Business Breakdowns
Episode 204 Kaspi.kz: The Kazakh Super-App
Business Breakdowns

Episode 204: Kaspi.kz: The Kazakh Super-App

Business Breakdowns

Episode 204

Kaspi.kz: The Kazakh Super-App

Mikhail Lomtadze is the co-founder and CEO of Kaspi.kz. We cover the business' evolution from a small retail bank to a dominant fintech platform, how its app is integrated into the daily life of Kazakh consumers, and why keeping features as simple as possible is a core part of its product framework.

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Show Notes:

(00:00:00) Learn about Finley

(00:06:26) Mikhail's Background and Journey

(00:08:48) Kazakhstan's Economic Landscape

(00:13:05) Caspi's Mission and Evolution

(00:15:51) Building a Super App

(00:21:53) Focus on Payments

(00:24:50) E-commerce and Marketplace Expansion

(00:28:02) Entering the Grocery Market

(00:29:51) E-commerce Growth and Grocery Expansion

(00:30:10) FinTech Synergy and Competitive Advantages

(00:33:16) Kazakhstan Market Penetration and Growth Opportunities

(00:34:20) Vertical Expansion and Service Innovation

(00:35:28) Acquisition and International Expansion

(00:38:21) Company Culture and Product Development

(00:51:37) Super App Business Model and Market Strategy

(00:55:20) Lessons From Kaspi

Kaspi.kz: The Kazakh Super-App

Introduction

Zack
I'm Zack Fuss and today we are breaking down Kaspi, a leading financial technology company based in Kazakhstan. Best known for its super app, Kaspi plays a central role in the lives of millions of Kazakh citizens by offering a seamless ecosystem that combines payments and digital wallets, e-commerce, and financial services. Its success is often attributed to its ability to solve pain points specific to the Kazakh market, such as low financial inclusion and limited access to traditional banking infrastructure. This approach has made Kaspi not just a technology company, but an integral part of the country's economic fabric.

To truly appreciate the story of Kaspi, you must also learn the story of Kazakhstan, a 20-million-people country with a GDP of $260 billion. The country is rich in natural resources as one of the world's largest producers of uranium and a significant producer of oil as a member of OPEC+. It also notably shares a border with both China and Russia.

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