DM Pawnshop
Investors / Dengi Market

DENGIMARKET

A nationwide pawnshop network in Kazakhstan, providing individuals with fast access to secured credit.

Contact IRFinancial results
Dengi Market / Kazakhstan

What sets us apart

10years on the market

years on the market

Operating in Kazakhstan since 2015. Learn moreShow less
A decade-long track record

A resilient business model, tested over time.

325Branches nationwide

Branches nationwide

Across 17 regions of Kazakhstan, serving over 500,000 active clients. Learn moreShow less
Nationwide scale

The country's largest pawnshop network.

B+Internal Rating

Internal Rating

On the international capital market since 2023. Learn moreShow less
High investor trust

Long-term and transparent investor relationships on Kilde, with 12 consecutive quarters of zero missed payments.

+106%YoY portfolio growth

YoY portfolio growth

Portfolio CAGR of 118% over 2022–2025. Learn moreShow less
Fast, sustained growth

An above-market growth rate. Annual portfolio figures are available in the financial highlights section.

All financial indicators

In-house IT ecosystem

Proprietary CRM and mobile app. Learn moreShow less

An in-house development team — no outsourcing, scaling in step with the branch network.

A modern branch network

TOP-4 among Kazakhstan pawnshops by assets and loan portfolio. Learn moreShow less

Branches are located in the best city locations and meet the regulator's requirements for the security and storage of pledged property.

100%

Fully secured lending model

Loans secured by jewellery (gold) and electronics. Learn moreShow less

Transparent collateral appraisal and LTV control.

Rigorous risk control

A proprietary collateral-appraisal system. Learn moreShow less

Trained appraisers and a dedicated internal audit team control portfolio quality.

Dengi Market today
02 /

Company Overview

Dengi Market A modern financial network with digital infrastructure and nationwide presence.

We lend against two types of collateral: jewellery (gold) and electronics (smartphones, laptops and other gadgets). Accepting electronics is a competitive advantage over most pawnshops in Kazakhstan, which work with jewellery (gold) only.

We help clients across the country get fast access to funds secured by their property, combining transparent terms, convenient service and modern digital solutions.

We are building a resilient, technology-driven business model that creates long-term value for clients, partners and investors.

Mission, values and company detailsLearn moreShow less

Mission

Give people fast, straightforward access to money against collateral - no unnecessary complexity, with respect and transparent terms.

Vision

A pawnshop reimagined as a modern financial service - convenient online and offline, technology-driven, secure and easy to understand.

Values

Trust

Honest terms, transparency and accountability in every decision.

Respect

We value our clients' time and deliver comfortable, pressure-free service.

Expertise

Professional appraisal of collateral, with service quality we keep raising.

Strategic Goals

Market leadership

To become the leading modern pawnshop network in Kazakhstan - through outstanding service, technology and client trust.

Technology development

Grow our in-house IT ecosystem - CRM, mobile app and online collateral appraisal - for faster, more convenient service.

Network growth

Expand the network to 350+ branches and grow the loan portfolio, while keeping strict risk-control discipline.

Investment attractiveness

Strengthen the company's investment appeal - transparent reporting, a resilient track record and a reputation as a reliable borrower in the international capital market.

Company at a glance

Coverage of all regions of Kazakhstan
Geographic coverage
2021
Licensed activity No. 10.21.0017.L dated 12.03.2021
15 min
Average disbursement time
45 days
Max loan term (gold)
800+
Employees
Up to 80%
Maximum LTV
47.3%
Return on equity (ROE), 2025
11%
Share of the Kazakhstan pawnshop market
Company timelineLearn moreShow less

Company timeline

  1. 2026target

    • Target: 350 branches
    • Target: $95M portfolio

  2. 2025

    • 310 branches
    • Portfolio $70M
    • #5 by portfolio size among KZ pawnshops

  3. 2024

    • 255 branches
    • Portfolio $34M
    • #7 by portfolio size among KZ pawnshops

  4. 2023

    • Partnership begins with the international Kilde platform
    • 213 branches
    • Portfolio $26.8M

  5. 2021

    • Licence obtained from the National Bank - activities become licensed and supervised by ARDFM

  6. 2020

    • 153 branches opened - full coverage of regions and most cities of Kazakhstan

  7. 2018

    • 50 branches opened in major cities of Kazakhstan

  8. 2015

    • First branch opened

Business Model

How the business works: a client pledges jewellery (gold) or electronics (smartphones, laptops, gadgets) as collateral for a short-term secured loan. The loan is sized against an appraised collateral value, repaid with interest, and the collateral is released on repayment.

1AppraisalIn-house scales, a gold purity test and online appraisal - unique on the market - disbursement averages 15 minutes.
2DisbursementLoan issued same-day at an LTV of up to 80% for jewellery and up to 60% for electronics.
3ServicingAverage term - up to 45 days for gold and up to 25 days for electronics, with an average ticket of $440 and $180 respectively.
4ResolutionRepayment with the collateral returned to the client, or disposal of unclaimed gold via auction sale or sale to a refinery.
Portfolio by collateral typeShare
Gold & jewellery87.5%
Electronics12.5%

Our Team

Dengi Market is a team of professionals making secured lending fast, transparent and reliable.

