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Kaspi.kz Business Model Canvas: Inside the Fintech Growth Engine
Discover how Joint Stock Company Kaspi.kz turns digital convenience into a powerful business engine. Its Business Model Canvas maps the key partners, customer segments, revenue streams, and value propositions driving growth in a competitive fintech market. Get the full canvas for a clear, practical view of the strategy behind its success.
Partnerships
Merchant network across online and offline retail
Kaspi.kz relies on a broad merchant network of online and offline sellers to process payments and expand Marketplace assortment, which helps lift transaction volume across the Super App. In 2025, this merchant mix supported omnichannel shopping and cross-selling by linking physical stores, e-commerce sellers, and payment rails in one platform.
Logistics and delivery providers
Logistics and delivery partners let Kaspi.kz keep its fast-shopping promise by handling shipping, last-mile delivery, and live order tracking for marketplace orders. In 2025, this helped turn more visits into completed purchases and let Kaspi.kz serve customers beyond a single-store footprint.
Banks and funding counterparties
Kaspi.kz depends on banks and capital-market counterparties to fund lending, support deposits, and clear payment flows. In 2025, this backdrop remained central to its Fintech Platform, which handled billions of tenge in deposits, credit issuance, and settlement activity, so access to liquidity and banking rails stays core to growth.
Travel suppliers and booking partners
Kaspi Travel depends on airlines, rail operators, hotels, and travel distributors for live inventory and booking access, so users can buy flights, hotels, holiday packages, and rail tickets in one app. These partners extend Kaspi.kz beyond retail and payments, while adding a fee and commission stream tied to each booked trip.
- Live inventory from travel suppliers
- Booking access across transport and lodging
- Broader service mix than finance
- Commission-led transaction revenue
Technology, payment, and infrastructure partners
Joint Stock Company Kaspi.kz depends on cloud, data, payment, and cybersecurity partners to keep the Super App fast, available, and secure. These links help manage fraud, protect identity checks, and keep transactions reliable as digital volume grows; in 2025, that support was central to scaling payments and reducing operating risk.
- Secure cloud keeps uptime high
- Payment rails improve transaction reliability
- Cybersecurity limits fraud risk
Kaspi.kz 2025: Four Partner Groups Power Growth
Joint Stock Company Kaspi.kz leans on four core partner groups in 2025: merchants, logistics firms, banks, and travel suppliers. These links power marketplace sales, payments, lending, and booking inventory, while cloud and cybersecurity partners keep the Super App fast and safe.
| Partner set | Role | 2025 focus |
|---|---|---|
| Merchants | Sales and assortment | Marketplace growth |
| Logistics | Delivery and tracking | Faster order completion |
| Banks | Funding and clearing | Payments and credit |
| Travel suppliers | Live inventory | Commission revenue |
What is included in the product
Detailed Word Document
A concise, real-world Business Model Canvas for Kaspi.kz, covering its 9 blocks, competitive strengths, and investor-ready insights.
Customizable Excel Spreadsheet
Quickly maps Kaspi.kz’s business model into one clear page, making strategic gaps and priorities easy to spot.
Reference Sources
Lists credible sources for Kaspi.kz, helping decision-makers verify key assumptions quickly and trust the analysis.
Activities
Digital payment processing
Kaspi.kz’s digital payment processing covers C2B, P2P, and bill payments, plus online and in-store merchant acceptance; this payment-flow engine sits at the core of the platform and keeps more than 15 million users transacting across the ecosystem. In 2025, that high-frequency use helped Kaspi.kz deepen merchant adoption and lift repeat app activity.
Marketplace operating and merchant enablement
Kaspi.kz runs one integrated marketplace across online and physical retail, helping merchants with onboarding, catalog tools, sales analytics, and omnichannel selling. In 2025, this model supported cross-sell across 3 core consumer platforms and was reinforced by delivery and ads, which lifted merchant reach and customer choice.
Consumer and merchant fintech services
Kaspi.kz’s consumer and merchant fintech engine runs through the Super App, where BNPL, lending, savings, and merchant financing are sold beside payments. Credit underwriting, servicing, and collections are core tasks, and in 2025 these links turned payment traffic into a scaled loan and deposit franchise.
