Kaspi.kz Issues Statement on Misleading Speculative Research

Fintech group Kaspi.kz commented on a research report published by the Culper Research project. Culper Research specializes in “exposures” to allow for profiting from short stock exchange positions.

This is a typical speculator attack designed to allow short sellers to make a quick profit. The report is factually inaccurate, misleading, and deliberately designed to confuse investors. We remain a regulated public company, having traded on the London Stock Exchange since 2020 and most recently on Nasdaq, and we regularly disclose information per regulatory requirements. As part of our recent IPO on Nasdaq, we underwent extensive due diligence. We are confident in our products, reporting, compliance programs, and controls. As always, we are focused on our long-term strategy, said Mikhail Lomtadze, CEO and co-founder of Kaspi.kz.

The Kaspi.kz mobile app includes the country's leading e-commerce, payment, and financial services. Over 14 million people in Kazakhstan use it.

With the help of the Kaspi.kz super app, Kazakhstanis have access to great deals online with free delivery, make payments and transfers without commissions, manage personal finances, buy flight and train tickets, purchase tours, and use the most in-demand government services.

For business, Kaspi.kz also created the Kaspi Pay super app, which almost 700 thousand Kazakhstani entrepreneurs use. Through the Kaspi Pay app, Kazakhstani entrepreneurs receive financing for business development, accept payments, launch advertising campaigns, pay taxes, and connect to the e-commerce and delivery platform. This allows them to sell their goods and provide services throughout the country.