03 /

Investors

Key Investment Attractiveness Factors

Established track record

Over 10 years of successful operating history in consumer lending. On the Kazakhstan market since 2015.

National scale

Over 300 branches across every region of the country - the largest pawnshop network, ranked in the TOP-4.

Collateral-backed lending

100% of loans are secured by collateral - jewellery (gold) and electronics. Pledged items are held in safekeeping at the pawnshop until the loan is fully repaid.

Diversified loan book

The portfolio is diversified both by collateral type - jewellery and electronics - and by loan size, reducing concentration risk and making the portfolio more resilient.

Stable financial performance

ROA - 24.3%, ROE - 47.3% for fiscal year 2025 - steadily rising profitability over the last three years.

Proprietary technology platform

An in-house development team, proprietary CRM, website and mobile app - built without outsourcing, scaling together with the branch network.

Low leverage, ample liquidity headroom

Equity-to-Asset ratio of 48.2% (covenant ≥20%), Net Debt-to-Equity of 0.85x (covenant ≤3.00) - as of 1 July 2026, both with a substantial buffer.

Proven international funding history

An impeccable reputation on the international Kilde investment platform: a B+ rating, $12.0M raised since 2023, and zero missed payments.

All financial indicators Funding Track Record

Financial Highlights

All indicators, 2023–2025Learn moreShow less
Indicator202320242025
Loan portfolio$25.7M$35.8M$73.7M
Total assets$28.0M$43.2M$79.1M
Equity$13.0M$21.6M$40.6M
Revenue$14.3M$21.1M$36.9M
Net profit$5.3M$8.5M$19.2M
ROA18.8%19.7%24.3%
ROE40.4%39.5%47.3%

Growth dynamics, % YoY

2023→2024 2024→2025
+39.3%
+106%
+54.6%
+82.9%
+65.2%
+88.5%
+47.8%
+74.6%
+61.5%
+125.9%
Loan portfolio
Assets
Equity
Revenue
Net profit
Disclosure2025Financial Statements for 2025PDF · EN

International Funding Track Record

Investments raised through the Kilde investment platform, as at 1 July 2026:

Investments by year

CumulativeRaised that year
2023
$2.5M
+$2.5M
2024
$5.5M
+$3.0M
2025
$5.5M
+$0
2026
$12.0M
+$6.5M
Funding detailsLearn moreShow less
Total raised to date$12.0M
Late payments0
Current outstanding$12.0M
Principal repayment scheduleLearn moreShow less
MaturityAmount due
Q4 2026$2.5M
Q2 2027$4.0M
Q2 2029$4.5M
Q3 2029$1.0M
Contact IR

Risk Management & Regulation

The risk management system combines collateral-backed lending, collateral appraisal controls, portfolio diversification and internal review procedures within the applicable regulatory framework.

LicenceNo. 10.21.0017.L, issued 12.03.2021 by the Agency for Regulation and Development of the Financial Market (ARDFM) of Kazakhstan
RegulatorAgency for Regulation and Development of the Financial Market (ARDFM), Kazakhstan
Risk management proceduresLearn moreShow less
Lending model100% secured / collateral-backed
Appraisal methodAppraisal specialist (at collateral intake)
Portfolio concentrationDiversified across regions - in major regions the company operates its own jewellery stores with display windows and large retail space for selling jewellery (gold) and electronics.
Appraisal reviewAuditor / revisor (after collateral intake)
Credit risk controlsA proprietary Risk Management Methodology has been developed. The company has a dedicated Analytics and Risk department that applies scorecards to assess borrowers.
Other disclosuresOnline underwriting with additional checks, using modern collateral verification methods (when needed, at the point of collateral intake).

Growth Strategy

The company’s development priorities for the coming years.

Network scaling

Expanding the branch network, including into new and fast-urbanising districts of Kazakhstan.

Sustaining leadership and efficiency

Strengthening our leading position and improving the efficiency of the core business - reaching the TOP-3 largest pawnshops in Kazakhstan by assets and loan portfolio.

Appraisal technology development

Refining our online collateral appraisal system and introducing new appraisal methods.

Technology platform development

Growing our proprietary IT infrastructure and digital services - CRM, mobile app, and internal management systems.

Team development

Investing in training and professional growth for employees at every level of the network.

Risk management

Continued improvement of the risk management system and portfolio quality controls.

Service and national reach

Improving client service quality and sustaining the network's presence across all regions of the country.

Cross-selling

Selective development of cross-selling between the jewellery and electronics segments, subject to pawnshop industry regulatory requirements.

Transparency and corporate governance

Continued development of corporate governance practices and transparent reporting for investors and partners.

Growing international funding

Expanding access to international capital as an additional growth driver for the business, while strengthening and preserving partnerships with existing and new investors.

Disclosure

Investors

Contact us about investing

We are open to your questions.

Corporate email for inquiries

investors@dengigroup.kz
Dengi Market / Kazakhstan
All financial indicators Financial Statements 2025 · PDF