Kaspi.kz Lifts Dividend by 18% on Q2 Revenue Rise
Kaspi.kz posted a 15% revenue increase and 5% adjusted EBITDA growth in Q2 2026, driving an 18% dividend hike and a $300M fintech investment.
Key points
- Kaspi.kz revenue increased 15% and adjusted EBITDA rose 5% in Q2 2026.
- The board recommended an 18% dividend increase following strong results.
- The company acquired Rabobank and plans a $300 million fintech investment.
Kaspi.kz (NASDAQ: KSPI) reported second-quarter 2026 results showing a 15% increase in revenue and a 5% rise in adjusted EBITDA. The company’s strong financial performance prompted the board to recommend an 18% increase in dividends compared to the previous quarter, reflecting confidence in its core business trajectory.
The payment and lending segments also contributed to the top line, with total payment volume (TPV) growing approximately 13% quarter-on-quarter. The net loan portfolio expanded by 18% year-over-year, demonstrating sustained demand for credit products across the company’s primary markets in Kazakhstan and Turkey.
E-commerce drives strategic growth
E-commerce emerged as the primary growth engine, with gross merchandise value (GMV) rising 28% year-over-year on a constant currency basis. This growth was fueled by increased purchasing frequency, with total e-commerce purchases increasing by 33% to over 76 million transactions in the quarter.
Management attributed the expansion in take rates to the scaling of value-added services, specifically delivery and advertising. Approximately 20% of GMV now comes from first-party (1P) sales, driven by e-grocery in Kazakhstan and electronics in Turkey, indicating a deeper integration of physical goods into the digital platform.
Rabobank acquisition expands banking
Kaspi.kz completed the acquisition of Rabobank, securing a banking license that allows for broader financial service offerings. The company plans to invest $300 million to enhance its fintech capabilities, with new products expected to launch in the coming year to deepen its integrated ecosystem.
This move supports the strategic focus on merging payment, lending, and commerce into a unified user experience. By leveraging the banking license, Kaspi aims to offer more tailored financial instruments that drive engagement and retention among its consumer base.
AI assistant improves user engagement
The company introduced 'Casper,' an AI-powered personal assistant designed to optimize the shopping experience. The tool provides faster and more relevant product recommendations, aiming to convert app traffic into completed purchases more efficiently.
As reported by Benzinga, the integration of AI tools is part of a broader strategy to enhance customer satisfaction and operational efficiency. These technological upgrades are intended to support continued growth in transaction volumes and merchant adoption across both regional markets.
