MOST Finance presented a model for online business lending without collateral

On February 10, 2026, a closed meeting of MOST Finance Day took place in Almaty, bringing together investors, entrepreneurs, and financial market experts.

The company MOST Finance was presented at the event — a microfinance organization operating in the format of a neobank, a fully digital service aimed at supporting small and medium-sized businesses and IT entrepreneurs.

According to Pavel Koktyshev, head of MOST Holding and co-investor of MOST Finance, today approximately 42% of entrepreneurs are denied credit due to traditional approaches to business evaluation, which are primarily based on collateral. According to research conducted by the company, in 2025 alone, 3.4 million loan applications were submitted to banks and microfinance organizations, with more than half — 53% — being rejected. Moreover, the majority of rejections were based on insufficient collateral, which MOST Finance considers incorrect and unfair.

The MOST Finance model allows solving this problem. Co-founder and CEO Mirat Akhmetsadikov presented the company's development strategy, its team, as well as investment products that allow conservative investors to achieve stable returns.

Mirat Akhmetsadikov, co-founder and CEO of MOST Finance

Founded in 2025, the company already issued over a thousand fully online loans totaling 2.5 billion tenge in its first year. This was made possible through deep digitalization of processes, low-cost customer acquisition via platform solutions, and the absence of costs for maintaining branches and offices. At the same time, 85% of MOST Finance borrowers are repeat customers.

A special guest at the meeting was entrepreneur Yerkyn Tatishchev, one of the key investors in MOST Holding and MOST Finance, who shared his vision of long-term financial models and sustainable business growth. According to him, traditional Kazakhstani financing institutions need a new vector and new competitors, because an increasing number of clients are unwilling to pay for their cumbersome structures and complex processes.

In July 2025, MOST Finance successfully conducted a closed bond placement totaling approximately 1.2 billion tenge with a coupon rate of 24.5% per annum. In February 2026, the next stage of investor attraction is planned — a public bond placement of 2.5 billion tenge with monthly coupon payments. Prior to the placement, on February 13, an Issuer Day will take place at the KASE, where the company, together with the investment firm Alatau City Invest, will present the business model, financial results, and risk management plans to investors.