# EDGAR Filing Document

**Accession Number:** 0001985487
**File Stem:** 0001104659-26-014695
**Filing Date:** 2026-2
**Character Count:** 20881
**Document Hash:** 7aff5ad4022f06143f35ebf70a635e94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-014695.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001104659-26-014695

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Joint Stock Co Kaspi.kz
- **CENTRAL INDEX KEY:** 0001985487
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1P
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94687
- **FILM NUMBER:** 26628914

**BUSINESS ADDRESS:**
- **STREET 1:** 154A NAURYZBAI BATYR STREET
- **CITY:** ALMATY
- **STATE:** 1P
- **ZIP:** 050013
- **BUSINESS PHONE:** 7 727 3306710

**MAIL ADDRESS:**
- **STREET 1:** 154A NAURYZBAI BATYR STREET
- **CITY:** ALMATY
- **STATE:** 1P
- **ZIP:** 050013
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Asia Equity Partners Ltd
- **CENTRAL INDEX KEY:** 0002025162

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** G4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 32 KRITIS STREET
- **STREET 2:** PAPACHRISTOFOROU BUILDING, 4TH FLOOR
- **CITY:** LIMASSOL
- **STATE:** G4
- **ZIP:** 3087
- **BUSINESS PHONE:** 357 25 114000

**MAIL ADDRESS:**
- **STREET 1:** 32 KRITIS STREET
- **STREET 2:** PAPACHRISTOFOROU BUILDING, 4TH FLOOR
- **CITY:** LIMASSOL
- **STATE:** G4
- **ZIP:** 3087

## Exhibit 99.1

Exhibit 99.1

**JOINT FILING AGREEMENT**

Pursuant to Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned agree that the Statement on Schedule 13G to which this Exhibit is attached is filed on behalf of each of them. Each of them is individually eligible to use the Schedule 13G to which this Exhibit is attached. Each of them is responsible for the timely filing of such Schedule 13G and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.

IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing Agreement as of February 13, 2026.

---

| | | |
|:---|:---|:---|
| ASIA EQUITY PARTNERS LIMITED | /s/ Stathia Dimofanous | /s/ Stathia Dimofanous |
|  | Name: | Stathia Dimofanous |
|  | Title: | Director |
| BARING FINTECH NEXUS LIMITED | /s/ Julian Timms | /s/ Julian Timms |
|  | Name: | Julian Timms |
|  | Title: | Director |
| BARING FINTECH PRIVATE EQUITY FUND III L.P.1 | /s/ Julian Timms | /s/ Julian Timms |
|  | Name: | Julian Timms |
|  | Title: | Director, Baring Fintech Fund III Managers Limited |
|  | On behalf of Baring Fintech Fund III Managers Limited acting as general partner of Baring Fintech Fund III (GP) LP acting as general partner to Baring Fintech Private Equity Fund III L.P.1 | On behalf of Baring Fintech Fund III Managers Limited acting as general partner of Baring Fintech Fund III (GP) LP acting as general partner to Baring Fintech Private Equity Fund III L.P.1 |
| BARING FINTECH FUND III (GP) LP | /s/ Julian Timms | /s/ Julian Timms |
|  | Name: | Julian Timms |
|  | Title: | Director, Baring Fintech Fund III Managers Limited |
|  | On behalf of Baring Fintech Fund III Managers Limited acting as general partner of Baring Fintech Fund III (GP) LP | On behalf of Baring Fintech Fund III Managers Limited acting as general partner of Baring Fintech Fund III (GP) LP |
| BARING FINTECH FUND III MANAGERS LIMITED | /s/ Julian Timms | /s/ Julian Timms |
|  | Name: | Julian Timms |
|  | Title: | Director |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Issuer:** Joint Stock Co Kaspi.kz

**Title of Class of Securities:** American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs")

**CUSIP Number:** 48581R205

**Date of Event Which Requires Filing of this Statement:** 12/31/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Asia Equity Partners Limited | Names of Reporting Persons<br>Asia Equity Partners Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>G4 | Citizenship or Place of Organization<br>G4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>13870945.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>13870945.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.3% | Percent of Class Represented by Amount in Row (9)<br>7.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the Securities and Exchange Commission (the "SEC") on November 13, 2025.

---

| 1. | Names of Reporting Persons<br>Baring Fintech Nexus Limited | Names of Reporting Persons<br>Baring Fintech Nexus Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>Y7 | Citizenship or Place of Organization<br>Y7 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>13870945.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>13870945.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.3% | Percent of Class Represented by Amount in Row (9)<br>7.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025.

---

| 1. | Names of Reporting Persons<br>Baring Fintech Private Equity Fund III L.P.1 | Names of Reporting Persons<br>Baring Fintech Private Equity Fund III L.P.1 |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>Y7 | Citizenship or Place of Organization<br>Y7 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>13870945.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>13870945.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.3% | Percent of Class Represented by Amount in Row (9)<br>7.3% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025.

