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Fintech Takes Center Stage in Kazakhstan: 7 Startups to Watch

In a market driven by innovation and digital transformation, fintech is emerging as a key player in Kazakhstan’s economic landscape. With a growing number of startups and venture funds, the country is poised to become a hub for financial technology in Central Asia.

According to a recent report by MOST Holding, fintech accounted for 7% of total venture capital deals in Kazakhstan between 2018-2022, with marketplaces/e-commerce and fintech being the top sectors. The country’s unique fintech landscape is driven by two regulators - the National Bank of Kazakhstan and the Astana Financial Service Authority (AFSC) - which has created a competitive environment for startups.

Startups to Watch

Here are seven fintech startups to watch in Kazakhstan:

  • OneVision: A fintech company offering online payment services, including card acceptance, QR payments, and e-money transactions.
  • Prosper Pay: A platform allowing employees to track and manage their earnings, providing a convenient and flexible solution for accessing wages before payday.
  • S1lkpay: A digital payment and processing provider issuing, sharing, and paying with prepaid virtual cards, with a presence in Kazakhstan, Sudan, and the UAE.
  • IKapitalist: The largest licensed investment and lending platform in Kazakhstan, providing access to financing for small businesses and individual investors.
  • Tayyab: A digital Islamic bank offering Shariah-compliant financial services, targeting modern Muslims (Generation M) with a global presence.

These startups are driving innovation in the fintech sector, from payment solutions to investment platforms, and are poised to revolutionize the way people manage their finances in Kazakhstan.

Market Overview

Kazakhstan’s fintech market is characterized by:

  • A growing number of venture funds and startup accelerators
  • Increasing adoption of digital payments and mobile wallets
  • Development of insurtech and biometric technologies
  • Expansion of neobanking services

Regulation and Market Entry

The country has a unique regulatory landscape, with two jurisdictions - the National Bank of Kazakhstan and the Astana Financial Service Authority (AFSC) - overseeing the fintech sector. This has created opportunities for startups to operate in both jurisdictions, driving competition and innovation.

With its growing fintech ecosystem, Kazakhstan is poised to become a key player in Central Asia’s financial landscape. As the country continues to invest in digital transformation, these seven startups are set to play a major role in shaping the future of fintech in Kazakhstan.