Early Life
Mikhail Lomtadze was born in Batumi, Georgia, on October 17, 1975. He earned a BBA degree from the European School of Management in Tbilisi in 1997. During his undergraduate studies, he founded Georgia Consulting Group Audit in 1995, providing auditing and consulting services.
Rise to Success
After selling his consulting firm, Lomtadze pursued an MBA at Harvard Business School, graduating in 2002. He then joined Baring Vostok Capital Partners, where he became a partner. In 2006, Lomtadze became a board member of Caspian Bank in Kazakhstan. A year later, he became chairman of the bank’s board, and in 2011, he rebranded the bank as Kaspi. Under his leadership, Kaspi.kz has become the leading digital payments and banking service in Kazakhstan, with over 50% of the population using the app. In 2020, Kaspi listed on the London Stock Exchange.
Key Business Strategies
Lomtadze focused on data-driven strategies and technological advancement to build a competitive advantage. Kaspi.kz operates an ecosystem comprising payments, marketplace, and fintech platforms accessible via the Kaspi.kz Super App. This super app strategy has driven significant revenue and profitability growth. The company's initial public offering (IPO) was one of the largest fintech floats on a European stock exchange. Kaspi's online grocery platform became profitable within two years.
Philanthropy
Lomtadze has been recognized for his philanthropy, supporting WWII veterans, vulnerable children, and education. He, along with Vyacheslav Kim, contributed to the «Autism, We Will Overcome!» project by donating a venue for a support center.