Draft:Mikheil Lomtadze

Mikheil Lomtadze (მიხეილ ლომთაძე) is a technology entrepreneur and businessman. He is the Chairman of the board of Kazakhstan-based fintech Kaspi.

Education and early career
Lomtadze obtained his BBA degree from the European School of Management, Georgia in 1997, and Master of Business Administration (MBA) degree from Harvard Business School in 2002.

In 1995, while still a student, Lomtadze established the Georgia Consulting Group Audit, a consulting firm, but was sold in 2002. He pursued his full business career as a project manager, and later a partner at Baring Vostok Capital Partners.

Kaspi
Baring Vostock invested in Kaspi in 2006, and Lomtadze became CEO of Kaspi shortly after. He led a transformation of the bank, established in 1991, into Kaspi.kz, a highly profitable fintech. He “refounded” and incorporated Kaspi.kz Joint Stock Company in 2008 and overhauled a previously traditional business. He identified an opportunity for Kaspi in technologies and services, and reallocated resources, rebranded the company, and began building its business ecosystem. In addition to standard banking products (deposits, loans and payment transfers), Kaspi provides an online platform for goods purchase and sale and a mobile app now used by over 50% of Kazakhstan's population.

In 2018, Lomtadze announced plans to hold an initial public offering, but, in 2019, postponed its London listing due to uncertainty in international stock markets and in the global technology sector in particular. The move proved fruitful — Kaspi.kz's eventual October 2020 IPO was oversubscribed five times, valued the business at $6.5 billion, and was recognized as Europe's fourth largest IPO in 2020.

Following the IPO, Kazakhstan's president, Kassym-Jomart Tokayev had several meetings with Lomtadze and Kaspi chairman Vyacheslav Kim, recognising that the company's success benefited the Kazakh economy, discussing the development of fintech, e-commerce, digital payments and transition to a cashless economy, and identifying potential areas of joint activity. Kaspi's transformation has played a significant role in the evolution of Kazakhstan's second-tier banks into marketplaces.

In January 2024, Kaspi became the latest London-listed group to sell shares on the New York Stock Exchange. Kaspi's “super app” offers services including online shopping, personal lending and filing marriage applications. The company reported revenue of $2.8bn in the first nine months of 2023, and net income of $1.3bn. Its London-listed shares had almost tripled since their debut in 2020.

Football
In May 2024, Lomtadze was announced as the new owner of English Football League third tier club Wycombe Wanderers.

Awards and recognition
In December 2012, Lomtadze was awarded the Order of Kurmet for his contribution to the development of Kazakhstan's economy and banking system.

In June 2020, Lomtadze was awarded the People’s Gratitude medal for his contributions to Kazakhstan's COVID-19 pandemic response, after allocating 100 million tenge to the country's healthcare system to purchase rapid antigen tests and ventilators, as well as providing 100 free ambulances. In December 2021, he was awarded the Order of Friendship for a significant contribution to the social and economic development of Kazakhstan.

Between 2017 and 2021, Lomtadze was recognised as the best CEO in Kazakhstan, according to the Kazakhstan Growth Forum  and respondents to a PricewaterhouseCoopers survey, with Kaspi.kz noted for its adaptive traits, strategic vision and customer focus.

In 2020, for the first time, the Forbes Kazakhstan magazine announced two winners of the Businessman of the Year Award – Vyacheslav Kim and Lomtadze. A key factor in selecting two representatives of the same company was its successful IPO on the London Stock Exchange in October 2020.

Lomtadze is a member of Harvard Business School's Middle East and North Africa Advisory Board.