SUMMARY

Timur Turlov, Mikhail Lomtadze, and Arsen Tomsky discuss super apps Freedom, Kaspi, and inDrive at Digital Bridge 2025, sharing growth strategies, international expansions, and their roles in addressing social needs in Kazakhstan and beyond.

STATEMENTS

Freedom Holding Corp has seen significant capitalization growth, becoming a decacorn valued over $10 billion since the last Digital Bridge.
Investors value Freedom highly with a P/E multiple over 20, reflecting belief in its expansion potential.
Digital banks typically monetize clients at $1,000-$2,000 each, but ecosystems like Freedom generate more through diverse lines.
Freedom remains profitable despite investments, similar to Amazon's long-term strategy of reinvesting for market dominance.
Freedom's super app has 1.6-1.7 million MAU and 3 million installs in Kazakhstan, growing faster than competitors.
Revenue structure at Freedom: 30% banking, 30% brokerage, 30% insurance, with 60% from insurance and brokerage combined.
Freedom serves 11 million clients overall, with super app users averaging nearly two services monthly due to loyalty programs.
Core banking metrics at Freedom grow 10% month-over-month, indicating explosive expansion.
Freedom plans to launch in Tajikistan soon after building a bank from scratch, targeting Central Asia and Caucasus next.
Regulatory approvals pose the biggest barrier for Freedom's international expansion, but the team is strong.
Super apps like Freedom's model—integrating banking, brokerage, insurance, and lifestyle—offer unique survival in standalone markets.
inDrive has nearly 60 million MAU across 48 countries, prioritizing user impact over valuation.
Kazakhstan serves as inDrive's global hub with 1,000 specialists developing solutions for worldwide markets.
inDrive initiatives like "Home for Mom" expand globally, starting from Kazakhstan to Malaysia and beyond.
inDrive's super app focuses on fairness and justice, enabling entry into any sector addressing inequalities.
inDrive acquired Kazakh company "Rядом" for 15-minute food delivery, accelerating dark store development in underserved areas.
inDrive provides microloans to gig workers at fair rates in six countries, combating high-interest local lenders.
Kaspi integrated Glovo for food delivery based on positive client feedback, emphasizing user-driven additions.
Kaspi prioritizes client feedback over financial metrics, partnering rather than acquiring for services like delivery.
No immediate plans for taxi services in Kaspi due to strong partnerships with Yandex, which shares a client-focused ethos.
Kaspi's model is unique to Kazakhstan, especially government services integration, which cannot be fully replicated elsewhere.
Kaspi acquired Trendyol in Turkey and is buying Rabobank for fintech entry, adapting the ecosystem sequentially.
Cross-border trade between Kazakhstan and Turkey will be boosted via fast digital delivery on Kaspi and Trendyol platforms.
Health and education verticals in super apps should disrupt with digitization to enhance human capital and social equity.
Freedom invests in healthtech and edtech startups, planning AI assistants and diagnostic tools for its super app.
Kazakhstan's GovTech can be exported to Central Asia, as seen in Tajikistan collaborations, building regional expertise.
Kazakhstan's intellectual and creative potential is undervalued, with a highly educated, active population ready for global tech export.

IDEAS

Super apps evolve beyond products to fulfill basic human needs, playing a pivotal social role in underserved regions.
Kazakhstan's GovTech uniqueness—handling births, licenses, and vehicles digitally—sets a global benchmark absent elsewhere.
High investor multiples like Freedom's P/E over 20 signal faith in ecosystem growth, outpacing traditional banks.
Amazon's 20-year investment phase turned losses into profits by reshaping consumer habits, a model for super apps.
Freedom's rapid MAU growth from 400,000 to 1.5 million in months shows super apps thrive on cross-service loyalty.
Standalone financial or insurance apps face extinction; integrated super apps ensure survival through diversification.
inDrive measures success by global influence via 60 million users, not valuation, redefining tech ambition.
Kazakhstan as a tech hub exports solutions like inDrive's fair-play model to 48 countries from a 1,000-person team.
Social initiatives like inDrive's "Home for Mom" and anti-smog efforts start in Kazakhstan, enhancing national image.
Fairness as a super app core—targeting injustices in food tech and fintech—fuels organic, ethical expansion.
Kaspi's client-feedback-first approach integrates partners like Glovo, contrasting acquisition-heavy models.
Ecosystems cooperate rather than compete, as seen in Kaspi-Yandex partnerships for seamless user experiences.
Replicating Kazakhstan's super app success abroad requires market adaptation, starting with e-commerce in Turkey.
AI in education via super apps can create personalized plans, detect cheating, and democratize Kazakh-language knowledge.
Exporting GovTech alongside super apps, as in Tajikistan, mirrors China's model of funding tech with local business gains.

