Kaspi.kz: The Kazakh Super-App - [Business Breakdowns, EP.204]

This is Zack Fuss. Today, we are breaking down Kaspi, a leading financial technology company based in Kazakhstan best known for its super app. Kaspi plays a central role in the lives of millions of Kazakh citizens by offering a seamless ecosystem that combines payments and digital wallets, e-commerce, and financial services.  Its success is often attributed to its ability to solve pain points specific to the Kazakh market, such as low financial inclusion and limited access to traditional banking infrastructure. To break down Kaspi, I'm joined by the company's CEO and co-founder, Mikhail Lomtadze.  Over the past 23 years, Mikhail helped to transform Kaspi from a small traditional retail bank to the dominant platform it is today. He ultimately brought Kaspi public on the London Stock Exchange in 2020, and more recently listed the business on the Nasdaq Exchange in the US.  We discuss the unique challenges of building a super app in an emerging market, how Kaspi differentiates itself from the global tech giants, and the company's ambitions to expand its footprint beyond its current borders. Please enjoy this Breakdown on Kaspi. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com.  —-- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Learn about Finley (00:06:26) Mikhail's Background and Journey (00:08:48) Kazakhstan's Economic Landscape (00:13:05) Caspi's Mission and Evolution (00:15:51) Building a Super App (00:21:53) Focus on Payments (00:24:50) E-commerce and Marketplace Expansion (00:28:02) Entering the Grocery Market (00:29:51) E-commerce Growth and Grocery Expansion (00:30:10) FinTech Synergy and Competitive Advantages (00:33:16) Kazakhstan Market Penetration and Growth Opportunities (00:34:20) Vertical Expansion and Service Innovation (00:35:28) Acquisition and International Expansion (00:38:21) Company Culture and Product Development (00:51:37) Super App Business Model and Market Strategy (00:55:20) Lessons From Kaspi