China’s tech giant Tencent has become a shareholder in Kazakhstan-based fintech powerhouse Kaspi.kz, marking a notable cross-border move in the evolving global super app landscape.
Kaspi.kz (Nasdaq: KSPI) announced that Tencent, alongside co-founder and CEO Mikheil Lomtadze, senior management, and long-term institutional investors, has acquired 6 million American Depositary Shares (ADSs) from Baring Fintech Venture Funds. Financial terms of the transaction were not disclosed.
Lomtadze framed Tencent’s entry as a strategic alignment rather than a purely financial investment.
“Tencent pioneered the super app ecosystem business model, and we have long admired its ability to combine innovation at scale with disciplined execution. We are delighted to welcome Tencent as one of Kaspi.kz’s largest shareholders.”
He also highlighted increased participation from the company’s leadership team, signaling internal confidence in long-term growth.
“My own investment, together with those of key members of our senior management team, reflects our strong belief in Kaspi.kz’s Super App business model, long-term strategy and future growth opportunities.”
The transaction also attracted new institutional backers, including Spice Expeditions, as well as endowment funds linked to Washington University and the University of Wisconsin Foundation. Morgan Stanley acted as the exclusive financial adviser to Baring Fintech Venture Funds.
Kaspi.kz operates one of the region’s most advanced “super app” ecosystems, integrating payments, e-commerce, financial services, travel, and government services into a single platform. The company serves more than 25 million consumers and 900,000 merchants across Kazakhstan and Turkey.
User engagement remains a key differentiator: on average, customers in Kazakhstan conduct 77 transactions per month within the app, underscoring the depth of its ecosystem.
Since its listing on Nasdaq in January 2024, Kaspi.kz has accelerated its international expansion strategy. A major milestone includes acquiring an 86% stake in Turkish e-commerce platform Hepsiburada, positioning the company as a growing regional player bridging Central Asia and Türkiye.
Tencent’s entry signals increasing global interest in high-performing super app models outside China — particularly in emerging markets where integrated digital ecosystems are scaling rapidly.
