Most of the staff of the Kazakhstan-based Fintech company Kaspi.kz (LSE: KSPI) are working from home due to the COVID-19 outbreak. The company says its business is doing well despite the challenges created by the coronavirus crisis.
Kaspi provides payment systems and digital commerce solutions. Fintech has become Kazakhstan’s most valuable company after it was recently valued at $ 6.5 billion when it was listed on the London Stock Exchange (LSE) last month. In particular, Kaspis’ listing was the UK’s second largest float in 2020.
The listing had surprised many industry professionals, as Kaspi had already experienced challenges failing to reach an expected valuation of $ 4 billion in 2019. Mikheil Lomtadze, CEO of Georgia-born Kaspi, told AFP that fintech and its investors, which includes Goldman Sachs and Baring Vostok, have not been deterred by some of these setbacks.
“We think we have plenty of room to continue growing, and we weren’t in a rush to do our IPO.
Lomtadze also mentioned that beyond the Chinese markets, where digital payment platforms such as Alipay and WeChat are widely adopted, there are also other fast growing markets like Kazakhstan which have seen adoption. mobile payments.
“We are the pioneers in the digitization of the country.
The COVID-19 pandemic could serve as a test for one of Central Asia’s largest economies, with Kazakhstan’s GDP now set to contract for the first time in more than 20 years.
Lomtadze noted that Kaspi was initially launched as a bank in the former Soviet country before moving into peer-to-peer (P2P) payments and digital marketplaces. Firm management say Kaspi should be able to maintain operations and perform well in a post-COVID world.
Monthly active Kaspis users grew by 70% in the first half of 2020 compared to the same period last year. The company claims 8 million users in a country with a population of just 19 million. Kaspi’s app is said to have provided over 60% of all government COVID-related relief payments to eligible residents.
“During these difficult times… we became even more relevant.”
Kaspi has also entered the Azerbaijani markets, where it has already become a leader in the online markets for automobiles, used items and real estate.
Lomtadze noted that in Azerbaijan, the fintech company will start offering products in the retail sector, and then turn to peer-to-peer banking services and services.
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