Data analytics and decision support
Kaspi.kz’s Payments Platform uses proprietary transaction, merchant, and customer data to steer product and credit decisions. That data helps improve personalization, merchant insights, and risk controls, so analytics is a core operating capability, not a side task.
- Tracks payment, merchant, and customer behavior
- Supports credit risk and product tuning
- Improves merchant insights and personalization
Travel, banking, and asset management operations
Kaspi.kz’s non-core activities include travel, banking, asset recovery, real estate, and information storage, so the model is not just a commerce play. In 2024, its payments and banking units kept scaling while the group also handled balance-sheet items like non-performing assets, which adds operational load but supports diversification and funding control.
- Travel adds fee-based volume.
- Banking lifts funding and payments reach.
- Asset recovery helps clean the balance sheet.
- Real estate and storage add complexity.
Kaspi.kz’s Super App: Payments, Marketplace, and Lending in One Engine
Kaspi.kz’s key activities in 2025 were payments, marketplace operations, and consumer/merchant lending inside one Super App. Its platform kept more than 15 million users active, while payments, catalog tools, analytics, and credit underwriting turned traffic into repeat transactions and loan volume.
| Activity | 2025 fact |
|---|---|
| Payments | 15m+ users transacted |
| Marketplace | Omnichannel merchant tools |
| Fintech | Lending, savings, BNPL |
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Resources
Kaspi.kz Super App
Kaspi.kz Super App is the core digital gateway for payments, commerce, and fintech, unifying consumer and merchant services in one interface. In 2025, Kaspi.kz served over 15 million consumers and more than 100,000 merchants, so the app cuts friction, lifts daily use, and anchors the platform’s revenue engine.
Three-platform ecosystem
Kaspi.kz runs on three linked platforms: Payments, Marketplace, and Fintech. With over 15 million active consumers and 100,000+ merchants, the stack drives cross-selling, shared usage, and stickier retention by letting customers pay, shop, and borrow in one app.
Proprietary transaction and customer data
Kaspi.kz uses its proprietary data from over 14 million consumers and a large merchant network to steer pricing, credit, and product decisions across the platform. Transaction histories and user behavior feed personalization, fraud checks, and merchant analytics, which helps lift conversion and reduce risk.
Merchant and consumer base
Kaspi.kz’s merchant and consumer base is its key two-sided asset: more than 15 million monthly active consumers and a large merchant network feed each other, raising transaction volume and repeat use. That scale makes the platform harder to displace and more useful for everyday payments, shopping, and services.
- More consumers attract more merchants.
- More merchants attract more consumers.
- Scale strengthens Kaspi.kz’s moat.
Banking, payment, and technology infrastructure
Banking, payment, and technology infrastructure is a core resource for Joint Stock Company Kaspi.kz because it keeps account opening, payments, lending, and settlement secure and always on. For a regulated digital finance platform, this stack must also cover compliance, fraud control, and uptime across its app-led ecosystem.
- Supports secure account management
- Enables fast payment settlement
- Backs lending and compliance controls
- Protects uptime, reliability, and security
Kaspi.kz’s Network, Data, and Scale Drive Its Moat
Kaspi.kz’s key resources are its Super App, its two-sided consumer and merchant network, and its proprietary transaction data. In 2025, it served over 15 million consumers and 100,000+ merchants, while data from 14 million+ consumers helped tune credit, fraud, and personalization.
| Key resource | 2025 data |
|---|---|
| Consumers | 15m+ |
| Merchants | 100k+ |
| Data base | 14m+ users |
Value Propositions
One app for payments, shopping, and finance
Kaspi.kz’s Super App bundles payments, marketplace, and fintech in one place, so users can shop, pay bills, transfer money, borrow, and save without switching apps. That convenience drives frequent daily use and, in its latest reporting, Kaspi.kz said it served millions of active consumers in Kazakhstan.
Fast and convenient consumer transactions
Kaspi.kz lets consumers pay for shopping, household bills, and peer-to-peer transfers in one app, which cuts cash use and checkout friction. In 2025, the platform served 15+ million monthly active consumers, and that scale shows why convenience keeps driving repeat use for shopping anytime, anywhere.
