Kaspi.kz received an investment rating from Moody’s

Kaspi.kz received its second international credit rating. Moody’s assigned the company an investment-grade rating of Baa3 with a stable outlook. This follows the BBB- rating from Fitch, also with a stable outlook, which Kaspi.kz obtained in 2024. These ratings apply directly to Kaspi.kz and are not related to Kaspi Bank, which has long been evaluated by international rating agencies.

The high rating reflects Kaspi.kz’s diversified business profile, its leading market position, and strong financial performance, including profitability, capitalization, and liquidity. Key factors influencing the rating include:

— a unique business model: the Kaspi.kz super app combines payment, e-commerce, and FinTech services, driving sustained revenue growth

— high profitability: the margin exceeds 40%, supported by strict cost control and low credit risk levels

— low debt burden.

Mikhail Lomtatze, CEO and co-founder of Kaspi.kz
This is already the second credit rating for Kaspi.kz in recent months. Moody’s and Fitch have recognized our diversified business model, strong financial performance, and low debt burden. We are beginning our expansion into Turkey with Hepsiburada from a position of strength and are moving forward confidently.