London Daily

Focus on the big picture.
Friday, Nov 21, 2025

Digital Frenzy Creates Two Billionaires in U.K. Fintech IPO

Digital Frenzy Creates Two Billionaires in U.K. Fintech IPO

A hot London IPO from a fintech provider has created two billionaires in Kazakhstan.
Kaspi.kz JSC, the Goldman Sachs Group Inc.-backed owner of the central Asian country’s largest retail bank, sold $870 million of global depositary receipts at the top end of a marketed range. The offering was so popular that the company increased its size. On its debut Thursday, the stock roses as much as 33%.

That gives Kaspi’s chairman, Vyacheslav Kim, and its chief executive officer, Mikheil Lomtadze, an entry to the elite club of the world’s billionaires. Kim owned about 32% of the company before the listing, while Lomtadze had a 26% stake -- meaning fortunes of $1.9 billion and $1.8 billion, respectively, at the IPO price of $33.75 a share, according to the Bloomberg Billionaires Index. The company didn’t raise any money in the offering, with all the shares sold coming from Kim, Lomtadze and other holders.

A company representative declined to comment.

Like many other financial firms, Kaspi has benefited from a shift online as people got stuck at home to fight the coronavirus spread. While Kazakhstan’s economy got hit from both the plunge in oil prices and Covid-19 lockdowns, Kaspi’s net income jumped 50% in the first half of 2020 and usage of its mobile app -- where its 7.8 million monthly users can pay bills, get loans and check a personal-finance management tool -- surged 72% in the past year. The owner of Kazakhstan’s biggest brokerage also became a billionaire recently.

It’s a comeback for Kaspi, which last year delayed its initial public offering because potential buyers failed to meet the $4 billion valuation the owners were said to want at the time. Now the company has successfully marketed an offering that values it an even higher $6.5 billion.

The listing is the first for a Kazakh financial company in London since AO Alliance Bank’s offering in 2007, before the country’s lenders got engulfed in a decade-long crisis. The IPO gives Kaspi a higher value than the potential takeover of digital bank TCS Group Holding Plc, which Russian tech giant Yandex NV is in talks to buy for $5.48 billion.

Kim graduated from Almaty State University with a finance major before starting a business career selling household appliances. He bought a stake in Kaspi’s predecessor in the early 2000s.

He’s also an adviser on Central Asia strategy to Baring Vostok Capital Partners Ltd. The Moscow-based private equity fund set up by embattled U.S. investor Michael Calvey signed a deal in 2016 to invest in the nation with Kairat Satybaldyuly, the nephew of Kazakhstan’s leader for life, Nursultan Nazarbayev. Baring Vostok, Kaspi’s biggest shareholder with a 35% stake before the IPO, also sold stock in the offering.

Kaspi’s rise started when Baring Vostok acquired a stake in the company in 2006 and put its partner, Lomtadze, in charge the following year. Before joining the private equity firm, Lomtadze, who earned an MBA from Harvard Business School, founded in the mid-1990s a strategy and auditing firm in Georgia, his home country, that later became part of Ernst & Young.

In 2018, Kim bought the entire 30% stake that Satybaldyuly owned in Kaspi for 200 billion tenge ($466 million), taking his ownership to about half, according to the firm’s prospectus and Bloomberg calculations. In December of that year, when the company was first preparing for its IPO, Kim gave about 20% of Kaspi to Lomtadze for a “non-cash consideration.” While it’s not clear what was involved in the transaction, that made him one of the largest owners of the company, with Kim and Baring Vostok.