INSIGHTS

Super apps transcend commerce by addressing social inequities, turning tech into a tool for human flourishing and national development.
Kazakhstan's digital ecosystem uniqueness stems from GovTech integration, offering a blueprint for emerging markets' basic needs fulfillment.
Investor confidence in high multiples reflects long-term growth potential, where reinvestment builds dominant market positions.
Ethical fairness as a business driver enables global scaling from humble origins, prioritizing impact over immediate profits.
Client-centric evolution, guided by feedback, sustains super app vitality more than aggressive acquisitions.
Regional hubs like Kazakhstan amplify undervalued talent, exporting innovations to influence worldwide social and economic landscapes.
Cross-ecosystem partnerships foster mutual growth, reducing competition and enhancing user satisfaction in fragmented markets.
Digitizing health and education via AI disrupts traditional barriers, boosting human capital in tech-optimistic societies.
Exporting GovTech creates expertise centers, supporting local businesses abroad and rebuilding domestic trust in finance.
National ideas centered on creation and development can unify populations, passing "grandma tests" for accessibility and inspiration.

QUOTES

"Глобальный тренд на развитие экосистем, наверное, в том, что они не про продукты уже в конечном счёте. Они вообще начинают играть существенно более важную социальную роль в целом."
"Мы остаёмся прибыльными. Хотя вот тот же самый коэффициент пи у нас он на самом деле волатилен."
"Суперап - это способ выжить почти уникальный. В Сандалоне, не в банковском Стандалоне, в страховом Стандалоне выжить будет почти невозможно."
"У нас идея не в том, что мы создаём там сервис каких-то городских услуг или там fintech услуг или там ещё что-то, да? У нас это Super App Fairplay, то есть это сервисы, которые основа на идее честности и справедливости."
"Мы компания, которая работает совсем по-другому. То есть мы не думаем там своими финансовыми показателями, мы думаем обратной связью от клиентов."
"Есть уникальность в Казахстане, которая она Казахстан всегда будет родиной Каспи."
"Здесь живёт удивительно активная, с высоким образованием населения. Интеллектуальный и креативный потенциал Казахстана недооценён вообще сейчас."
"Искусственный интеллект - это потрясающий инструмент, на самом деле, для того, чтобы учиться и для того, чтобы получать там на казахском языке доступ к знаниям."

HABITS

Prioritizing client feedback to guide service integrations and improvements, as practiced by Kaspi's team.
Reinvesting profits into long-term growth and ecosystem development, mirroring Freedom's strategy.
Starting social initiatives locally in Kazakhstan before global scaling, like inDrive's "Home for Mom" expansions.
Measuring success by user impact and MAU rather than valuation, as emphasized by inDrive's leadership.
Actively investing in healthtech and edtech startups to fuel super app innovations, per Freedom's approach.
Collaborating with governments for GovTech exports, as seen in Freedom's Tajikistan efforts.
Using AI tools for personalized education and health diagnostics to enhance user experiences.

FACTS

Freedom's super app topped Kazakhstan's App Store downloads for 10 months, with 1.6-1.7 million MAU.
inDrive operates in 48 countries with nearly 60 million MAU, developed from a Kazakhstan hub of 1,000 specialists.
Kaspi's app sees 15 million monthly visitors in Kazakhstan, integrating unique GovTech services unavailable globally.
Kazakhstan's corporate lending per capita lags China's by 15 times, despite similar GDP per capita.
Freedom serves 11 million clients across lines, with super app users averaging two active services monthly.
Kaspi acquired Trendyol, Turkey's second-largest e-commerce platform with 17 million monthly visitors.
inDrive's microloans serve gig workers in six countries at bank-like rates, avoiding 2,000-3,000% annual MFO fees.

REFERENCES

Amazon's investment model and 20-year profitability journey.
Facebook's IPO valuation at $100 billion with $1 billion profit, growing to $40 billion annually.
Harvard Business Review article on Kaspi's potential U.S. equivalent combining PayPal, Amazon, and more.
Glovo's international food delivery expertise and integration with Kaspi.
Yandex's ecosystem with 15 services and 10 million Kazakh users.
Chocofood's prior failed partnership with Kaspi for food delivery.
"Rядом" acquisition by inDrive for 15-minute product delivery.
Trendyol (Hepsiburada) e-commerce platform in Turkey.
Rabobank acquisition for Turkish fintech licensing.
Bilim Media partnership for school education tools in Freedom.
Invisionu non-profit leadership university by inDrive.
"Home for Mom" initiative expanding to Malaysia, Ukraine, Uzbekistan, Azerbaijan.
Anti-smog project in Almaty, planning extensions to Tajikistan and Nepal.

