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Miguel Armaza interviews Mikhail Lomtadze, CEO of Kaspi.kz (NASDAQ:KSPI), one of the largest publicly traded fintechs in the world and the leading tech platform in Kazakhstan. Kaspi is traded on the Nasdaq and has a current market cap of $24 billion dollars.

They also have incredible numbers. They serve 15 million customers, in a country with a population of 20 million; 2/3 of their clients use them daily; 2023 revenue was $4.2B with net income margin of 45%, and they’re growing at ~50% YoY.

We discuss:

• Transforming the company from a bank to leading tech giant
• Kaspi’s obsession around product, customer service, and Net Promoter Score
• Mikhail’s background from humble beginnings in Georgia to Harvard Business School, to CEO of Kaspi
• The amazing story of Kazakhstan’s digital transformation and how digital payments replaced cash from 15% to 85% market-share in just eight years… and a lot more!

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Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.

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