Kazakhstani fintech giant Kaspi.kz has signed an agreement to acquire Rabobank A.Ş., the Turkish subsidiary of Rabobank Group. The deal, announced on March 27, is subject to regulatory approvals.

Under the agreement, Kaspi.kz will acquire all shares of Rabobank A.Ş., marking another step in its international expansion strategy. The financial terms of the deal were not disclosed, but both parties emphasized a swift and smooth transition. JP Morgan advised Rabobank on the sale, with A&O Shearman / Gedik & Eraksoy acting as legal partners.

Kaspi.kz has been expanding its footprint in Turkey. In 2024, the company acquired a 65.41% stake in e-commerce giant Hepsiburada for $1.13bn, with an initial payment of $600mn and the remainder due within six months.

The company aims to build a fintech, marketplace, and payments ecosystem in Turkey while maintaining the separate brands and operational structures of its Turkish assets.

Kaspi.kz operates a super app used by nearly 15mn people, offering online shopping, money transfers, bill payments, ticket booking, and government services. Its business app, Kaspi Pay, is used by 700,000 entrepreneurs.

As of January 1, 2025, the largest shareholders of Kaspi.kz include Mikhail Lomtadze (22.6%), Vyacheslav Kim(21.4%), and Baring Funds (24.68%).

In January 2024, Kaspi.kz raised $1bn through an IPO on the Nasdaq exchange at a share price of $92. Shortly after, the company announced its delisting from the London Stock Exchange (LSE), where it had initially listed in 2020.

Kaspi.kz has also been evaluating entry into Uzbekistan, focusing on markets with high mobile penetration, cashless payments, and e-commerce growth.

Recently, the company launched money transfers to Uzcard and Humo cards, expanding options beyond VISA and Mastercard. In August 2024, Kaspi.kz explored the acquisition of Humo, which was seen as a potential landmark fintech deal. However, by November 2024, the company withdrew from the privatization process.