Kaspi.kz delivered another quarter of strong growth in the first quarter of 2026, driven by accelerating marketplace activity and the rapid expansion of its operations in Türkiye.

The Kazakhstan-based fintech and e-commerce giant reported a 31% year-over-year increase in total revenue, reaching approximately $2.3 billion, while e-commerce gross merchandise value (GMV) climbed 41% to $2.6 billion.

A key highlight of the quarter was the growing contribution of Türkiye to the company’s regional commerce strategy. Following the consolidation of Hepsiburada, Türkiye now accounts for nearly half of Kaspi.kz’s total e-commerce GMV, underlining the strategic importance of the market in the company’s international expansion plans.

Türkiye Emerges as a Strategic Growth Engine

Kaspi.kz’s latest results reflect a broader transformation underway within the company. Once primarily known as Kazakhstan’s dominant super app, the group is increasingly positioning itself as a regional digital commerce and fintech ecosystem spanning Central Asia and Türkiye.

Marketplace revenue rose 49% year-over-year to roughly $1.1 billion, supported by stronger consumer demand, increased order frequency, and deeper engagement across its integrated services. Revenue generated from advertising and logistics services surged 73%, demonstrating the growing monetization potential of Kaspi.kz’s broader ecosystem infrastructure.

The company’s expansion strategy in Türkiye appears to be gaining momentum as it integrates Hepsiburada into its platform operations while leveraging cross-border commerce and digital payment capabilities.

Profitability Pressured by Investments and Funding Costs

Despite the strong top-line growth, profitability remained under pressure during the quarter. Adjusted EBITDA increased 9% year-over-year to $768 million, while net income remained relatively stable at $526 million.

Kaspi.kz attributed the slower profit growth to higher funding costs in Kazakhstan as well as continued investments tied to the integration and scaling of Hepsiburada’s operations in Türkiye.

The company also completed a $600 million Eurobond issuance with a five-year maturity during the quarter, strengthening its liquidity position and supporting future strategic investments.

Regional E-Commerce Competition Intensifies

Kaspi.kz’s expansion comes at a time when competition across emerging e-commerce markets is intensifying. Companies throughout Central Asia, the Middle East, and Türkiye are increasingly investing in marketplace ecosystems, fintech integration, logistics infrastructure, and AI-powered commerce tools to capture long-term digital retail growth.

By combining fintech services, payments, marketplace operations, and logistics within a single ecosystem, Kaspi.kz continues to differentiate itself from more traditional e-commerce players operating in the region.

The company maintained its full-year 2026 guidance, signaling confidence in continued growth across both Kazakhstan and Türkiye as digital commerce adoption accelerates across the wider region.

Source: TradingView