Kaspi.kz receives investment grade rating from Moody’s
Kaspi.kz (KSPI) has received an investment grade Baa3 rating with stable outlook from Moody's, marking its second international credit rating following Fitch's BBB- rating in H2 2024. The rating reflects Kaspi.kz's:
- Diverse business profile and leading nationwide franchise
- Super App business model combining payments, commerce, and fintech
- Stellar profitability exceeding 40%
- Sound financials including capitalization and liquidity
- Low leverage structure, primarily consisting of Kaspi Bank deposit liabilities
This rating is independent of Kaspi Bank's existing ratings and comes as the company prepares for expansion into Türkiye through Hepsiburada.
Kaspi.kz (KSPI) ha ricevuto un rating di investimento Baa3 con outlook stabile da Moody's, segnando il suo secondo rating creditizio internazionale dopo il rating BBB- di Fitch nel secondo semestre del 2024. Il rating riflette:
- Un profilo aziendale diversificato e una franchigia leader a livello nazionale
- Un modello di business Super App che combina pagamenti, commercio e fintech
- Un'eccezionale redditività che supera il 40%
- Solidità finanziaria inclusiva di capitalizzazione e liquidità
- Una struttura di indebitamento bassa, costituita principalmente da passività di deposito di Kaspi Bank
Questo rating è indipendente dai rating esistenti di Kaspi Bank e arriva mentre l'azienda si prepara all'espansione in Turchia attraverso Hepsiburada.
Kaspi.kz (KSPI) ha recibido una calificación de inversión Baa3 con perspectiva estable de Moody's, marcando su segunda calificación crediticia internacional tras la calificación BBB- de Fitch en la segunda mitad de 2024. La calificación refleja:
- Un perfil empresarial diverso y una franquicia líder a nivel nacional
- Un modelo de negocio de Super App que combina pagos, comercio y fintech
- Una rentabilidad estelar que supera el 40%
- Sólidos fundamentos financieros, incluyendo capitalización y liquidez
- Una estructura de bajo apalancamiento, compuesta principalmente por pasivos de depósitos de Kaspi Bank
Esta calificación es independiente de las calificaciones existentes de Kaspi Bank y llega mientras la empresa se prepara para expandirse en Türkiye a través de Hepsiburada.
Kaspi.kz (KSPI)는 무디스로부터 Baa3 등급과 안정적인 전망을 받은 투자 등급을 획득했으며, 이는 2024년 하반기 피치의 BBB- 등급에 이어 두 번째 국제 신용 등급입니다. 이 등급은 Kaspi.kz의:
- 다양한 비즈니스 프로필과 전국적인 프랜차이즈의 선두주자
- 결제, 상거래 및 핀테크를 결합한 슈퍼 앱 비즈니스 모델
- 40%를 초과하는 뛰어난 수익성
- 자본화 및 유동성을 포함한 건전한 재무
- 주로 Kaspi Bank의 예금 부채로 구성된 낮은 레버리지 구조
이 등급은 Kaspi Bank의 기존 등급과는 독립적이며, 회사가 Hepsiburada를 통해 Türkiye로의 확장을 준비하는 가운데 발표되었습니다.
Kaspi.kz (KSPI) a reçu une note d'investissement Baa3 avec perspective stable de Moody's, marquant sa deuxième note de crédit internationale après la note BBB- de Fitch au second semestre 2024. Cette note reflète :
- Un profil d'entreprise diversifié et une franchise nationale leader
- Un modèle commercial de Super App combinant paiements, commerce et fintech
- Une rentabilité exceptionnelle dépassant 40%
- Des fondamentaux financiers solides, y compris la capitalisation et la liquidité
- Une structure de faible endettement, composée principalement des passifs de dépôt de Kaspi Bank
Cette note est indépendante des notes existantes de Kaspi Bank et intervient alors que l'entreprise se prépare à s'étendre en Türkiye via Hepsiburada.
Kaspi.kz (KSPI) hat von Moody's eine Baa3-Bewertung mit stabiler Aussicht erhalten, was die zweite internationale Kreditbewertung nach der BBB- Bewertung von Fitch im zweiten Halbjahr 2024 markiert. Die Bewertung spiegelt wider:
- Ein vielfältiges Geschäftsprofil und eine führende nationale Franchise
- Ein Super-App-Geschäftsmodell, das Zahlungen, Handel und Fintech kombiniert
- Eine hervorragende Rentabilität von über 40%
- Solide Finanzdaten, einschließlich Kapitalisierung und Liquidität
- Eine niedrige Verschuldungsstruktur, die hauptsächlich aus den Einlagenverbindlichkeiten der Kaspi Bank besteht
Diese Bewertung ist unabhängig von den bestehenden Bewertungen der Kaspi Bank und erfolgt, während das Unternehmen sich auf die Expansion nach Türkiye über Hepsiburada vorbereitet.
- Received investment grade Baa3 rating from Moody's
- Second investment grade rating after Fitch's BBB-
- Profitability exceeding 40%
- Low leverage structure
- Strong market position across payments, commerce, and fintech
- None.
ALMATY, Kazakhstan, March 05, 2025 (GLOBE NEWSWIRE) -- Kaspi.kz has received its second international credit rating. Moody’s rates Kaspi.kz investment grade Baa3 with a stable outlook. The rating follows Fitch’s investment BBB- credit rating and stable outlook, received in the second half of 2024. These rating are separate from Kaspi Bank, a component of Kaspi.kz’s Fintech Platform, which has been tracked by international rating agencies for many years.
According to Moody’s, the rating reflects Kaspi.kz’s diverse business profile, leading nationwide franchise and sound financials including profitability, capitalisation and liquidity. Among the key ratings drivers are:
- Diverse business model: Kaspi.kz’s Super App business model is unique in its ability to successfully combine leading & diverse franchises across payments, commerce and fintech. This supports good revenue generation and resilience through the economic cycle.
- Stellar profitability in excess of
40% , reflecting tight cost control and limited risk from loan losses. - Low leverage, with almost all debt in the form of Kaspi Bank’s deposit liabilities.
Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented: “This is the second credit rating received by Kaspi.kz in the past couple of months. Both Moody’s and Fitch have recognised our diverse business model, leading market position, financial results track record and low leverage. As we embark on expansion into Türkiye with Hepsiburada we do this from a position of strength and are firmly on the front foot.”
About Kaspi.kz
Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants.
Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network.
The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.
In January 2025, we acquired a
Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.
Kaspi.kz has been listed on Nasdaq since January 2024.
For further information
David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275
FAQ
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