Mikheil Lomtadze's Kaspi.kz Receives Regulatory Approval to Acquire a Bank in Turkey

Kazakhstan's leading technology company and digital platform, Kaspi.kz, is strengthening its presence in Turkey's financial sector, according to local media reports.

The company has officially announced that it has received approval from the Banking Regulation and Supervision Agency of Turkey (BDDK) to acquire Rabobank A.Ş., a Turkish bank.

The transaction, which remains subject to customary closing procedures, is expected to be completed in July 2026.

Kaspi.kz Co-Founder and CEO Mikheil Lomtadze described the regulator's approval as a significant milestone for the company's expansion in Turkey.

"We are delighted to have received the BDDK's approval for the acquisition of Rabobank A.Ş. in Turkey. This marks an important step forward in developing our business in the Turkish market. We are grateful to the Turkish Banking Regulation and Supervision Agency and all relevant authorities for their constructive cooperation throughout this process," Lomtadze said.

He added that Turkey is one of the world's most dynamic economies, with a large, digitally engaged population and a rapidly growing digital economy. Once the acquisition is finalized, Kaspi.kz plans to leverage its extensive experience in digital payments, e-commerce, and fintech to deliver innovative services to Turkish consumers and businesses.

Kaspi.kz operates as a "super app" and currently serves more than 25 million customers and over 900,000 merchants across Kazakhstan and Turkey.

In Kazakhstan, the platform integrates digital payments, e-commerce, online grocery shopping, fintech services, travel bookings, classifieds, and even government services into a single ecosystem. On average, active users complete 77 transactions per month through the app.

Kaspi.kz has already established a strong presence in Turkey, where it owns an 86.74% stake in Hepsiburada, one of the country's largest e-commerce platforms.