In this episode of Yet Another Value Podcast, Andrew Walker interviews Artem Fokin about Kaspi, a London-listed company and the largest marketplace in Kazakhstan. Artem provides an elevator pitch, describing Kaspi as a dominant super app with three main businesses: payments, a 3P marketplace, and unsecured consumer lending, growing at 30% annually with high profit margins. The discussion covers Kaspi's prevalence in Kazakhstan, its comparison to WeChat, growth drivers, management, capital allocation, and potential risks such as country risk, currency fluctuations, and the challenges of international expansion. Artem emphasizes Kaspi's unique and fascinating story, encouraging listeners to research the company and its innovative approach.
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