Kaspi Pay, a 100% owned subsidiary of JSC Kaspi.kz has signed a Sale & Purchase Agreement to acquire 100% of Portmone Group.
Portmone is an independent provider of payments and money transfer services in Ukraine, with consumer products including utility and household bill payments, P2P transfers, mobile top-ups and repayment for financial services. B2B products include internet acquiring for merchants, white label internet and mobile payment solutions for banks and bill aggregation for service providers. Upon successful closing the acquisition of Portmone also gives Kaspi.kz a payments license and Visa and Mastercard accreditation in Ukraine.
Ukraine is a 42 million population opportunity, characterised by high cash penetration (44% cash withdrawals), low e-Commerce penetration at 8% of retail, low unsecured consumer lending at less than 4.5% of GDP and >70% smartphone penetration.
The acquisition of Portmone puts our Payments Platform in a strong position to end into Ukraine.
Subject to anti-monopoly approval in Ukraine and Kazakhstan and approval by the National Bank of Ukraine, we expect this transaction to complete in the final quarter of 2021.
In the medium-term, Ukraine can also become an important source of IT talent and a development hub for Kaspi.kz.