Fractional CFO services in Almaty

Almaty is Central Asia's commercial capital and the gravitational centre of Kazakhstan's private tech sector. Kaspi.kz - the country's dominant super-app spanning payments, lending and e-commerce - was built here and now trades on both the London Stock Exchange and Nasdaq with a market cap above $10 billion.

Choco, the multi-vertical consumer platform covering food delivery, travel and local services, was founded in Almaty in 2013 and has raised approximately $100 million. Kazakhstan accounts for 15–20% of all venture capital deployed in Central Asia, with QazTech Ventures and Baiterek Development Institute providing domestic co-investment alongside growing international LP interest.

We work with Almaty-based startups from seed to Series B+, supporting them on financial modelling, fundraise prep, runway management, investor reporting and equity/option grants.

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Almaty startup ecosystem

What makes Almaty's startup ecosystem distinct - sector concentrations, tech clusters and the talent pipeline feeding Central Asia's most commercially active city.

Kaspi gravity and super-app model

Kaspi.kz set the template for how Central Asian consumer tech scales: start with payments, add lending, layer on e-commerce and marketplace. Dual-listed on the London Stock Exchange and Nasdaq, Kaspi serves a majority of Kazakhstan's adult population and generates a benchmark for unit economics that later-stage investors use when evaluating regional fintech and consumer-tech founders.

Fintech, e-commerce and marketplace density

Almaty hosts the majority of Kazakhstan's private-sector fintech and e-commerce activity - driven by high smartphone penetration, a young and digitally-native population of 2 million in the metro area, and a payment infrastructure built around Kaspi Pay and Halyk Bank's digital rails. The city has produced Choco (consumer super-app), Kolesa Group (vertical classifieds) and a growing cluster of B2B SaaS companies serving the Eurasian market.

Esentai, Bostandyk and the Almaty Hub corridor

The Esentai area in the foothills of the Tien Shan anchors Almaty's premium office and co-working corridor. Bostandyk district is home to the Almaty Hub - the Astana Hub satellite that connects founders to the national tech-park network and its tax-incentive regime. The Medeu area's proximity to Almaty's financial-services cluster makes it a secondary concentration point for fintech operators.

Russian-speaking talent pipeline and KIMEP

KIMEP University - Almaty's leading English-language business school - feeds finance, economics and business graduates into the startup ecosystem. Kazakhstan's Russian-speaking engineering talent base significantly expands the addressable hiring pool beyond domestic supply, making Almaty a regional recruitment hub for CIS-market product and engineering teams. The Nazarbayev Intellectual Schools system provides a steady pipeline of strong STEM graduates entering the city's tech sector.

Almaty's landmark companies

Startups founded or operationally headquartered in Almaty that have defined their categories - referenced by regional investors as proof points for what the ecosystem can produce.

Kaspi.kz

Kazakhstan's dominant super-app combining a payment wallet, buy-now-pay-later lending, an e-commerce marketplace and government services payments. Founded and built in Almaty, Kaspi dual-listed on the London Stock Exchange and Nasdaq and trades above a $10 billion market cap - the most valuable company to emerge from the Central Asian startup ecosystem.

Choco

Consumer super-app founded in Almaty in 2013, covering food delivery, travel bookings, cinema and local services. Raised approximately $100 million in total funding - one of the largest venture-backed rounds for a Kazakhstan-founded consumer tech company - and is widely cited as Kazakhstan's first true unicorn-candidate in the consumer space.

Kolesa Group

Almaty-based operator of Kazakhstan's dominant vertical classifieds platforms: Kolesa (cars), Krisha (real estate) and Market (goods). The group commands dominant market positions in their respective categories and serves as the Kazakhstani equivalent of the AutoScout/OLX model - high-margin, defensible marketplace businesses built on local network effects.

Aitu

Kazakhstani super-app messenger developed by BTS Digital (later restructured under AIFC-registered Phoenix Fund LP with 49.98% acquired by Kazakhtelecom). Aitu combines messaging, a payment wallet, mini-programmes and government service integrations. In 2025 Kazakhstan mandated Aitu as the official communications platform for government agencies - a major distribution moat built into the product.

Activize

Almaty-based B2B SaaS platform for fitness and wellness club management, expanding across the CIS market. Representative of a growing cohort of Almaty-founded vertical SaaS companies targeting under-digitised service sectors across Kazakhstan, Uzbekistan and neighbouring markets.

inDriver

Ride-hailing platform originally founded in Yakutsk with major regional operations in Almaty and across Kazakhstan. Valued above $1 billion, inDriver operates in 700+ cities across 47 countries and is one of the most globally distributed tech companies with deep Central Asian roots - used by Almaty founders as a benchmark for CIS-first, global-second growth strategies.

Government programmes and tax incentives in Kazakhstan

Kazakhstan's government has built one of Central Asia's most structured sets of incentives for tech founders - combining tax relief via Astana Hub residency, a dedicated international financial zone operating under English common law, and a digital nomad visa for attracting foreign talent. Almaty-based founders access these programmes directly from the city.

