Kaspi (LSE: KSPI) is a technology and financial services company from Kazakhstan dominating the fields of digital finance and e-commerce. Through its Super App, Kaspi has developed a sticky ecosystem offering a wide range of products and services with possibly one of the strongest network effects I've come across. One can think of the company as a combination of Amazon, PayPal and a bank with an application that shares characteristics similar to WeChat. Kaspi has already taken over most of Kazakhstan in a relatively short amount of time, but its ambitions lie beyond the borders with the aim of becoming the Super App in Central Asia and the Caucasus. I'm impressed by the company and management team, however Kaspi remains an extremely risky investment due to typical emerging market risks. Despite that, I currently see the stock as undervalued and started a position in Kaspi.
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Kaspi - Central Asian Super App in the Making
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Kaspi (LSE: KSPI) is a technology and financial services company from Kazakhstan dominating the fields of digital finance and e-commerce. Through its Super App, Kaspi has developed a sticky ecosystem offering a wide range of products and services with possibly one of the strongest network effects I've come across. One can think of the company as a combination of Amazon, PayPal and a bank with an application that shares characteristics similar to WeChat. Kaspi has already taken over most of Kazakhstan in a relatively short amount of time, but its ambitions lie beyond the borders with the aim of becoming the Super App in Central Asia and the Caucasus. I'm impressed by the company and management team, however Kaspi remains an extremely risky investment due to typical emerging market risks. Despite that, I currently see the stock as undervalued and started a position in Kaspi.