Kazakh fintech that started as a lender, bought a bank, and then verticalized into nearly every adjacent surface — payments, e-commerce marketplace, taxes, DMV services, travel, bill pay. William Hockey cites Kaspi as the canonical Emerging Markets leapfrog story: by owning both the Banking Charter and the consumer interface, they compounded in ways no US fintech can because the incumbents and regulatory perimeters are stickier here. Listed on the London Stock Exchange.