Mikheil Lomtadze becomes a Billionaire as a Result of Listing Kaspi on LSE

The founders of the Kazakh company Fintech Kaspi became billionaires as a result of listing on the London Stock Exchange.

The property of co-founder Vyacheslav Kim is already estimated at $ 2.5 billion, and that of CEO and co-founder Mikheil Lomtadze - $ 2 billion. Shares of the company started trading at around $ 33.75 about ten days ago and closed at $ 41.80 on Tuesday.

Kaspi is the largest provider of tax and fintech services in Kazakhstan, with 7 million users out of a population of 18 million. Their platform for taxes, loans or banking - "In Kazakhstan, it becomes part of people's daily lives." Due to the pandemic, "consumers' adaptation to cashless payments, e-commerce or digital finance services is increasing," company officials said during the initial public offering of the shares.

In 2019, Kaspi’s net profit reached $ 515 million. The company has grown even more due to the pandemic, with revenue of $ 286 million in the first half of 2020 alone.

Kaspi allows users to pay their bills digitally, trade transactions, and perform "Buy Now - Pay Later" transactions like Paypal and Klarna. In 2019, according to Kaspi, Kazakh consumers held the largest share of the loan market (i.e., 32% of the total market).

In June, the Kazakh online publication Kazpravda.kz reported that Kaspi chief executive Lomtadze had received a "People's Gratitude" medal from the Kazakh president for "selfless work" during a pandemic.

Source: Forbes Georgia