VEON, a Nasdaq-listed digital operator headquartered in Dubai, has completed the acquisition of 100% of online classifieds platform OLX KZ through its subsidiary Beeline Kazakhstan. The total consideration was USD 81 million, including USD 6 million of completion adjustments, following regulatory approvals. In an interview, VEON's CEO, Kaan Terzioglu, also said the group plans to create a digital bank in Kazakhstan by the end of 2027.
OLX KZ joins VEON's digital portfolio
OLX KZ is a marketplace for goods, services, real estate, jobs, and automotive listings. It reaches more than 52% of Kazakhstan's active internet population, with approximately nine million monthly active users, and reported revenue of just over USD 28 million for the year ending March 2026. Beeline Kazakhstan agreed to buy the platform from OLX Global in October 2025, and OLX Group will provide transitional IT services during the integration.
Terzioglu said the acquisition marks another milestone in the digital operator strategy that is reshaping VEON. The group plans to apply the digital ecosystem approach it has built in Ukraine, which covers services ranging from ride-hailing to finding medicines, to Kazakhstan, its third-largest market by revenue. Beeline Kazakhstan serves 11.8 million mobile customers and about one million fixed-internet customers.
Plans for a digital bank
In the same interview, Terzioglu said VEON aims to be among the top two financial services providers in Kazakhstan, without specifying a timeline, and plans to upgrade its licensing to take deposits. In July 2026, VEON partnered with Mastercard to develop digital financial services in markets including Kazakhstan, with initial pilots planned there and in Ukraine.
Kazakhstan accounts for about 18% of VEON's total revenue, while Pakistan and Ukraine together account for roughly 66%. VEON reports around 228 million digital customers across its markets. Its digital revenue grew 53.6% year on year in the second quarter of 2026 and now makes up more than a quarter of group revenue, as the company expands from connectivity into financial, entertainment, healthcare, and marketplace services.
