Kaspi's AI Leap: Kasper and the Fintech Flywheel
Kaspi.kz unveils its AI shopping assistant and accelerates Turkey fintech expansion as rate cuts turn tailwind.
KSPI · Earnings Call · 2026-08-10
A Strong Quarter with a Strategic Surprise
Kaspi.kz delivered another robust quarter — revenue up 16%, adjusted EBITDA up 5%, and a dividend increase. But the real story lies in the launch of Kasper, a personal AI assistant embedded in its super-app. “We have launched it in the 1st of July. We have been scaling during the month. So now it's available to everyone, to all our consumers in Kazakhstan.” — Mikheil Lomtadze, CEO and Co-Founder · 2026-08-10 Kasper is not a chatbot experiment; it is a transactional tool designed to complete purchases. Early metrics are striking: 1 in 5 customers use it, response time is ~3 seconds, and 80% of conversations end with a product recommendation. The company frames this as a leapfrog over traditional search-based discovery, and the personal assistant is already handling vacuum cleaner-style queries that span 22 product categories.Building the Fintech Engine in Turkey
Beyond AI, Kaspi secured a banking license by closing the Rabobank acquisition, and is investing ~$300 million to expand fintech capabilities. The company is piloting a new shopping loan on Hepsiburada, already 0.54% of GMV in June. “So shopping loan, for example, which we have introduced a new shopping loan, which is 0.4% of GMV now.” — Mikheil Lomtadze, CEO and Co-Founder · 2026-08-10 This is a deliberate move to convert e-commerce engagement into lending, mirroring its Kazakh playbook. The company emphasizes risk management, noting it has spent months building collection and approval systems. new shopping loan and Fintech products are central to the Turkey expansion.The Rate Cut Tailwind
For the first time in over two years, Kaspi cut a deposit rate — from 20% to 19% on its 3-month product, representing ~30% of deposits. This comes after Kazakhstan's central bank began easing. “If inflation continues to fall in Kazakhstan, rates will continue to come down. You can see the growth in our deposits is strong, up 21%.” — David Ferguson, Investor Relations or IR representative · 2026-08-10 The repricing will take three months to fully flow through, but it signals the start of a positive funding cycle. This is a sharp contrast to the past few years where rising rates pressured the bottom line. As rate cut dynamics play out, Kaspi is well-positioned to benefit from lower funding costs without sacrificing deposit growth.Kazakhstan vs. Turkey: Different Playbooks
While Kazakhstan focuses on vertical-by-vertical e-commerce growth, Turkey is being cultivated for engagement over raw GMV.The company's previous guidance to manage Turkey around EBITDA breakeven remains, but the long-term ambition is to replicate the frequency and depth seen in Kazakhstan. “We guide EBITDA breakeven. We've also talked about free cash flow positive as the guardrails.” — David Ferguson, Head of Investor Relations · 2026-05-11 This disciplined approach ensures that investments are tied to consumer engagement and repeat purchases. Kaspi is executing a dual transformation: leveraging AI to enhance its core commerce experience and building a full-stack fintech franchise in Turkey. With rates turning tailwind, the earnings trajectory into 2027 looks increasingly positive. The company is not just riding the AI wave — it is integrating it into its transactional DNA.We are not just a chatbot. We're not [indiscernible] lifestyle business. We are transactional business. We enable consumers to buy, pay and shop.