Expansion of the Kazakh “Kaspi.kz” in Ukraine

by Meifan Honcharuk
Tuesday, November 2, 2021
Expansion of the Kazakh “Kaspi.kz” in Ukraine

One of the largest fintech companies in Kazakhstan “Kaspi.kz” enters the Ukrainian market

Kaspi.kz is a fintech ecosystem in Kazakhstan. In addition to banking services, Kaspi's activities include retail financial services, electronic payments and the organization of electronic trading platforms. In Kazakhstan, this fintech bank accounts for more than two-thirds of the digital banking market.

In July 2021, Kaspi.kz acquired the Portmone interbank payment system. The deal was completed in early October this year and allowed the company to immediately obtain licenses for working with Visa and Mastercard in Ukraine, partners of which Portmone is already.

In addition, Kaspi.kz plans to continue its international expansion. Now the company is actively increasing its presence in Azerbaijan. Next in line is Uzbekistan, where Kaspi.kz has already bought an aggregator of auto sales announcements. Among the new markets is also Ukraine, where the company is actively gaining positions:

  • Recently, the company signed an agreement on the purchase of 100% of the Ukrainian BTA Bank — this will give it the opportunity to obtain a banking license. The deal is planned to be completed in the first half of 2022, its amount is estimated at $6- $11 million;
  •  In addition, Kaspi.kz plans to build a technology hub in Ukraine and create a large IT department here;
  • The Kazakh company is considering buying a large e-commerce business in Ukraine. Now, as it became known, the main goal of the company in Ukraine is the largest online retailer Rozetka, which, in addition to the company of the same name and the marketplace, also includes the EVO Group (Ukrainian product IT company that creates marketplaces).

That could be a deal of the century!

It became known that Kaspi.kz was interested in the Ukrainian Rozetka company. Why Rozetka? The answer lies on the surface:

  • The Rozetka brand is one of the most expensive and recognizable local brands in Ukraine;
  • Huge customer base, the company's website is included in the top 10 sites in Ukraine, even without taking into account EVO;
  • The company's revenue is $670 million;
  • Rozetka covers all product lines. In addition, it is actively developing its own delivery, a network of parcel terminals and a network of pickup points.

How much does Rozetka cost?

According to Rozetka co-owner Vladislav Chechitkin, the real value of Rozetka in Ukrainian realities is not less than $10 billion.

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