Vice President of Turkey holds a meeting with Mikhail Lomtaze
In a significant move, Kaspi.kz, the Kazakhstani tech giant, has set its sights on Turkey's booming e-commerce and fintech markets. The company, led by Vice President Jévdet Yılmaz, met with Mikhail Lomtadze, the head and co-founder of Kaspi.kz and the chairman of Hepsiburada, at the Presidential Complex in Ankara [1].
The combined knowledge and technologies of Kaspi.kz and Hepsiburada will be utilised to develop e-commerce, fintech, cashless payments, and other innovations in both Kazakhstan and Turkey. This strategic push is evident in two major moves: the acquisition of a controlling stake in Hepsiburada, one of Turkey's largest online marketplaces, and the planned acquisition of Rabobank A.Ş., the Turkish subsidiary of Dutch Rabobank [1][2].
The acquisition of Hepsiburada, completed in July 2025 for $526.9 million, reflects Kaspi's commitment to the Turkish market [2]. The Rabobank subsidiary acquisition, valued at around $300 million, is expected to close in the second half of 2025, subject to regulatory approval. This move is crucial for Kaspi's long-term international growth, as it will enable the company to establish a banking presence in Turkey, further integrating financial services with its existing marketplace and payments ecosystem [1].
Kaspi's expansion strategy in Turkey aligns with its "Super App" approach, combining payments, marketplace, and fintech services. The company reported strong financial growth overall in 2025, including 20% revenue growth and 14% net income growth in Q2, partly due to its Turkish assets and marketplace activities [2][3]. The Hepsiburada acquisition has enhanced Kaspi's marketplace footprint, particularly in e-grocery segments.
While detailed partnership specifics with Turkish businesses beyond Hepsiburada and Rabobank are not yet available, Kaspi's significant investments and operational groundwork indicate a commitment to integrate and collaborate within Turkey's financial and e-commerce landscape. The company emphasises that this expansion requires targeted investment and regulatory work but is a strategic priority for Kaspi's future growth [1][2].
Mikhail Lomtadze, expressing pride in the results of digitalization in Kazakhstan, is confident that cooperation between Kazakhstan and Turkey will open new opportunities for entrepreneurs of both countries [1]. Hepsiburada, a national leader in e-commerce in Turkey, will undoubtedly play a significant role in this collaboration.
In summary, Kaspi.kz's acquisitions of Hepsiburada and Rabobank A.Ş. form the basis of its international growth strategy in Turkey, expanding its fintech, payment, and marketplace ecosystem under its Super App model [1][2]. The company shows strong financial performance and user engagement, supporting this strategic expansion [2][3]. As the partnerships unfold, it will be interesting to witness the impact on Turkey's digital landscape.
References: [1] Kaspi.kz (2025). Press Release: Kaspi.kz and Hepsiburada Announce Strategic Partnership. Retrieved from [https://www.kaspi.kz/press-release/kaspi-kz-and-hepsiburada-announce-strategic-partnership/] [2] Reuters (2025). Kaspi.kz to buy controlling stake in Turkey's Hepsiburada for $526.9 million. Retrieved from [https://www.reuters.com/business/retail-consumer/kaspi-kz-to-buy-controlling-stake-in-turkeys-hepsiburada-for-526-9-million-2025-07-01/] [3] Forbes (2025). Kaspi.kz's Q2 Results Show Strong Financial Growth. Retrieved from [https://www.forbes.com/sites/johnkoetsier/2025/07/29/kaspi-kzs-q2-results-show-strong-financial-growth/]
- Kaspi.kz, in its ventures, is combining forces with Hepsiburada to develop e-commerce, fintech, cashless payments, and other innovations within Kazakhstan's and Turkey's markets.
- The strategic acquisition of a controlling stake in Hepsiburada, one of Turkey's largest online marketplaces, is critical for Kaspi.kz's long-term international growth, as it will allow the company to establish a banking presence in Turkey.
- With the acquisition of Rabobank A.Ş., the Turkish subsidiary of Dutch Rabobank, Kaspi.kz is aiming to integrate financial services further into its existing marketplace and payments ecosystem.
- The expansion strategy of Kaspi.kz in Turkey is geared towards its "Super App" approach, which encompasses payments, marketplace, and fintech services.
- As a result of its partnership with Turkish entities, such as Hepsiburada and Rabobank, Kaspi.kz's investments signal a commitment to collaborate within Turkey's financial and e-commerce sector, aiming to have a significant impact on the country's digital landscape.
