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 Kostanay, Kazakhstan, Pawnshop "Money to the Population" LLP (operating under the "Dengi Market" brand) is the #5 ranked pawn lender in the country by loan portfolio, licensed and supervised by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) since 2020 under Licence No. 10.21.0017.L. The company is privately held with Lyudmila Nikolaevna Kobzeva as 100% sole founder. Dengi Market has scaled to a national footprint of 310 branches across 75 cities, employing 821 staff and serving 424,000+ active clients, under a sister-company group that also includes MFO "LFTECH" LLP.
Business Model & Lines of Business
Dengi Market runs a fully collateralised non-bank lending franchise combining online appraisal via dengimarket.kz with in-person disbursement at high-traffic branch offices — ~15-minute underwriting, gemological/electronics appraisal and instant cash payout against pledged items. Products span Jewellery-secured pawn loans (87.5% of portfolio / $63.5M, avg ticket $440, up to 45-day maturity, 0.26–0.3%/day, ~147% APR, LTV ≤80%) and Electronics-secured pawn loans (12.5% / $9.1M, avg ticket $180, up to 25-day maturity, 0.29%/day fixed, ~176% APR, LTV ≤60%). Funding has historically been related-party subordinated debt within the group, complemented since 2022 by KILDE facilities under a $10M credit line with the short-term loan portfolio (DPD <30 days, 75% LTV) pledged as security.
Key Milestones
Net loan portfolio grew from $10.4M (FY21) to $14.6M (FY22) to $26.8M (FY23) to $34.3M (FY24) to $70.1M (FY25) — a 4.8× expansion over three years (118% CAGR). FY 2024 group revenue reached $50.7M with EBITDA of $11.8M and net income of $6.3M; the 2026 plan targets a $116M portfolio, $452M annual disbursements and ~$78M revenue. Market position climbed from #7 (4.1% share) in 2023 to #5 (8.3% share) in 2026. Blended NPL 90+ stands at 2.1% (jewellery 0.8% / electronics 3.4%), with cohort payoff at month 12 = 1.12× across 63 cohorts. Branch network expanded from 153 (2020) to 310 (2025).
Management Team & Organisation
Led by Director Irina A. Moreva (with the company since 2013, previously 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 organisation operates from its Kostanay headquarters across origination, risk, appraisal and collateral disposition, supported by 20 regional offices and the 310-branch nationwide network. In 2022, Pawnshop partnered with KILDE; the relationship has since delivered 12 consecutive quarters of zero defaults and 100% on-time repayments — 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
Data Sources
*** PLACEHOLDER *** MORE INFO REQUIRED FROM BORROWER ***