---

| 1. | Names of Reporting Persons<br>Baring Fintech Fund III (GP) LP | Names of Reporting Persons<br>Baring Fintech Fund III (GP) LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>Y7 | Citizenship or Place of Organization<br>Y7 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>13870945.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>13870945.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.3% | Percent of Class Represented by Amount in Row (9)<br>7.3% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025.

---

| 1. | Names of Reporting Persons<br>Baring Fintech Fund III Managers Limited | Names of Reporting Persons<br>Baring Fintech Fund III Managers Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>Y7 | Citizenship or Place of Organization<br>Y7 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>13870945.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>13870945.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>13870945.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.3% | Percent of Class Represented by Amount in Row (9)<br>7.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025.

---

**Item 1(a). Name of Issuer:**
Joint Stock Co Kaspi.kz

**Item 1(b). Address of Issuer's Principal Executive Offices:**
154A Nauryzbai Batyr Street Almaty, Kazakhstan, 050013

**Item 2(a). Name of Person Filing:**
This filing is being made on behalf of (collectively, the "Reporting Persons"):
Asia Equity Partners Limited ("AEPL");
Baring Fintech Nexus Limited ("BFNL");
Baring Fintech Private Equity Fund III L.P.1 ("BF Fund III L.P.1");
Baring Fintech Fund III (GP) LP ("BF Fund III (GP) LP"); and
Baring Fintech Fund III Managers Limited ("BF Fund III ML").

**Item 2(b). Address of Principal Business Office:**
The principal business office of AEPL is 32 Kritis Street, Papachristoforou Building, 4th Floor, 3087 Limassol, Cyprus. The principal business office of BFNL is Unit 1, Houmet House, Rue Des Houmets, Castel, Guernsey GY5 7XZ, Channel Islands. The principal business office of each of BF Fund III L.P.1, BF Fund III (GP) LP and BF Fund III ML is Ground Floor, Plaza House, Admiral Park, St Peter Port, Guernsey GY1 2HU, Channel Islands.

**Item 2(c). Citizenship:**
AEPL is a limited company organized under the laws of Cyprus. BFNL and BF Fund III ML are non-cellular companies organized under the laws of Guernsey. BF Fund III L.P.1 and BF Fund III (GP) LP are partnerships organized under the laws of Guernsey.

**Item 2(d). Title of Class of Securities:**
American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs")

**Item 2(e). CUSIP Number:**
48581R205

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See the responses to Item 9 on the attached cover pages.

**(b) Percent of class:**

See Item 11 of the attached cover pages. The percentages reported in Item 11 of the attached cover pages are based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See the responses to Item 5 on the attached cover pages.

**(ii) Shared power to vote or to direct the vote:**

See the responses to Item 6 on the attached cover pages.

**(iii) Sole power to dispose or to direct the disposition of:**

See the responses to Item 7 on the attached cover pages.

**(iv) Shared power to dispose or to direct the disposition of:**

See the responses to Item 8 on the attached cover pages.
13,870,945 ADSs are owned directly by AEPL and may be deemed to be beneficially owned by BFNL, BF Fund III L.P.1, BF Fund III (GP) LP and BF Fund III ML because (i) BFNL is the controlling shareholder of AEPL, (ii) BF Fund III L.P.1 is the controlling shareholder of BFNL, (iii) BF Fund III (GP) LP is the general partner of BF Fund III L.P.1 and (iv) BF Fund III ML is the general partner of BF Fund III (GP) LP. Voting and investment control over the ADSs held by AEPL is exercised by the board of directors of AEPL, which is comprised of Holly Nielsen, Marina Ushakova and Stathia Dimofanous. Each of the Reporting Persons (other than AEPL), each member of the board of directors of AEPL and each of the affiliated entities of the Reporting Persons and the officers, partners, members and managers thereof disclaims beneficial ownership of the ADSs held by AEPL.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Asia Equity Partners Limited**

**Date:** 02/13/2026

**By:** /s/ Stathia Dimofanous

**Name & Title:** Stathia Dimofanous, Director

**Baring Fintech Nexus Limited**

**Date:** 02/13/2026

**By:** /s/ Julian Timms

**Name & Title:** Julian Timms, Director

**Baring Fintech Private Equity Fund III L.P.1**

**Date:** 02/13/2026

**By:** /s/ Julian Timms

**Name & Title:** Julian Timms, Director, on behalf of Baring Fintech Fund III Managers Limited

**Baring Fintech Fund III (GP) LP**

**Date:** 02/13/2026

**By:** /s/ Julian Timms

**Name & Title:** Julian Timms, Director, on behalf of Baring Fintech Fund III Managers Limited

**Baring Fintech Fund III Managers Limited**

**Date:** 02/13/2026

**By:** /s/ Julian Timms

**Name & Title:** Julian TimmsDirector