Omnichannel sales lift for merchants
Kaspi.kz gives merchants one place to take online and in-store payments, sell through the marketplace, and manage invoices, suppliers, and sales tracking. That turns payments into a growth tool: higher conversion, faster checkout, and better sales productivity. For merchants, the value is not just acceptance, but a wider sales engine.
Access to BNPL and financing
Kaspi.kz offers buy now, pay later and consumer loans, while also giving merchants tailored financing. This makes bigger purchases easier to afford, lifts checkout conversion, and keeps users and sellers tied to one platform for shopping, payments, and credit.
- BNPL lowers upfront cost.
- Merchant finance supports sales.
- Credit deepens platform stickiness.
Travel, delivery, and advertising add-ons
Kaspi.kz extends its value proposition beyond payments and e-commerce through Kaspi Travel, delivery, and advertising tools, so users can book, buy, and pay in one ecosystem. That wider use case lifts merchant traffic and gives sellers extra revenue tools, which increases platform utility and engagement.
- One app for finance, travel, and shopping
- More traffic for merchants and partners
- Ads and delivery add new revenue streams
Kaspi.kz’s One-App Model Drives 15M+ Active Consumers
Kaspi.kz’s core value is one app for payments, shopping, credit, and travel, which cuts friction for users and lifts repeat use. In 2025, it served 15+ million monthly active consumers in Kazakhstan, showing how scale and convenience reinforce each other.
| Metric | 2025 |
|---|---|
| Monthly active consumers | 15+ million |
| Main offer | Payments, marketplace, credit |
| Merchant value | Higher conversion and faster checkout |
Customer Relationships
Self-service digital relationship
Most customer interaction runs through the Kaspi.kz Super App, which had 14.7 million monthly active users and handled over 1 billion transactions in 2025, so users can pay, borrow, and manage services without branch visits. That creates low-friction, high-frequency engagement and fits Kaspi.kz’s digital-first operating model.
Always-on mobile access
Kaspi.kz’s always-on mobile access lets users shop, pay, and send money anytime, anywhere, and merchants track sales and accept payments in real time. In 2025, Kaspi.kz said it served about 15 million monthly active consumers and over 800,000 merchants, which makes constant app use a habit, not a one-off action.
Personalized offers from transaction data
Kaspi.kz uses transaction data from its 15+ million users to tailor offers, set credit terms, and target products by behavior. That personalization lifts conversion and retention because users see services that match how they already spend, save, and pay.
Merchant account support and tools
Kaspi.kz gives merchants more than payment acceptance: they get tools for invoices, supplier payments, and sales tracking, so the relationship becomes day-to-day business support. That keeps merchants inside one operating loop and raises switching costs.
Invoices
Supplier payments
Sales monitoring
Higher ecosystem lock-in
Integrated service experience
Kaspi.kz keeps payments, marketplace, fintech, and travel in one app, so customers can buy, pay, borrow, and book without juggling separate providers. That convenience drives repeat use and ecosystem stickiness, which supports higher lifetime value across products.
- One interface for core daily tasks
- Less switching between providers
- Higher repeat use and retention
- More cross-sell across products
Kaspi.kz’s one-app ecosystem powers 1B+ transactions and sticky customer growth
Kaspi.kz keeps customer relationships inside one app, with about 15 million monthly active consumers, over 800,000 merchants, and more than 1 billion transactions in 2025. That high use lets Kaspi.kz personalize offers, set credit terms, and drive repeat payments, shopping, and lending.
| Metric | 2025 |
|---|---|
| Monthly active consumers | 15 million |
| Merchants | 800,000+ |
| Transactions | 1 billion+ |
Channels
Kaspi.kz Super App
Kaspi.kz Super App is the core channel for consumers and merchants, bringing payments, marketplace, fintech, and travel into one mobile app. In 2025, Kaspi.kz said it served more than 15 million monthly active consumers and over 1 million merchants, so most daily interactions and monetization still run through mobile.
Mobile commerce and in-person shopping tools
Joint Stock Company Kaspi.kz uses mobile commerce and in-person shopping tools to link online and offline retail, letting users pay in store and manage purchases in the app. In 2025, its Marketplace platform reached 15.1 million monthly active users, showing how these channels extend reach beyond pure e-commerce.
