Keep pulling the thread on Daniel Mahncke.
Kaspi's super app allows users in Kazakhstan to perform a wide range of activities, including banking, payments, e-commerce, filing taxes, applying for a driver's license, and registering a marriage.
Kaspi's co-founders, Mikhail Lomtadze and Vyacheslav Kim, own approximately 22% and 20% of the company, respectively.
Kaspi's entire management team has a combined insider ownership of over 46%.
Over 70% of Kazakhstan's population actively uses Kaspi, with users interacting with the app more than 77 times a month.
Kaspi's payments business unit accounts for 16% of revenue but 40% of net income, resulting in a net income margin over 65%.
Kaspi's high payment margins are attributed to owning its entire payment ecosystem, processing transactions on its own rails without intermediaries like Visa or Mastercard.
Kaspi's marketplace accounts for 47% of revenue and 26% of net income, with a Gross Merchandise Value of $19 billion including its Turkish acquisition.
Kaspi's fintech business generated about $24 billion in lending last year, accounting for 38% of revenue and 33% of net income.
Kaspi's non-performing loan (NPL) rate is only 6%, which is comparable to Nubank and 10 percentage points lower than MercadoLibre.
Kaspi recovers a significantly larger portion of unsecured, non-performing loans than competitors because customers cannot afford to lose access to its essential services.
In early 2025, Kaspi acquired a 65% stake in Turkish e-commerce company HepsiBurada for $1.1 billion in cash.
The strength of Kazakhstan's currency, the tenge, is almost entirely dependent on the price of crude oil, its main export.