Kaspi: The Super App Reshaping Kazakhstan’s Financial Landscape

In Sands Capital's "What Matters Most" podcast, research analyst Brian Crofton discusses Kaspi, a leading digital financial services company in Kazakhstan, operating as a super app with consumer finance, payments, and e-commerce platforms. Brian explains Kaspi's evolution from a commercial bank to a digital financial institution and its interrelated ecosystem, highlighting its advantages, competitive landscape, and the macro risks associated with Kazakhstan's economy, including its dependence on oil exports and currency depreciation. The conversation explores the synergies across Kaspi's business lines, its expansion strategy, and the company's relationship with the Kazakh government and Russia, while also addressing the potential for future growth through new services and expansion into other markets like Azerbaijan and Uzbekistan.