On April 20, 2026, Kaspi.kz announced that Tencent, its co‑founder and CEO Mikheil Lomtadze, key senior‑management members, and several institutional investors completed the purchase of 6.0 million American Depositary Shares (ADSs) from Baring Fintech Venture Funds. The transaction positioned Tencent as one of the company’s largest shareholders.
The buyers included Tencent, Lomtadze, senior‑management, Spice Expeditions, Washington University, and the University of Wisconsin Foundation, while Baring Fintech Venture Funds sold the shares. The deal added a high‑profile global super‑app pioneer to Kaspi’s shareholder base.
Tencent’s entry is a strategic endorsement of Kaspi’s Super App model, which integrates payments, e‑commerce, fintech, travel, and government services. The investment is expected to deepen ties, provide access to Tencent’s ecosystem expertise, and support Kaspi’s expansion into Turkey, where the company holds a significant stake in Hepsiburada.
In a statement, CEO Mikheil Lomtadze said, “Tencent pioneered the super‑app ecosystem business model, and we have long admired its ability to combine innovation at scale with disciplined execution. We are delighted to welcome Tencent as one of Kaspi’s largest shareholders.” He added that his own investment, together with those of senior‑management, reflects strong confidence in the company’s long‑term strategy.
The announcement was met with a positive market reaction, with analysts noting the strategic validation and the potential for future synergies. The deal strengthens Kaspi’s capital base and positions it to compete more effectively in Kazakhstan and to accelerate its growth plans in Turkey.
While the company faces headwinds such as a higher corporate tax rate for banks and increased reserve requirements in Kazakhstan, the infusion of capital and the partnership with Tencent are expected to offset short‑term pressures and reinforce Kaspi’s resilience and long‑term growth trajectory.
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