ecosystem

Kaspi.kz operates a super app in Kazakhstan integrating payments, e-commerce, an online supermarket, fintech services, travel, classifieds, government services, and other digital offerings. The platform serves over 25 million customers and 900,000 partners across Kazakhstan and Turkey.

In Turkey, Kaspi.kz holds an 86% stake in Hepsiburada, one of the country’s leading e-commerce platforms, further expanding its footprint in regional digital markets.

The company’s mission centers on developing innovative financial and digital products that enhance client and partner experiences, fueling Kazakhstan’s digital economy growth.

Kaspi.kz’s partnership with Tencent not only strengthens its capital base but potentially accelerates technology transfer and fintech innovations, given Tencent’s super app expertise and diverse digital investments.

Based on reporting by Deutsche Welle.