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    Uzbekistan World Kazakhstan

    Kazakhstani fintech giant Kaspi plans to enter foreign markets, including Uzbekistan

    Kazakhstani fintech giant Kaspi plans to enter foreign markets, including Uzbekistan

    Kazakhstani fintech group Kaspi, a prominent player in the financial technology sector, is poised to expand its operations into international markets. Mikhail Lomtadze, CEO of Kaspi, highlighted these ambitions during a conversation with Miguel Armasa, co-founder of the Gligamesh Ventures investment fund.

    Photo: 
    Source: Kapital.kz

    Current Success and Market Penetration

    Kaspi has achieved vital penetration in Kazakhstan, with 15mn monthly users out of a total population of 20mn. This impressive market saturation demonstrates the company's strong foothold in its home country. Lomtadze noted that further growth within Kazakhstan, coupled with international expansion, will bolster the country's reputation for innovation.

    Strategic Expansion Plans

    Over the past year, Kaspi has been meticulously exploring opportunities for geographic expansion. The company evaluates potential markets based on several key factors: the penetration of mobile communications, the development of non-cash payments, and the state of e-commerce.

    "We are interested in the countries of Eastern Europe. We are interested in Asian markets. Uzbekistan, a large market that has a border with Kazakhstan, is also attractive to us," Lomtadze stated.

    While Kaspi is eager to expand, the company is proceeding with caution. The primary concern is the scarcity of cheap financial resources, which could impact the pace and scale of its international ventures. Despite these challenges, Kaspi remains committed to its long-term goal of reaching 100mn active users.

    Recent Financial Moves

    In January of this year, Kaspi held an initial public offering (IPO) on the Nasdaq exchange, successfully raising $1bn with a share price of $92. This move highlights the company's robust financial health and investor confidence. However, shortly after the Nasdaq listing, Kaspi announced its delisting from the London Stock Exchange (LSE), where it had floated depositary receipts in 2020.

    Kaspi is particularly interested in expanding into Eastern Europe and Asia. Uzbekistan, due to its proximity and market potential, is a prime candidate for Kaspi's expansion. In addition, as of January 1, 2024, Uzbekistan's permanent population is 36.8mn which adds to up to the potential country has. The company's interest in these regions is driven by the significant growth opportunities they present, especially in the fintech sector.

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    19.06.2024, 16:38   Comments (0)   2643
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