E-commerce marketplace interface
Kaspi.kz’s marketplace gives users 24/7 access to products and services, with free delivery on many orders, and links merchants directly to buyers in one digital storefront. In 2024, Kaspi.kz reported 14.4 million monthly active consumers and 100,000+ merchants, making this a core sales channel for sellers.
Merchant online and in-store payment acceptance
Kaspi.kz lets merchants accept payments both online and in stores, using digital checkout and POS-style flows in one system. This channel widens transaction coverage across commerce and financial services, and Kaspi.kz reported 15.1 million monthly active users in 2025, giving merchants a large built-in customer base.
Online checkout and in-store POS acceptance
One channel for commerce and payments
Large 2025 user base supports volume
Travel booking and service modules
Kaspi Travel is the group’s non-retail service channel for flights, holidays, and rail tickets, so users can book travel without leaving the app. In 2025, Kaspi.kz said its platform served 16+ million monthly active users, which gives this module a large base for cross-sell from commerce into travel.
- One app, more use cases.
- Moves users from shopping to travel.
- Uses a 16+ million user base.
Kaspi.kz: 15M+ Consumers, 1M+ Merchants, One Digital Flow
Kaspi.kz’s main channels are the Super App, marketplace, and in-store payment tools, which keep shopping, payments, and travel inside one mobile flow. In 2025, Kaspi.kz reported more than 15 million monthly active consumers and 1 million+ merchants, so channel reach stayed broad and digital-first.
| Channel | 2025 scale |
|---|---|
| Super App | 15M+ consumers |
| Merchants | 1M+ |
Customer Segments
Individual consumers
Individual consumers are Kaspi.kz’s core segment for payments, shopping, transfers, borrowing, and saving, and the platform is built around everyday use. In 2024, Kaspi.kz served 15.4 million monthly active consumers, showing how digital-first users drive high-frequency engagement across finance and commerce.
Online merchants
Online merchants use Kaspi.kz to accept payments, list products, and reach shoppers through its marketplace, ads, and delivery tools. In 2025, merchant sales stayed a core ecosystem driver, helping sellers scale digitally with lower acquisition and fulfillment friction.
Physical retailers and omnichannel merchants
Physical retailers and omnichannel merchants use Kaspi.kz to take payments in store, sell through mobile channels, and manage invoices, supplier payments, and sales tracking in one flow. This fits its offline-to-online model, which already serves millions of consumers and a wide merchant network across Kazakhstan.
Borrowers and BNPL users
Borrowers and BNPL users are a core fintech segment for Joint Stock Company Kaspi.kz, because they use installment plans, consumer loans, and other credit products to convert high-intent shoppers into buyers. Kaspi.kz reported about 16 million monthly active users in 2025, so this group also drives cross-sell into retail and payments.
- BNPL lifts conversion at checkout.
- Loans add interest income and fees.
- Credit users enable repeat purchases.
Travel customers and service buyers
Kaspi Travel targets travel customers and service buyers booking flights, holiday packages, and rail tickets, covering both leisure and domestic trips. This adds a high-intent, non-financial purchase stream to the app, so Kaspi.kz can drive more frequent use and higher basket value across 3 travel categories.
- Flights, packages, rail tickets
- Leisure and domestic users
- Non-financial high-intent spend
Kaspi.kz’s 16 Million-User Ecosystem Powers Payments, Shopping, and Credit
Kaspi.kz serves three main groups: consumers, merchants, and credit users, with travel buyers adding a high-intent spend layer. In 2025, Kaspi.kz said it had about 16 million monthly active users, showing that one app can drive payments, shopping, lending, and booking behavior at scale.
| Segment | Role | 2025 data |
|---|---|---|
| Consumers | Payments, shopping, transfers | About 16 million MAU |
| Merchants | Marketplace and POS sales | Core ecosystem channel |
| Credit users | BNPL and consumer loans | Checkout conversion driver |
Cost Structure
Technology and platform development
Kaspi.kz spends heavily on software engineering, product development, and platform maintenance to keep its Super App and three-platform model running 24/7. Security, uptime, and scalability are core cost drivers because the group serves millions of users and merchants, so even short outages can disrupt payments, marketplace activity, and digital lending.
