Pawnshop
Founded in 2015, Dengi Market is a Kazakhstani non-bank pawn lender regulated and licensed by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) since 2020, offering short-term collateralised loans secured against gold jewellery and consumer electronics, distributed through a nationwide network of 310 branches across 75 cities.
Kilde Score is the platform’s proprietary credit assessment of the borrower, reflecting Kilde’s independent credit view and expressed as a numeric score from worst to best (1.00–5.75). For full details of the credit methodology, including its mapping to a Fitch-style rating equivalent, please refer to this article.
Total value of bonds this borrower has listed on Kilde for investors to fund.
Kazakhstan
Regulatory status of the borrower: Licensed if the license is required, or 'Not applicable' if no licence is required in its operating market(s).
Total amount of loans the borrower has issued to its own end customers. Reflects the company's overall lending scale.
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Overview
Background & History
Founded in 2015 in Kazakhstan, Pawnshop "Money to the population" LLP (operating under the "Dengi Market" brand) is one of the largest pawn lenders in the country, licensed and supervised by the National Bank of the Republic of Kazakhstan through the Agency for Regulation and Development of the Financial Market since 2020. The company is privately held with Lyudmila Nikolaevna Kobzeva as 100% sole founder. Dengi Market has scaled to a national footprint of 2310 branches across 75 cities and towns, employing 618 staff under a sister-company group that also includes MFO "LFTECH" LLP and "Money to the population" LLP.
Business Model & Lines of Business
Dengi Market runs a fully collateralized non-bank lending franchise combining online evaluation via the Dengi Market website with in-person disbursement at high-traffic branch offices — ~5-minute underwriting, gemological/electronics appraisal and instant cash payout against pledged items. Products span Jewelry-secured pawn loans (avg ticket $153, ~25-day maturity) and Gadget/electronics-secured pawn loans (avg ticket $214, ~100-day maturity), both priced at 0.12% daily. Funding has historically been 100% subordinated debt from related parties within the Dengi Market group (KZT 5bn / ~$9.1m), now complemented by KILDE facilities with the short-term loan portfolio (DPD <30 days, 75% LTV) pledged as security.
Key Milestones
Gross loan portfolio grew from $6.0m (FY20) to $10.8m (FY21) to $15.1m (FY22), +50% YoY in 2022, with net portfolio of $14.6m post-provisions. FY 2022 total revenue reached $9.2m (vs. $5.4m FY21) and EBITDA hit $5.5m at a ~60% margin (vs. $2.6m FY21). $196.5m+ disbursed to end-clients since inception; observed default rate halved from 4.34% post-COVID to 2.32% by 4Q22, with 81% of the portfolio current or under 60 DPD. Branch network expanded from 153 (Feb 2020) to 213 (Jan 2023).
Management Team & Organization
Led by Director Irina A. Moreva (with the company since 2013, prior head of the North Kazakhstan representative office), Deputy Director Yerken A. Ishmukhametov (credit risk and underwriting, ex-Bank CenterCredit JSC) and Deputy Finance Director Andrey P. Miftakhutdinov (budgeting and financial planning). The organization operates centrally from Kazakhstan across origination, risk, appraisal and collateral disposition, supported by a 213-branch nationwide network. In September 2023, Pawnshop closed its inaugural KILDE tranche under a $10m credit line — diversifying funding away from related-party subordinated debt for the first time.
Financials
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Total income (interest and fee income) generated from the borrower’s lending activities.
Products
Typical contractual tenor of the loans disbursed by the borrower to its end customers.
The effective Annual Percentage Rate of the loan charged by the borrower to its end customers, inclusive of interest and fees.
Typical principal amount disbursed by the borrower to its end customers per loan transaction.
Expected share of non-performing loans (NPL) — loans where the end customer has stopped repaying — under this product, shown as a range.
Share of this product in the borrower's overall loan portfolio. Shows how much of the lending business comes from this product.
Market Data
According to Fitch Rating
Annualised
Annualised