Tencent and Kaspi.kz Management Acquire Significant Stake in Kazakh Fintech Giant
Tencent joins Kaspi.kz’s largest shareholders alongside company leadership and US institutional investors, signaling confidence in its fintech innovation and growth.
Kaspi.kz, a leading fintech and e-commerce platform in Kazakhstan, announced a landmark transaction in which Chinese technology giant Tencent, Kaspi.kz co-founder and CEO Mikhail Lomtatze, key members of the company's leadership team, and prominent long-term institutional investors from the United States acquired approximately 6 million American Depositary Shares (ADS) from Baring Fintech Venture Funds.
Strategic Entry of Tencent into Kaspi.kz’s Shareholder Base
Tencent, known globally as the creator of WeChat—the super app used by over 1.3 billion people—is now among Kaspi.kz’s largest shareholders. This move represents Tencent’s strategic expansion into Central Asia’s burgeoning fintech and e-commerce markets, leveraging Kaspi.kz’s established ecosystem.
“Tencent — China’s largest technology company and pioneer of the super app business model — is a perfect partner as we continue scaling our innovative services,” said Mikhail Lomtatze, Kaspi.kz CEO and co-founder.
Tencent’s portfolio further includes significant stakes in global digital entertainment and social media companies such as Universal Music Group (about 10%), VK (7.4%), Activision Blizzard, Ubisoft, Paradox Interactive (5% each), and Warner Music Group (1.6%), underscoring its broad investment strategy in digital ecosystems.
Management and Institutional Investors Affirm Long-Term Confidence
In addition to Tencent, Kaspi.kz’s management team made co-investments in the transaction, signaling strong internal confidence in the company’s business model and growth trajectory. Lomtatze emphasized the leadership’s commitment to the company’s future and the fintech ecosystem it fosters.
Alongside Tencent and Kaspi.kz leadership, Spice Expeditions—a global fintech investment firm—and university-affiliated investment funds from Washington University and the University of Wisconsin Foundation joined the group of long-term shareholders.
“My personal investment, along with those from key management members, reflects our conviction in Kaspi.kz’s long-term strategy and innovative approach,” Lomtatze added.
Kaspi.kz’s Expanding Ecosystem and Market Reach
Kaspi.kz is a dominant player in Kazakhstan’s digital economy, serving over 25 million customers and 900,000 partners across Kazakhstan and Turkey. In Kazakhstan, its super app integrates payments, e-commerce, an online supermarket, fintech services, travel bookings, classifieds, and government services, creating a multifaceted digital ecosystem.
Internationally, Kaspi.kz holds an 86% stake in Hepsiburada, one of Turkey’s leading e-commerce platforms, positioning the company for significant regional expansion and cross-border fintech innovation.
This strategic investment by Tencent and other key investors underscores the growing global interest in Central Asia’s fintech startups and signals potential acceleration in venture capital funding, mergers and acquisitions, and the broader innovation ecosystem in the region.
Based on reporting by Deutsche Welle.
