Kazakh Fintech Giant Bets $300M on Turkey
Kazakh fintech leader Kaspi.kz has announced plans to invest $300 million in a Turkish bank. The move signals significant international confidence in Turkey's financial infrastructure despite recent macroeconomic headwinds and could create new partnership opportunities for local fintech startups.
The target of this investment is Rabobank A.Ş., the Turkish subsidiary of the Netherlands-based Rabobank Group. Kaspi.kz is acquiring all shares of the bank, which currently has no borrowing or depositing clients, operates with a single branch, and employs 27 people. The primary goal of the acquisition is to obtain a financial services license in Turkey, a crucial step for Kaspi's broader strategy in the country. This move follows Kaspi.kz's earlier, more substantial investment in Turkey's e-commerce sector. In October 2024, the company purchased a 65.41% controlling stake in Hepsiburada, one of Turkey's largest online marketplaces, for approximately $1.13 billion. The acquisition of Rabobank A.Ş. is designed to provide the essential financial infrastructure to support and integrate with the Hepsiburada platform. Kaspi.kz operates on a "Super App" model, integrating payments, a marketplace, and fintech services into a single ecosystem for consumers and merchants. CEO Mikheil Lomtadze has stated the plan is to replicate this successful Kazakh model, creating a tandem operation between the newly acquired bank and Hepsiburada to launch similar e-commerce and financial products in the Turkish market. The investment aligns with a booming Turkish fintech scene, which attracted a record $201.3 million in the first few months of 2025 alone, surpassing the total for all of 2024. The broader Turkish startup ecosystem saw $589 million in investment across 306 deals last year, with fintech and gaming accounting for 68% of that total. This environment of high digital adoption and a young, tech-savvy population makes the market attractive for expansion. Lomtadze highlighted Turkey's market size of over 85 million people and its strong economic structure as key drivers for the investment. The strategy involves not just deploying capital, but also sharing Kaspi's technology and expertise to enhance Hepsiburada's offerings. This includes creating faster delivery logistics between Turkey and Kazakhstan, allowing Turkish merchants to sell on Kaspi's platform and vice-versa. The deal is currently pending regulatory approval from Turkish bodies, including the Banking Regulation and Supervision Agency (BDDK). Kaspi.kz, which has been listed on the Nasdaq since January 2024, aims to finalize the acquisition by the end of 2025. Co-founder Mikhail Lomtadze views the expansion into Turkey as a strategic priority for the company's long-term international growth.