HOW TO APPLY

Analyze investor metrics like P/E multiples against growth rates to justify expansions in super apps.
Build loyalty programs with unified authentication to increase average services per user from one to two monthly.
Secure regulatory approvals early by assembling expert teams for international market entry.
Focus super app development on fairness principles to identify and disrupt unjust sectors like high-interest lending.
Integrate partner services based on user feedback, testing small before full-scale rollout.
Adapt ecosystem models sequentially—start with e-commerce abroad, then add fintech and GovTech integrations.
Invest in AI for education and health to create personalized tools, ensuring language accessibility like Kazakh.

ONE-SENTENCE TAKEAWAY

Kazakhstan's super apps like Freedom, Kaspi, and inDrive drive global impact by integrating services for social equity and economic growth.

RECOMMENDATIONS

Export GovTech solutions to Central Asia, pairing them with super apps to support local entrepreneurs.
Prioritize ethical fairness in expansions to enter underserved markets ethically and sustainably.
Reinvest profits into R&D for health and education verticals, using AI for personalized, accessible services.
Form cross-ecosystem partnerships to enhance user experiences without direct competition.
Leverage Kazakhstan's educated talent for global hubs, starting initiatives locally before scaling.
Adapt super app models to regional needs, beginning with high-demand areas like e-commerce in new markets.
Measure success by user engagement and social impact, not just financial valuations.
Boost cross-border trade via digital platforms to stimulate mutual economic growth between countries like Kazakhstan and Turkey.

MEMO

At the Digital Bridge 2025 forum in Kazakhstan, three tech titans—Timur Turlov of Freedom Holding, Arsen Tomsky of inDrive, and Mikhail Lomtadze of Kaspi—gathered to unpack the future of super apps. Moderated by Vitaly Volyanyuk, the panel revealed how these platforms, born in Kazakhstan, are reshaping daily life and challenging global norms. Turlov highlighted Freedom's meteoric rise to decacorn status, with a market cap exceeding $10 billion and a price-to-earnings ratio above 20, driven by relentless growth in monthly active users from 400,000 to 1.5 million. "We're not just profitable; we're building an ecosystem that changes habits," Turlov said, echoing Amazon's playbook of long-term reinvestment.

The discussion pivoted to Kazakhstan's unique digital landscape, where super apps integrate government services like vehicle registrations and birth certificates—capabilities unmatched worldwide. Lomtadze of Kaspi emphasized this "uniqueness" as the app's Kazakh roots, serving 15 million monthly users with everything from payments to food delivery via new partner Glovo. Yet, expansion abroad demands adaptation: Kaspi's Turkish foray starts with e-commerce giant Trendyol and a bank acquisition, aiming to replicate quality services without full GovTech replication. Tomsky, whose inDrive boasts 60 million users across 48 countries, positioned Kazakhstan as a global hub, with 1,000 specialists exporting fairness-driven innovations from ride-hailing to microloans for gig workers.

Social impact emerged as a core theme, with super apps evolving beyond commerce to address inequities. inDrive's "fair play" ethos targets injustices, like providing affordable loans in six countries to counter predatory lenders charging up to 3,000% annually. Freedom invests in healthtech and edtech, planning AI assistants for diagnostics and personalized education in Kazakh. "These platforms must play a social role, closing basic needs," Turlov noted, while Tomsky touted initiatives like anti-smog efforts in Almaty, soon to expand to Nepal.

International hurdles loomed large: regulatory barriers slow entries, as Freedom builds a Tajik bank from scratch. Yet, optimism prevailed. Kazakhstan's undervalued intellectual capital—a highly educated, tech-optimistic populace—positions it as an exporter of GovTech and fintech. Turlov advocated following China's model, tying tech exports to local business support, while Lomtadze envisioned swift cross-border trade with Turkey. Tomsky urged a national idea of "creators and builders" to inspire youth.

Challenges persist, from low domestic lending trust to emerging global regulations on ride-hailing. Still, the trio's vision—cooperative ecosystems prioritizing users and ethics—signals Kazakhstan's rise. As Turlov put it, super apps aren't standalone survivors; they're integrated lifelines. With partnerships like Kaspi-Yandex for express delivery, these platforms foster a collaborative future, proving small nations can generate global stars.