Core Insights - Kaspi.kz has received its second international credit rating, with Moody's rating it Baa3 and Fitch rating it BBB- [1][2] - The ratings reflect Kaspi.kz's diverse business profile, strong market position, and solid financials, including profitability and liquidity [2][7] - The company is expanding into Türkiye through the acquisition of a 65.41% stake in Hepsiburada, a leading e-commerce platform [5] Company Overview - Kaspi.kz operates a unique two-sided Super App model, catering to both consumers and merchants [3][4] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday user needs [4] - The company emphasizes strong top-line growth and profitability, with a business model characterized by low capital expenditure [5][7] Financial Performance - Kaspi.kz boasts a stellar profitability rate exceeding 40%, attributed to effective cost control and minimal loan loss risks [7] - The company maintains low leverage, primarily holding debt in the form of deposit liabilities from Kaspi Bank [7] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6]
Kaspi.kz receives investment grade rating from Moody's