The FinTech market in Kazakhstan continues to grow: the number of startups has increased fourfold

RISE Research, in collaboration with the National Payment Corporation of Kazakhstan, Mastercard, and Tarlan Payments, has published the results of a large-scale analysis of Kazakhstan's FinTech market. The study revealed that over the past five years, the number of FinTech startups in the country has grown fourfold, reaching 200 companies.

The growth of the FinTech industry is supported by the development of venture funding, which accounted for 40% of the total volume of venture investments in Kazakhstan in 2023. The share of cashless payments in the country reached a record high of 89%, while the number of active online banking users increased from 5,000,000 to 23,000,000. Leading market trends include the adoption of artificial intelligence, the development of digital government services, and the emergence of new financial products for small and medium-sized businesses.