Kaspi will invest $1.5 billion in Turkey in 2025 through Hepsiburada, combining fintech, banking, and digital services to build sustainable expansion.
Major Acquisition and Strategic Vision
In one of the largest corporate deals in recent Turkish history, Kaspi acquired 65.4% of Hepsiburada for more than $1.1 billion earlier this year. Following the transaction, both companies announced that they would prioritize long-term investment rather than short-term returns, focusing on enhancing the digital economy and supporting local businesses.
At a press conference in Riga, Latvia, during the EuroBasket 2025 tournament, Cem Tanir, Vice President of Corporate Affairs, Communications and Sustainability at Hepsiburada, said Turkey’s ambition to lead in digital technology complements Kaspi’s fintech and data-driven expertise. He emphasized that, with ongoing bank acquisitions and fintech projects, Kaspi’s total investment in Turkey during 2025 will reach $1.5 billion.
Global E-Commerce Landscape
Tanir noted that e-commerce has become a decisive element in global competition. He explained that the industry is dominated by three main hubs: the United States, China, and regional players. Companies such as Mercado Libre in Latin America, Coupang in South Korea, Allegro in Poland, Jumia in North Africa, and Kaspi in Central Asia serve as regional champions. For Turkey, he said, Hepsiburada has played this role for 25 years, and the Kaspi acquisition strengthens this position.
Kaspi’s Business Model and Turkey Approach
Kaspi’s strategy has been studied extensively, with Harvard University publishing case studies that remain part of MBA courses. Tanir highlighted that Kaspi is one of the few global companies to effectively convert digital transformation into financial performance.
David Ferguson, Kaspi’s Managing Director of Investor Relations, stressed that Turkey’s market stands out with its 85 million population and strong entrepreneurial base. He underlined that Kaspi is not simply replicating its Kazakhstan model but adapting its marketplace, payments, and fintech services to Turkey’s conditions. According to Ferguson, the immediate priority in 2025 will be improving the quality of existing services for customers and merchants.
Warning Against Unregulated Marketplaces
Tanir also addressed questions about platforms like Temu, cautioning that low-cost strategies without proper legal and ethical standards may harm consumers, sellers, and national economies in the long run. He added that this is a challenge faced worldwide, with governments actively exploring regulatory solutions.
Experience in Kazakhstan as a Blueprint
Founded in 2007 as a bank, Kaspi has grown into the largest digital ecosystem in Kazakhstan, now serving around 75% of the population. Today, 85% of all payments in the country are digital thanks to its services. The company is listed on Nasdaq with a market capitalization of about $17.6 billion, and in 2024 reported $5 billion in revenue alongside $2 billion in net profit.
Empowering Local Businesses in Turkey
Tanir concluded by highlighting that Hepsiburada and Kaspi are committed to supporting SMEs and retailers in Turkey, enabling them to compete with global e-commerce giants. He explained that new digital tools will help local sellers expand internationally, contributing to Turkey’s goal of becoming a regional digital hub.
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