Kaspi segmentwise revenue check their filings annual
Based on Kaspi.kz’s latest annual filings and their full-year 2025 earnings release (published on March 2, 2026), here is the complete picture of their segment-wise revenue.
While the Fintech segment brings in the highest gross revenue due to the nature of loan interest, Kaspi’s strategic shift is highly visible in their bottom line: the Payments and Marketplace segments now account for nearly 70% of the company's total net income.
Kaspi Annual Revenue by Segment
| Segment | FY 2024 Revenue | FY 2025 YoY Growth | Implied FY 2025 Revenue |
|---|---|---|---|
| Fintech | ₸1,282 Billion | +20% | ~₸1,538 Billion |
| Marketplace | ₸733 Billion | +23% | ~₸901 Billion |
| Payments | ₸587 Billion | +12% | ~₸657 Billion |
| Consolidated Total | ₸2,532 Billion | +19% | ~₸3,013 Billion |
(Note: Figures are in Kazakhstani Tenge. ₸1,000 Billion = ₸1 Trillion. Implied 2025 figures are calculated based on reported FY25 growth rates against FY24 baseline SEC filings).
Segment Dynamics & Drivers
1. Marketplace (The Fastest Growing Engine) Marketplace revenue growth (+23% in 2025) is significantly outpacing its actual Gross Merchandise Value (GMV) growth (+11% in 2025).
- Why? Kaspi is successfully aggressively monetizing its seller base beyond basic commissions. The revenue boom is being driven by Value-Added Services (VAS) like Kaspi Delivery, Kaspi Advertising, and the rapid scaling of high-frequency verticals like e-Grocery (which saw a massive 53% GMV jump in FY 2025).
- Takeaway: The Marketplace take rate increased by 80 basis points in 2025, pushing closer to 12%, making this segment highly profitable.
2. Payments (The High-Margin Anchor) Payments saw steady top-line growth of 12% in 2025, driven by a 19% increase in Total Payment Value (TPV) and expanding B2B payment adoption.
- Why? Engagement is the core metric here. Kaspi reported an all-time high of 77 monthly transactions per active consumer by the end of 2025. They have also heavily pushed Kaspi POS registers, which are now used by over a third of their merchant network.
- Takeaway: Because of extreme operational efficiency and low marginal costs, the Payments segment continually delivers profit growth that outpaces its revenue growth.
3. Fintech (The Cash Cow under Pressure) Fintech revenue grew 20% in 2025, driven by strong Total Finance Value (TFV) origination.
- Why? Consumer loans, Buy Now, Pay Later (BNPL), and auto financing through their e-Cars vertical keep origination high. Credit quality remains healthy with a steady Cost of Risk around 2.2%.
- Takeaway: Despite the high revenue numbers, Fintech profitability is facing headwinds from Kazakhstan's macro environment. Higher minimum reserve requirements from the National Bank and elevated base rates have increased Kaspi's funding costs, slightly compressing their lending margins.
The Big Picture: Kaspi has successfully transitioned from a bank to a true digital ecosystem. If you look at their filings, they emphasize that Payments and Marketplace now generate 69% of total net income. By using high-frequency payments to acquire users and high-margin e-commerce services to monetize them, they have insulated their profitability from the capital-intensive risks of traditional banking.