The deal is expected to close upon receiving all necessary regulatory approvals.
Kazakh fintech company Kaspi.kz has signed an agreement to acquire the Turkish subsidiary of the Rabobank Group — Rabobank A.Ş. The announcement was made in an official press release on March 27.
The transaction will be finalized once all required approvals from regulatory authorities have been obtained.
All shares of the Turkish subsidiary will be sold to Kaspi.kz.
While the terms of the deal remain undisclosed, both parties emphasized that the sale process will be completed as swiftly as possible with minimal impact on Rabobank A.Ş. employees. J.P. Morgan acted as Rabobank’s financial advisor, with legal support provided by A&O Shearman / Gedik & Eraksoy.
This acquisition marks another significant step for Kaspi.kz in strengthening its presence in Turkey. Previously, the company acquired 65.41% of shares in the major Turkish marketplace Hepsiburada for $1.127 billion. Under that agreement, Kaspi.kz paid $600 million upfront, with the remaining amount to be transferred within six months.
Kaspi.kz continues to pursue its strategy of building an ecosystem integrating fintech, marketplace, and payments, expanding into international markets with high-tech solutions. The company emphasized that it will retain the distinct brands and operational structures of its Turkish assets.
The Kaspi.kz super app is used by nearly 15 million people, offering services such as online shopping, money transfers, bill payments, ticket booking, and government services. Additionally, the Kaspi Pay business app is used by around 700,000 entrepreneurs.
As of January 1, 2025, the largest shareholders of Kaspi.kz are:
- Mikhail Lomtadze – 22.6%
- Vyacheslav Kim – 21.4%
- Baring Funds – 24.68%
In January 2024, Kaspi conducted an IPO on the Nasdaq, raising $1 billion at a share price of $92. Shortly thereafter, the company announced its delisting from the London Stock Exchange (LSE), where it had listed depositary receipts in 2020.
Kaspi in Uzbekistan
Over the past two years, Kaspi has been exploring opportunities for geographic expansion, focusing on countries with high mobile penetration, developed cashless payment systems, and growing e-commerce sectors.
The company has also considered entering the Uzbek market.
Last week, Kaspi officially launched money transfers to Uzcard and Humo cards. Previously, transfers from Kazakhstan to Uzbekistan were only available to VISA and Mastercard.
In August 2024, the company even expressed interest in acquiring Humo. Experts noted that this could have been a “landmark deal for the global fintech community.” However, in November, Kaspi withdrew from the privatization process.
In January 2025, Humo was acquired by Paynet for $65 million.
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