Kaspi.kz’s Strong Q3 Fintech Gains and “Pay by Palm” Innovation Might Change The Case For Investing In Kaspi.kz (KSPI)

• Kaspi.kz recently reported Q3 2025 results showing 20% year-over-year revenue growth, strong fintech segment expansion, and progress toward launching its “Pay by Palm” biometric payment feature by year-end.
• This combination of solid financial performance and ongoing platform innovation highlights how Kaspi.kz is deepening its ecosystem while broadening future monetization avenues.
• We’ll now examine how Kaspi.kz’s strong Q3 fintech performance and upcoming “Pay by Palm” launch could shape its broader investment narrative.

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Kaspi.kz Investment Narrative Recap

To own Kaspi.kz, you need to believe its super-app can keep converting Kazakhstan’s digital adoption into profitable growth while managing regulatory and funding pressures. The latest Q3 results support that core thesis, but JPMorgan’s softer 2026 fintech outlook and labor market concerns could temper enthusiasm around the near term fintech margin recovery, which remains the key catalyst. The biggest risk, heavy capital and execution demands in Turkey, is largely unchanged by this news.

In this context, the upcoming “Pay by Palm” launch is especially relevant, because it reinforces Kaspi.kz’s push to deepen engagement in its payments ecosystem, a central driver behind its fintech revenue growth and cross selling potential. If adoption scales, it could help offset any slowdown in traditional fintech volumes, but it will still sit alongside the more complex challenge of integrating and monetizing Hepsiburada in Turkey.

But while the fintech story looks compelling, investors should be aware that Kaspi.kz’s expansion in Turkey could...

Read the full narrative on Kaspi.kz (it's free!)

Kaspi.kz's narrative projects KZT5094.9 billion revenue and KZT1669.2 billion earnings by 2028. This requires 17.0% yearly revenue growth and a KZT578.2 billion earnings increase from KZT1091.0 billion today.

Uncover how Kaspi.kz's forecasts yield a $108.57 fair value, a 42% upside to its current price.

Exploring Other Perspectives

Eighteen fair value estimates from the Simply Wall St Community span roughly US$92 to US$314 per share, underlining how far apart individual views can be. You can weigh these against concerns that rising competition in core and new markets may pressure Kaspi.kz’s take rates and margins over time, with meaningful implications for how the business performs if top line growth slows.

Explore 18 other fair value estimates on Kaspi.kz - why the stock might be worth just $92.05!

Build Your Own Kaspi.kz Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Kaspi.kz research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Kaspi.kz research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Kaspi.kz's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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