ALMATY, Kazakhstan, June 26, 2024 (GLOBE NEWSWIRE) -- S&P Global upgraded its credit rating to BB+ for Kaspi Bank, a core part of Kaspi.kz’s Fintech Platform. S&P cited Kaspi.kz’s unique strategy, leading brand, superior asset quality, strong financial track-record and ability to keep delivering growth across its Fintech, Payments and Marketplace Platforms.

• Long-term global scale rating upgraded to 'BB+' from 'BB' with a stable outlook.

• Kazakhstan national scale rating on Kaspi Bank raised to ‘kzAA+’ from ‘kzAA-’.

According to S&P Global;

• Led by its experienced management team, Kaspi.kz’s has built a leading franchise and positive track record, strategically developing its business mix through the cycle.

• Kaspi.kz is diversifying by rapidly expanding its Payment and Marketplace Platforms, which stimulates customer loyalty and creates synergies.

• Return on equity (ROE) has averaged 80% over the past five years, with superior earnings generation expected over the next 2 years.

• The group has strengthened its capitalization over the past several years and is expected to remain strongly capitalized going forward.

Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented:

“We have once again received high praise from a leading ratings agency. S&P has tracked our company for many years and watched our unique and highly successful Super App strategy unfold. Today’s results recognise the hard work and dedication of our team here in Kazakhstan. We’re trusted by 14 million Kazakhstanis and 700 thousand merchants, most of whom are small and medium-sized businesses. Thank you to each and every one of our consumers and merchants for being with us.”

About Kaspi.kz

Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this, we operate a unique, two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants. Through these Super Apps, consumers and merchants can access our leading Payments, Marketplace and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact using our proprietary payments network. The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach has resulted in strong top-line growth and a profitable business model, and has enabled us to continue innovating, delighting our users and fulfilling our mission.

Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its Masters students.