Kaspi.kz receives first international credit rating
September 19 2024 - 7:28AM
Kaspi.kz has received its first international credit rating. Fitch
rates Kaspi.kz investment grade BBB- with a stable outlook. This
rating is separate from Kaspi Bank, a component of Kaspi.kz’s
Fintech Platform, which has been tracked by international rating
agencies for many years. Fitch also rates Kaspi Bank investment
grade BBB- with a stable outlook.
According to Fitch, the rating reflects Kaspi.kz’s unique
business profile, leading nationwide franchise and one of the
strongest levels of operating profitability when compared to peers
globally. Among the key rating drivers are:
- Diverse business
model: Kaspi.kz’s Super App business model is unique in its ability
to successfully combine leading franchises across payments,
commerce and fintech.
- Stellar
profitability: Past earnings growth has been extremely strong,
while the rapid growth of Payments and Marketplace Platforms has
resulted in diverse and more predictable earnings. Return on equity
over the past 8 years has been an extraordinary 80%.
Mikhail Lomtadze, CEO & co-founder of Kaspi.kz,
commented:
“This is the first time Kaspi.kz has received a credit rating.
Fitch’s ratings for Kaspi.kz and Kaspi Bank, follow on from Moody’s
decision to upgrade Kaspi Bank to investment grade. Moody’s also
recently upgraded Kazakhstan’s credit rating, recognising the
progress Kazakhstan’s government is making when it comes to
delivering a fast-growing, diverse and modern digital economy, with
solid financial fundamentals.”
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 – the Kaspi.kz Super App
for consumers and the 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, results in strong top-line growth, a profitable
business model and enables 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 MBA students.
Kaspi.kz has been listed on Nasdaq since January 2024.
For further information david.ferguson@kaspi.kz
+44 7427 751 275
Forward-looking statements
Some of the information in this announcement may contain
projections or other forward-looking statements regarding future
events or the future financial performance of Kaspi.kz. You can
identify forward looking statements by terms such as "expect",
"believe", "anticipate", "estimate", "intend", "will", "could,"
"may" or "might", the negative of such terms or other similar
expressions. Kaspi.kz wish to caution you that these statements are
only predictions and that actual events or results may differ
materially. Kaspi.kz does not intend to update these statements to
reflect events and circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events. Many factors
could cause the actual results to differ materially from those
contained in projections or forward-looking statements of Kaspi.kz,
including, among others, general economic conditions, the
competitive environment, risks associated with operating in
Kazakhstan, rapid technological and market change in the industries
the Company operates in, as well as many other risks specifically
related to Kaspi.kz and its respective operations.
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