London Daily

Focus on the big picture.
Friday, Nov 28, 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
UK Chancellor Reeves Defends Tax Rises as Essential to Reduce Child Poverty and Stabilise Public Finances
No Evidence Found for Claim That UK Schools Are Shifting to Teaching American English
European Powers Urge Israel to Halt West Bank Settler Violence Amid Surge in Attacks
"I Would Have Given Her a Kidney": She Lent Bezos’s Ex-Wife $1,000 — and Received Millions in Return
European States Approve First-ever Military-Grade Surveillance Network via ESA
UK to Slash Key Pension Tax Perk, Targeting High Earners Under New Budget
UK Government Announces £150 Annual Cut to Household Energy Bills Through Levy Reforms
UK Court Hears Challenge to Ban on Palestine Action as Critics Decry Heavy-Handed Measures
Investors Rush Into UK Gilts and Sterling After Budget Eases Fiscal Concerns
UK to Raise Online Betting Taxes by £1.1 Billion Under New Budget — Firms Warn of Fallout
Lamine Yamal? The ‘Heir to Messi’ Lost to Barcelona — and the Kingdom Is in a Frenzy
Warner Music Group Drops Suit Against Suno, Launches Licensed AI-Music Deal
HP to Cut up to 6,000 Jobs Globally as It Ramps Up AI Integration
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
UK Prime Minister Sir Keir Starmer Promises ‘Full-Time’ Education for All Children as School Attendance Slips
UK Extends Sugar Tax to Sweetened Milkshakes and Lattes in 2028 Health Push
UK Government Backs £49 Billion Plan for Heathrow Third Runway and Expansion
UK Gambling Firms Report £1bn Surge in Annual Profits as Pressure Mounts for Higher Betting Taxes
UK Shares Advance Ahead of Budget as Financials and Consumer Staples Lead Gains
Domino’s UK CEO Andrew Rennie Steps Down Amid Strategic Reset
UK Economy Stalls as Reeves Faces First Budget Test
UK Economy’s Weak Start Adds Pressure on Prime Minister Starmer
UK Government Acknowledges Billionaire Exodus Amid Tax Rise Concerns
UK Budget 2025: Markets Brace as Chancellor Faces Fiscal Tightrope
UK Unveils Strategic Plan to Secure Critical Mineral Supply Chains
UK Taskforce Calls for Radical Reset of Nuclear Regulation to Cut Costs and Accelerate Build
UK Government Launches Consultation on Major Overhaul of Settlement Rules
Google Struggles to Meet AI Demand as Infrastructure, Energy and Supply-Chain Gaps Deepen
Car Parts Leader Warns Europe Faces Heavy Job Losses in ‘Darwinian’ Auto Shake-Out
Arsenal Move Six Points Clear After Eze’s Historic Hat-Trick in Derby Rout
Wealthy New Yorkers Weigh Second Homes as the ‘Mamdani Effect’ Ripples Through Luxury Markets
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
UK Unveils Critical-Minerals Strategy to Break China Supply-Chain Grip
Taylor Swift’s “The Fate of Ophelia” Extends U.K. No. 1 Run to Five Weeks
UK VPN Sign-Ups Surge by Over 1,400 % as Age-Verification Law Takes Effect
Former MEP Nathan Gill Jailed for Over Ten Years After Taking Pro-Russia Bribes
Majority of UK Entrepreneurs Regard Government as ‘Anti-Business’, Survey Shows
UK’s Starmer and US President Trump Align as Geneva Talks Probe Ukraine Peace Plan
UK Prime Minister Signals Former Prince Andrew Should Testify to US Epstein Inquiry
Royal Navy Deploys HMS Severn to Shadow Russian Corvette and Tanker Off UK Coast
China’s Wedding Boom: Nightclubs, Mountains and a Demographic Reset
Fugees Founding Member Pras Michel Sentenced to 14 Years in High-Profile US Foreign Influence Case
WhatsApp’s Unexpected Rise Reshapes American Messaging Habits
United States: Judge Dressed Up as Elvis During Hearings – and Was Forced to Resign
Johnson Blasts ‘Incoherent’ Covid Inquiry Findings Amid Report’s Harsh Critique of His Government
Lord Rothermere Secures £500 Million Deal to Acquire Telegraph Titles
Maduro Tightens Security Measures as U.S. Strike Threat Intensifies
U.S. Envoys Deliver Ultimatum to Ukraine: Sign Peace Deal by Thursday or Risk Losing American Support
Zelenskyy Signals Progress Toward Ending the War: ‘One of the Hardest Moments in History’ (end of his business model?)
U.S. Issues Alert Declaring Venezuelan Airspace a Hazard Due to Escalating Security Conditions
×