The founders of Kazakh fintech platform Kaspi are new billionaires after a successful IPO on the London Stock Exchange -Forbes reported this week. Cofounder Vyacheslav Kim is worth just over $2.5 billion, while CEO and cofounder Mikhail Lomtadze owns a slice worth over $2 billion. Shares of the company started trading last Thursday at an initial price of $33.75 and closed Tuesday at $41.80. Kaspi claims to be Kazakhstan’s largest payments and fintech company, with over 7 million monthly users from a population of an estimated 18 million. Its catchall “Super App” for payments, loans and banking has, it claims, played an increasingly “integral part of people’s daily lives in Kazakhstan” as the Covid-19 pandemic accelerated “consumer adoption of cashless payments, e-Commerce and digital financial services,” according to a company statement before the IPO.
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