The company’s global depositary receipts closed 23% higher from the listing price at $41.50 in London.
Newsletter

Related Articles

0:00
0:00
Close
ASU Launches ASU London, Extending Its Innovation Brand to the UK Education Market
UK Prime Minister Keir Starmer to Visit China in January as Diplomatic Reset Accelerates
Google Launches Voluntary Buyouts for UK Staff Amid AI-Driven Company Realignment
UK braces for freezing snap as snow and ice warnings escalate
Majority of UK Novelists Fear AI Could Displace Their Work, Cambridge Study Finds
UK's Carrier Strike Group Achieves Full Operational Capability During NATO Drill in Mediterranean
Trump and Mamdani to Meet at the White House: “The Communist Asked”
Nvidia Again Beats Forecasts, Shares Jump in After-Hours Trading
Wintry Conditions Persist Along UK Coasts After Up to Seven Centimetres of Snow
UK Inflation Eases to 3.6 % in October, Opening Door for Rate Cut
UK Accelerates Munitions Factory Build-Out to Reinforce Warfighting Readiness
UK Consumer Optimism Plunges Ahead of November Budget
A Decade of Innovation Stagnation at Apple: The Cook Era Critique
Caribbean Reparations Commission Seeks ‘Mutually Beneficial’ Justice from UK
EU Insists UK Must Contribute Financially for Access to Electricity Market and Broader Ties
UK to Outlaw Live-Event Ticket Resales Above Face Value
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
German Entertainment Icons Alice and Ellen Kessler Die Together at Age 89
UK Unveils Sweeping Asylum Reforms with 20-Year Settlement Wait and Conditional Status
UK Orders Twitter Hacker to Repay £4.1 Million Following 2020 High-Profile Breach
Popeyes UK Eyes Century Mark as Fried-Chicken Chain Accelerates Roll-out
Two-thirds of UK nurses report working while unwell amid staffing crisis
Britain to Reform Human-Rights Laws in Sweeping Asylum Policy Overhaul
Nearly Half of Job Losses Under Labour Government Affect UK Youth
UK Chancellor Reeves Eyes High-Value Home Levy in Budget to Raise Tens of Billions
UK Urges Poland to Choose Swedish Submarines in Multi-Billion € Defence Bid
US Border Czar Tom Homan Declares UK No Longer a ‘Friend’ Amid Intelligence Rift
UK Announces Reversal of Income Tax Hike Plans Ahead of Budget
Starmer Faces Mounting Turmoil as Leaked Briefings Ignite Leadership Plot Rumours
UK Commentator Sami Hamdi Returns Home After US Visa Revocation and Detention
UK Eyes Denmark-Style Asylum Rules in Major Migration Shift
UK Signals Intelligence Freeze Amid US Maritime Drug-Strike Campaign
TikTok Awards UK & Ireland 2025 Celebrates Top Creators Including Max Klymenko as Creator of the Year
UK Growth Nearly Stalls at 0.1% in Q3 as Cyberattack Halts Car Production
Apple Denied Permission to Appeal UK App Store Ruling, Faces Over £1bn Liability
UK Chooses Wylfa for First Small Modular Reactors, Drawing Sharp U.S. Objection
Starmer Faces Growing Labour Backlash as Briefing Sparks Authority Crisis
Reform UK Withdraws from BBC Documentary Amid Legal Storm Over Trump Speech Edit
UK Prime Minister Attempts to Reassert Authority Amid Internal Labour Leadership Drama
UK Upholds Firm Rules on Stablecoins to Shield Financial System
Brussels Divided as UK-EU Reset Stalls Over Budget Access
Prince Harry’s Remembrance Day Essay Expresses Strong Regret at Leaving Britain
UK Unemployment Hits 5% as Wage Growth Slows, Paving Way for Bank of England Rate Cut
Starmer Warns of Resurgent Racism in UK Politics as He Vows Child-Poverty Reforms
UK Grocery Inflation Slows to 4.7% as Supermarkets Launch Pre-Christmas Promotions
UK Government Backs the BBC amid Editing Scandal and Trump Threat of Legal Action
UK Assessment Mis-Estimated Fallout From Palestine Action Ban, Records Reveal
UK Halts Intelligence Sharing with US Amid Lethal Boat-Strike Concerns
King Charles III Leads Britain in Remembrance Sunday Tribute to War Dead
UK Retail Sales Growth Slows as Households Hold Back Ahead of Black Friday and Budget
×