does kaspi own hespiburada and the turkish banking licence or they are just advisors?

No, Kaspi.kz is not just an advisor. They are the controlling owner of both assets, though the bank acquisition is still pending regulatory approval.

Here is the current status of their ownership:

🏢 Hepsiburada: Actively Owned

Kaspi.kz owns a controlling stake in the Turkish e-commerce platform.

• Ownership Stake: Kaspi.kz has acquired a controlling stake in Hepsiburada. News reports specify the stake as 65.41%-1-5, while company communications from early 2026 state they hold 86%-8. This likely reflects an increase in their ownership stake over time.
• Operational Control: They are not passive advisors. Kaspi.kz is actively integrating and managing the platform. They have implemented operational changes, improving next-day shipment coverage and accelerating order growth as part of their strategy to boost user engagement -9.

🏦 Rabobank A.Ş.: Under Contract, Awaiting Approval

Kaspi.kz has signed a definitive agreement to buy a Turkish bank but does not own it yet.

• Status: A share purchase agreement was signed with Rabobank Group on March 27, 2025 -2-10. The deal requires regulatory approval, and closing has been delayed. Kaspi.kz now expects to complete the acquisition in mid-2026-2-4-7.
• Strategic Purpose: Management has stated that the banking license is essential to provide the "financial infrastructure" for Hepsiburada and launch integrated fintech products (like deposits or Buy-Now-Pay-Later) in Turkey -6-9. This would replicate their successful "super-app" model.

💡 Why This Matters: The Difference Between Owning and Advising

Your question touches on a critical point: is Kaspi.kz actively building, or just giving advice? The evidence clearly shows they are building.

• Active Management: In their latest investor letter, CEO Mikhail Lomtadze detailed specific operational improvements made at Hepsiburada, such as faster delivery and better search algorithms. This is the work of an active owner, not an advisor -9.
• Financial Commitment: Beyond the acquisition cost, Kaspi.kz plans to invest an additional $300 million into the Turkish venture upon closing the bank deal -9.

In short, they are the principal in this expansion, not an agent. Kaspi.kz is actively executing a strategy to export its super-app model to the Turkish market.