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Kazakh superapp Kaspi.kz acquires Rabobank's Turkish unit

Created at 2 Sep · 1:36 AM1 source↑ Market-relevant
IN SHORT

Kazakh superapp Kaspi.kz is expanding its presence in Turkey with the acquisition of Rabobank's Turkish subsidiary. The deal follows Kaspi's earlier purchase of e-commerce platform Hepsiburada and aims to bolster its fintech offerings in the region.

Key Numbers

$1.13 billionHepsiburada acquisition cost

Who's Involved

Kaspi.kz
Kazakh superapp expanding in Turkey
Rabobank
Dutch bank whose Turkish unit was acquired
Mikhail Lomtadze
CEO of Kaspi.kz
Hepsiburada
Turkish e-commerce platform acquired by Kaspi.kz
Kazakh superapp Kaspi.kz acquires Rabobank's Turkish unit

↳ Why This Matters

The acquisition allows Kaspi.kz to deepen its fintech offerings in Turkey, leveraging its successful superapp model and expanding beyond its core market in Kazakhstan.

Key facts

  • Kazakh superapp Kaspi.kz is expanding its operations in Turkey.
  • Kaspi.kz has acquired Rabobank's Turkish subsidiary, which holds a banking license.
  • This move follows Kaspi's prior acquisition of the e-commerce platform Hepsiburada for $1.13 billion.
  • The company aims to offer more banking and fintech services in Turkey.

Kazakh superapp Kaspi.kz is expanding its presence in Turkey through the acquisition of Rabobank's Turkish operations. This strategic move follows Kaspi's earlier purchase of the e-commerce platform Hepsiburada for $1.13 billion in October.

The acquired Rabobank unit holds a full banking license in Turkey, although it reportedly has no existing borrowing or depositing clients or a branch network. Kaspi.kz, led by CEO Mikhail Lomtadze, aims to leverage this acquisition to offer a wider range of banking and fintech services on its local Hepsiburada app.

Kaspi.kz is known for its successful superapp model, integrating payments, banking, and e-commerce services. The company has achieved significant market penetration in Kazakhstan, with 14 million users out of a population of 20 million. This expansion into Turkey signifies a key step in its international growth strategy.

Frequently asked questions

Kaspi.kz is a Kazakh superapp that integrates payments, banking, e-commerce, and travel services into a single platform.

Kaspi.kz acquired Rabobank's Turkish subsidiary, which holds a banking license, and previously acquired the e-commerce platform Hepsiburada.

The company aims to expand its fintech offerings and provide more banking services through its Hepsiburada app.

What Happens Next

01Kaspi.kz plans to add more fintech services to its Hepsiburada app next year.
02The transaction is subject to regulatory approval.

How It Developed

Kaspi.kz signed an agreement to purchase Rabobank's Turkish subsidiary.
The acquired unit holds a full banking license in Turkey.
This acquisition follows Kaspi's October purchase of e-commerce platform Hepsiburada for $1.13 billion.
Kaspi.kz is expanding its Turkish footprint with the acquisition.

Sources

T1
Kazakhstan's Kaspi expands Turkey digital offerings after bank dealNikkei Asia
T2
Kaspi.kz buys Rabobank's Turkish operations | Julien Brault posted on the topic | LinkedInlinkedin.com
T2
Kaspi.kz Paytech growth with Tieto Banktechtieto.com
T2
Kaspi.kz's Journey to Revolutionize Kazakhstan's Fintech - XTransferxtransfer.com

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