For years, Kaspi.kz was Kazakhstan's most dominant consumer platform. In 2025, it became something larger — a two-country super app with record results and a regional playbook to prove.

In this episode of Deep Dive Central Asia, we analyze the Kaspi.kz 4Q & FY 2025 Results presentation (2 March 2026), and what it reveals for investors tracking one of emerging markets' most consequential technology platforms.

This is not a story about a single market. It is a story about a proven model being deployed at scale.

We break down the platform-level performance behind the record results — TPV up 19%, e-Commerce purchases nearly doubling at +83%, advertising revenue up 64%, and pay-by-palm reaching 511,000 consumers in under 90 days. We then turn to the Türkiye thesis: what the Hepsiburada acquisition means strategically, why the engagement gap between the two markets represents the central value creation opportunity, and what closing that gap would mean for the consolidated investment case. Using the presentation's primary data, we separate reported performance from normalized growth — and assess where the execution risks and upside signals lie.

For equity investors, asset managers, LPs, and analysts tracking emerging-market technology platforms, this episode translates Kaspi's FY 2025 results into actionable investment intelligence: which platforms are compounding, where the Türkiye bet stands, and what three signals to monitor as Kaspi executes its two-market strategy through 2026.

If you are building exposure to Central Asian or frontier technology, this episode is your analytical starting point.