Credit losses and funding costs
In 2025, Kaspi.kz’s BNPL and lending stack kept credit losses and funding costs central to its cost base, because each loan needs provisioning, fraud checks, and ongoing risk control. Its banking and savings products also add interest expense, so this remains a material line in a financial services model.
Payment processing and settlement operations
Kaspi.kz’s payment processing and settlement costs come from secure money movement, banking links, compliance, and fraud checks. These expenses rise with each transaction, because the platform must monitor activity, settle funds fast, and protect consumers and merchants at scale.
Merchant acquisition and customer support
Kaspi.kz spends on merchant onboarding, sales, and customer support to keep payments, marketplace, and fintech working as one system. In 2025, that kind of service-heavy cost base supported ecosystem retention and merchant growth, with support costs rising as transaction volume and product breadth expanded.
- Onboard merchants and grow supply
- Support users across all products
- Drive retention, not just sales
Delivery, logistics, and operations
Delivery, logistics, and operations are a core cost line for Joint Stock Company Kaspi.kz because e-commerce and travel need tight fulfillment, service uptime, and partner coordination. Every subsidized delivery, routing link, and customer service action adds operating expense, but it also protects the user experience and keeps conversion high.
- Delivery subsidies lift order demand.
- Logistics integration cuts friction.
- Service ops support both digital and physical flow.
Kaspi.kz’s 2025 Costs: Tech, Risk, and Scale Pressures
Kaspi.kz’s cost base in 2025 was driven by software, platform uptime, fraud control, and customer support, because its Super App links payments, marketplace, and fintech in one system. Credit losses, funding costs, and settlement expenses stayed material, while logistics and merchant service costs rose with transaction growth.
| 2025 cost driver | Impact |
|---|---|
| Tech and security | 24/7 scale |
| Credit and funding | Risk and interest cost |
| Logistics and support | Higher service spend |
Revenue Streams
Payment processing fees
Kaspi.kz's payment processing fees come from consumer and merchant transactions across online checkout, in-store POS, bill pay, and transfers. In FY2025, this core payments engine served about 14.6 million monthly active users, so higher transaction volume directly lifted revenue.
Merchant commissions and marketplace take rates
Kaspi.kz monetizes marketplace traffic through merchant commissions, fulfillment fees, and paid tools; as merchant activity rises, take rates scale with GMV. In 2025, the platform had about 15.9 million monthly active users and over 150,000 merchants, so even small fee changes can lift revenue fast.
Interest income from lending and BNPL
Kaspi.kz earns core fintech revenue from consumer lending, BNPL, and merchant financing, with interest and related credit charges at the center of this stream. In FY2025, credit income stayed a major driver of the platform, while these products also lifted wider ecosystem use by tying payments, commerce, and lending together.
Advertising and promotional services
Advertising and promotional services let merchants buy sponsored placement and tools to lift visibility and sales on Joint Stock Company Kaspi.kz. This adds revenue beyond transaction fees and helps keep marketplace traffic converting.
- Sponsored listings raise merchant reach.
- Promos add a second revenue layer.
- Traffic monetization supports marketplace performance.
Travel commissions and service fees
Kaspi Travel earns commissions and service fees on high-intent bookings like flights, holiday packages, and rail tickets, so it adds a third revenue stream beyond finance and retail. In 2025, travel also mattered as a scale channel for Kaspi.kz by monetizing consumers at the point of purchase rather than only on payments or lending.
- Books flights, packages, and rail tickets
- Earns commissions and service fees
- Diversifies beyond finance and retail
- Captures high-intent spending
Kaspi.kz: Fee Growth Powered by a 15.9M-User Ecosystem
Joint Stock Company Kaspi.kz makes money from payments, marketplace fees, consumer and merchant credit, advertising, and Kaspi Travel commissions. In FY2025, it served about 15.9 million monthly active users and more than 150,000 merchants, so fee-based revenue scaled with ecosystem usage.
| Stream | FY2025 signal |
|---|---|
| Payments | 14.6M MAU |
| Marketplace | 150k+ merchants |
| Travel | Commissions |
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