ASTANA – Kazakhstan’s capital market has seen a new milestone as FinTech startup Prosper Pay successfully placed bonds worth over US$5 million, TengriNews reported on Aug. 7.
CFA Co-Founder and CEO Prosper Pay Beibut Zhanturin and Alatau City Invest Сhairman Timur Salimov. Photo credit: TengriNews
According to investment company Alatau City Invest, which organized the deal, this marks the first time a venture company in Kazakhstan has issued bonds.
The bond market has long been closed to startups. It was mainly available to large companies and quasi-governmental structures. The Prosper Pay case, organizers say, sets an important precedent, showing that innovative yet mature businesses can also attract financing through market instruments.
The bond issue’s key parameters include a volume exceeding $5 million, a USD-denominated issue, 11% annual yield, a 30-month maturity, and quarterly payments.
Prosper Pay is a promising Kazakh startup developing an Earned Wage Access service, enabling employees to access their earned wages instantly at any time. The company says the service reduces employees’ financial stress, boosts loyalty and satisfaction, and helps employers retain staff, speed up hiring, and enhance their appeal in the labor market.
The deal is also significant for Alatau City Invest, which completed its rebranding from Jusan Invest on Aug. 4. The new brand reflects the firm’s focus on market-driven, innovative strategies to support the growth of local companies through effective financial tools.
