Fintech Partners Limited, Baring Ventures Fund V Managers Limited, and Baring Fintech Manager Holding Limited filed an amended Schedule 13G with the SEC on November 13, 2026, disclosing a combined beneficial ownership of 15,235,270 American depositary shares of Joint Stock Co Kaspi.kz as of September 30, 2026.

Key Highlights

  • Three reporting persons: Fintech Partners Limited, Baring Ventures Fund V Managers Limited, and Baring Fintech Manager Holding Limited each report beneficial ownership of 15,235,270 ADSs.
  • 8.0% stake: The 15,235,270 ADSs represent 8.0% of the class, based on 190,027,266 common shares outstanding as of September 30, 2026.
  • No sole voting or dispositive power: All three reporting persons report 0 shares with sole voting power and 0 shares with sole dispositive power; all 15,235,270 ADSs are reported as shared voting and shared dispositive power.
  • Participation Deed structure: The 15,235,270 ADSs are held of record by Fintech Partners Limited under a participation deed with Asia Equity Partners Limited, which retains all economic rights, including rights to distributions and transfer proceeds.
  • Control chain: Baring Ventures Fund V Managers Limited is disclosed as the controlling shareholder of Fintech Partners Limited, and Baring Fintech Manager Holding Limited is the controlling shareholder of Baring Ventures Fund V Managers Limited.
  • Board controls voting: Voting and investment control over the ADSs is exercised by the board of directors of Fintech Partners Limited, comprised of Andrew Whitaker, Andrew Carre, and Sarah Rault.

Kaspi.kz ADS Ownership Structure Disclosed by Guernsey-Based Entities

According to the filing, all three reporting persons are non-cellular companies organized under the laws of Guernsey. Fintech Partners Limited and Baring Fintech Manager Holding Limited share a principal business office at Unit 1, Houmet House, Rue Des Houmets, Castel, Guernsey GY5 7XZ, Channel Islands. Baring Ventures Fund V Managers Limited is located at Ground Floor, Plaza House, Admiral Park, St Peter Port, Guernsey GY1 2HU, Channel Islands. The filing covers American depositary shares of Joint Stock Co Kaspi.kz (NASDAQ:KSPI), each representing one common share of the issuer, with CUSIP number 48581R205.

The filing discloses that the 15,235,270 ADSs are held by Fintech Partners Limited under a participation deed with Asia Equity Partners Limited. Under this arrangement, the filing states that Fintech Partners Limited is the shareholder of record, but Asia Equity Partners Limited "retains all economic rights relating to the ADSs, including the right to any distributions in respect of the ADSs and to the proceeds from any transfer or disposal of the ADSs." The other reporting persons and their affiliated entities disclaim beneficial ownership of these ADSs, according to the filing.

The percentage of class reported is based on 190,027,266 common shares outstanding as of September 30, 2026, as reported in the issuer's interim condensed consolidated financial information for the three and nine months ended September 30, 2026, contained in a Form 6-K furnished to the SEC on November 12, 2026. The filing also certifies that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

What Was Disclosed

Three Guernsey-based entities filed an amended Schedule 13G reporting shared beneficial ownership of 15,235,270 Kaspi.kz ADSs, equal to 8.0% of the class as of September 30, 2026, held under a participation deed arrangement with Asia Equity Partners Limited.