Kaspi.kz Launches AI Shopping Assistant as E-Commerce Growth Accelerates
The Kazakh fintech giant reported 28% constant-currency e-commerce growth and unveiled 'Casper,' an AI assistant integrated into its super app.
AI-Powered Shopping Debuts in Kazakhstan
Joint Stock Company Kaspi.kz introduced a voice-enabled AI shopping assistant called Casper on its Kazakhstan platform, marking a strategic shift toward personalized consumer services as the company reported robust second-quarter growth across its core businesses.
The company disclosed that Casper, launched July 1, was made available to all Kazakhstan consumers within a month. Early adoption metrics showed "1 out of 5 customers whom customer was available actually used it," with response times around seconds and 80% of conversations resulting in product recommendations (earnings call, 2026-08-10).
Unlike traditional search functions, Casper handles conversational queries such as "I want to give my [daughter] a gift for her second birthday" or requests for products "that can be delivered within 3 hours." The assistant navigates the platform's 20 million products and demonstrates "50% faster" product discovery and cart additions compared to conventional browsing methods (earnings call, 2026-08-10).
Management emphasized that building consumer trust remains the priority, stating "our goal is to build a trusted assistant" before pursuing aggressive scaling across other services in the super app (earnings call, 2026-08-10).
Core Business Momentum Continues
Kaspi.kz's e-commerce gross merchandise value grew 28% year-over-year on a constant-currency basis, with the company delivering "in excess of $76 million purchases in the second quarter" (earnings call, 2026-08-10). Approximately 20% of GMV came from first-party sales, primarily grocery in Kazakhstan and electronics in Turkey.
Geographic distribution showed 53% of GMV originating in Kazakhstan and 47% in Turkey. The company reported that e-commerce purchases per consumer increased 33%, reflecting sustained platform engagement (earnings call, 2026-08-10).
Value-added services, including delivery and advertising, expanded faster than overall e-commerce revenue, posting 49% constant-currency growth versus 27% on a reported basis (earnings call, 2026-08-10). Management attributed the acceleration to improved delivery quality and more relevant merchant advertising.
The payments business grew approximately 13% quarter-over-quarter, while the average net loan portfolio increased roughly 18% year-over-year (earnings call, 2026-08-10).
Turkish Banking Expansion Progresses
Kaspi.kz completed its acquisition of a Turkish banking license through the purchase of an entity referred to as "Rubber bank," committing "around $300 million" for capital investment (earnings call, 2026-08-10). The company expects "no material impact this year" but plans to roll out consumer and merchant fintech products in 2027 (earnings call, 2026-08-10).
A pilot shopping loan product in Turkey, operating under an existing consumer finance license, already represented 0.54% of June GMV (earnings call, 2026-08-10). The product mirrors Kaspi.kz's Kazakhstan offering, allowing customers to select monthly payment terms during checkout.
Management stressed its focus on risk management infrastructure, noting that "being paid back, it's more important than originating the loan" and highlighting months of preparation building approval and collection processes (earnings call, 2026-08-10).
MarginX data shows recent insider activity with sales by Kim Vyacheslav totaling approximately 36,462 shares across three transactions. The company maintains a market capitalization near $17 billion with shares last trading at 90.3.
This article was generated by MarginX from the earnings call on 2026-08-10. It is not investment advice.