Kazakhstan-based fintech and technology giant Kaspi.kz has received regulatory approval from Turkey’s Banking Regulation and Supervision Agency (BDDK) to acquire Rabobank A.Ş., marking another milestone in its international expansion strategy.
The transaction is expected to close in July 2026, subject to customary closing conditions.
The approval follows the share purchase agreement signed earlier between Kaspi.kz and Rabobank for the acquisition of its Turkish banking subsidiary.
“Our approval from BDDK is an important milestone for Kaspi.kz and a significant step forward in developing our business in the Turkish market,” said Mikhail Lomtadze, co-founder and CEO of Kaspi.kz.
He added that the company plans to leverage its expertise in digital payments, e-commerce, and fintech to create new opportunities for consumers and businesses across Turkey.
“We are at the very beginning of this journey and are very excited about the potential ahead for Kaspi.kz,” Lomtadze said.
Rabobank A.Ş. currently holds a Turkish banking license but operates without retail borrowers, depositor clients, or a branch network. This structure provides Kaspi.kz with a regulated banking platform that can serve as a foundation for launching its digital financial ecosystem in one of the region’s largest markets.
Why it matters
The acquisition gives Kaspi.kz a strategic entry point into Turkey’s banking sector without inheriting a legacy retail operation. Rather than acquiring an existing customer base, the company is effectively obtaining a banking license through which it can introduce its integrated “super app” model that combines payments, digital banking, e-commerce, and marketplace services.
For Turkey, the move signals continued interest from regional technology champions seeking to expand beyond their home markets. For the wider MENA and Central Asian fintech ecosystem, it reflects a growing trend of successful regional players using acquisitions to accelerate cross-border growth instead of building banking infrastructure from scratch.
