Tencent Acquires 3.2% Stake in Kazakhstan Fintech Kaspi.kz for $518M

Gate News message, April 21 — Tencent has acquired a 3.2% stake in Kaspi.kz, a Kazakhstan-based fintech and ecommerce company, by purchasing 6 million American depositary receipts (ADRs) from Baring Fintech Venture Funds. The investment is valued at approximately $518 million.

Kaspi.kz operates as a dominant super app in Kazakhstan, offering digital payments, shopping, and other consumer services. The company holds a 75% market share in digital payments and 89% in ecommerce. It is also profitable, with return on equity exceeding 80% and net income margins above 40%. This marks Tencent's first investment in Kazakhstan and its second in Central Asia, following its 2025 backing of Uzbek startup Uzum.

Co-founder and CEO Mikheil Lomtadze, other senior executives, and long-term institutional investors also participated in the share purchase. Baring remains a shareholder after reducing its stake following Kaspi.kz's approximately $1 billion U.S. share sale in 2024.