Astana Hub Tax Regime

Astana Hub is Kazakhstan's national IT technopark, open to companies registered anywhere in Kazakhstan. Resident status unlocks 0% corporate income tax, 0% VAT, 0% individual income tax and 0% social tax - provided all revenue comes from priority ICT activities. Almaty-based startups routinely obtain Astana Hub residency to benefit from the regime while continuing to operate from the commercial capital.

AIFC English Common Law Jurisdiction

Astana International Financial Centre operates a special legal and tax regime: 0% CIT, 0% personal income tax on dividends, and exemptions guaranteed until 2066. Critically, AIFC is governed by English common law and has its own court system, making it the jurisdiction of choice for Kazakhstani founders structuring investment rounds with foreign institutional investors who require familiar legal infrastructure.

Almaty Hub - Astana Hub satellite

Almaty Hub is the Bostandyk-district node of the Astana Hub network, providing co-working, incubation infrastructure and direct access to Astana Hub resident status for Almaty-based founders. Corporate partners include Kaspi, Beeline and Kolesa Group. Founders who pass through the hub access QazTech Ventures co-investment, Google for Startups acceleration tracks, and Astana Hub's international programme partnerships.

QazTech Ventures and Baiterek

Baiterek Development Institute and its QazTech Ventures vehicle provide equity co-investment and loans to early-stage Kazakhstani tech companies - functioning as the domestic anchor LP in rounds where international VCs require a local co-investor. Standard tickets range from $100K to $2M. The programme sits alongside KOIF (the Kazakhstan Ondeu Innovation Fund), which co-invests with international VCs into Kazakhstani portfolio companies.

Almaty startup accountants vs Flow fractional CFO

Most Almaty-based startups work with a licensed auditor or tax consultant for statutory accounts, CIT returns and Social Code compliance. That statutory work is mandatory - but it does not replace a fractional CFO.

Almaty startup accountants

Statutory accounts, corporate income tax (CIT), VAT and payroll. The firms most used by venture-backed startups in Kazakhstan.

KPMG Kazakhstan
Big Four presence in Almaty, with a tech and growth-stage advisory practice covering tax structuring, transfer pricing and audit for VC-backed companies.
Deloitte Kazakhstan
Almaty office covering audit, tax compliance and IFRS reporting for mid-market and growth-stage companies, including startups with dual-entity Kazakhstan/offshore structures.
PwC Kazakhstan
Tax and accounting advisory with a dedicated startup and innovation practice, regularly engaged on Astana Hub tax-regime compliance and AIFC entity structuring.
Leinonen Kazakhstan
Specialist outsourced accounting and payroll firm with Kazakhstan-specific expertise, frequently used by foreign-owned and dual-entity tech companies for ongoing compliance.
Signum Law (tax practice)
Boutique legal and tax advisory firm in Almaty, covering Astana Hub residency applications, AIFC structuring and tax-incentive compliance for early-stage tech companies.

Flow fractional CFO

Financial modelling, FP&A and fundraise prep. We work alongside your accountant - not instead of them.

Builds the financial model - revenue assumptions, headcount, unit economics, runway.
Sets up the monthly FP&A cycle: budget, forecast vs actual, variance analysis.
Puts together the monthly board pack - P&L, cash, KPIs and forward outlook.
Prepares the fundraise: investor model, deck financials, data room and diligence prep.
Keeps the cap table tidy and handles option grants and valuations across Kazakhstan and offshore holding structures.
Reports on the KPIs that move the business - ARR, gross margin, CAC payback, retention.
Pressure tests hiring, pricing and big spend decisions against the model before the founder commits.
Sits in board meetings and is embedded week-to-week, not just engaged annually for compliance.

Simple pricing

No hidden costs, no complicated long-term contracts. We understand how important flexibility is for Almaty startups.

Core£4,000

Per month

Accounting / FP&A tech stack implementation
Monthly financial statements and reporting pack
Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
Investor-friendly output

Grow£8,000

Per month

Everything in Core, plus
Operating model (via an online platform like Runway or Excel-based)
Ongoing model maintenance, refining projections, burn/runway management
Customer cohorts modelling, churn and retention analysis
LTV / CAC, unit economics analysis
Cap table management

Pro£12,000

Per month

Everything in Grow, plus
M&A / fundraising support; review of business plan
Pitch deck preparation
Investor approach strategy / list building
Due diligence support and deal negotiation
Valuation as required and free access to Multiples Pro

Packages shown are illustrative, final pricing is tailored to client requirements.

Recently completed fractional CFO projects

Selected fractional CFO engagements and prior CFO experience.

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Clinical-stage microbiome therapeutics company

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Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike old-school financial advisory firms that are stuck in the past, we truly understand tech and challenges startups face. Decades of investment banking experience allow us to see bigger picture, strategically integrate into your workflows, and ultimately provide guidance towards an M&A exit or the next funding round.

Fractional CFO services in Almaty