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Avellum and Kinstellar Advise on Kaspi.kz’s Acquisition of Portmone from 4i Capital Partners

Avellum and Kinstellar Advise on Kaspi.kz’s Acquisition of Portmone from 4i Capital Partners

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Avellum has advised Kazakhstan’s financial technology firm Kaspi.kz subsidiary Kaspi Pay on its acquisition of Ukrainian online payment platform Portmone from Ukraine-based 4i Capital Partners. Kinstellar advised the seller.

According to Avellum, "the acquisition of Portmone gives Kaspi Pay a solid starting platform with a payments license from the National Bank of Ukraine, Visa & Mastercard accreditation, business relationships with thousands of merchants and a wide pool of banks."

Operating in Kazakhstan and Azerbaijan, Kaspi.kz is a payment, marketplace, and fintech ecosystem developer listed on the London Stock Exchange.

Founded in 2002, Portmone provides online payments and money transfers in Ukraine, offering a portfolio of IT payment solutions for banking, mobile, e-commerce, and service industries.

4i Capital Partners is a private equity investment firm managing investments in Ukraine. It invested in Portmone.com in 2013.

"It was an exciting and a milestone transaction for us and shows that our strategy – acquiring majority stakes in innovative and highly competitive local companies and building top-notch management teams – works," 4i Capital Partners Managing Partner Alex Munteanu commented.

The Avellum team was led by Managing Partner Mykola Stetsenko and included Counsels Mykyta Nota and Andriy Romanchuk, Senior Associate Anton Arkhypov, and Associates Yelyzaveta Kravtsova, Oleksandr Kozhukhar, Anastasiia Karpenko, Yelyzaveta Kashyna, and Iryna Fonotova.

Kinstellar’s team was led by Counsel Illya Muchnyk and consisted of Partners Illya Sverdlov and Galyna Zagorodniuk, Senior Associate Oleksandra Poliakova, and Associate Zhanna Babych.

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