Kaspi.kz has completed the acquisition of Turkey's Rabobank

The Kazakhstani fintech company Kaspi.kz announced that it has closed the deal to acquire Rabobank's Turkish division. The company has not disclosed the purchase price or other details of the acquisition.

Rabobank holds a full banking license in Turkey. In June, the Turkish regulator approved its sale to Kaspi.kz. Mikhail Lomtadze, CEO and co-founder of Kaspi.kz, stated at the time that the company plans to leverage its expertise in payments, marketplaces, and fintech in the Turkish market to serve retail and commercial customers.

Rabobank is Kaspi.kz’s second acquisition in Turkey. In 2025, the Kazakhstani company acquired a controlling stake in the e-commerce platform Hepsiburada for $1.13 billion. As Bloomberg noted, Kaspi.kz is actively seeking growth opportunities in Turkey, focusing on promoting its “super-app” model—which combines banking services, payments, and online commerce—and counting on demand from Turkey’s population of approximately 85 million people.

The former parent company of Turkey’s Rabobank—the Dutch Rabobank, which specializes in financing the food industry and agriculture—is seeking to scale back its operations in countries where it does not have a strong presence. The Dutch group had previously attempted to sell the division—first to the cryptocurrency exchange BtcTurk, and then to the construction holding company Ronesans—but neither deal was finalized.

Freedom Holding is also entering the Turkish market. Recently, its subsidiary, Freedom Finansal Hizmetler, received approval from Turkish regulators to acquire 99.32% of Turkish Bank, which has been operating in the country since 1982. The financial terms of the deal, which was signed earlier this year, have not been disclosed.

“Turkey is a strategically important market for Freedom,” said Timur Turlov, founder and CEO of Freedom Holding. “In Kazakhstan, we’ve already proven that a digital ecosystem can become part of the daily lives of millions of people. In less than two years since its launch, the Freedom SuperApp has attracted 5.67 million users and become the country’s fastest-growing digital service. We’ve managed to combine financial services and cutting-edge digital products on a single platform, allowing them to naturally complement and reinforce one another. “It is precisely this experience that we intend to bring to the Turkish market, where the potential audience could be four to five times larger than in Kazakhstan,” said Turlov.

This article was AI-translated and verified by a human editor