Kaspi.kz reported a strong financial performance for the second quarter and first half of 2026, highlighted by a 16% revenue increase and an 18% dividend hike, as the company pivots toward AI-driven consumer experiences and fintech expansion in Kazakhstan and Turkiye.
Strategic Growth and Financial Highlights
During the Q2 2026 earnings call, Kaspi CEO Mikheil Lomtadze and the executive team detailed a robust quarter. Marketplace Gross Merchandise Value (GMV) rose by 15%, with e-commerce—a primary strategic focus—surging 28% on a constant currency basis. Payments remained a core pillar, with Total Payment Volume (TPV) growing 15% quarter-over-quarter, while the average net loan portfolio expanded by 18% year-over-year.
The Launch of “Kasper”: A New AI Personal Assistant
Kaspi has officially entered a new development phase with the July 1st launch of “Kasper,” a personal AI assistant integrated directly into its super app. Designed to simplify everyday tasks, Kasper currently focuses on e-commerce, enabling voice and text-based product discovery across a catalog of 20 million items.
Early performance metrics are highly encouraging: 20% of customers exposed to the assistant have already utilized it, with response times averaging just 3 seconds. The AI has demonstrated significant efficiency, helping users reach product baskets 30% faster than traditional search methods. Lomtadze emphasized that the goal is to build “trusted” assistance, with plans to expand Kasper’s capabilities across all services in the super app.
Fintech Expansion in Turkiye
Kaspi is aggressively building its fintech footprint in Turkiye following the acquisition of a banking license. The company plans to invest approximately $300 million in bank capital, with a roadmap to roll out consumer and merchant fintech products by 2027. Currently, the company is piloting a new shopping loan on the Hepsiburada platform, which accounted for 0.54% of GMV in June, signaling a successful integration of financial services into the shopping journey.
Marketplace Dynamics and Interest Rate Tailwinds
David Ferguson, representing the finance team, noted that while reported EBITDA growth was 5%, the company is beginning to see a shift in the interest rate environment. With the National Bank of Kazakhstan lowering rates in late June, Kaspi has begun reducing deposit rates. This shift is expected to transition high interest rates from a historical headwind into a tailwind for profitability over the coming quarters.
Commitment to Future Scaling
Looking ahead, Kaspi management reaffirmed its guidance for the year, targeting 20% GMV growth. The company continues to prioritize “foundational” excellence—improving delivery speeds, enhancing merchant experiences, and refining risk management—to ensure that future product launches, particularly in the fintech sector, are built on a sustainable and highly scalable infrastructure.