For years, Kaspi.kz was Kazakhstan's most dominant consumer platform. In 2025, it became something larger — a two-country super app with record results and a regional playbook to prove.

In this episode of Deep Dive Central Asia, we analyze the Kaspi.kz 4Q & FY 2025 Results presentation (2 March 2026), and what it reveals for investors tracking one of emerging markets' most consequential technology platforms.

This is not a story about a single market. It is a story about a proven model being deployed at scale.

We break down the platform-level performance behind the record results — TPV up 19%, e-Commerce purchases nearly doubling at +83%, advertising revenue up 64%, and pay-by-palm reachi ...