Regulation
Licence, risks, statistics and how the platform works
Disclosure in line with AFSA rules for AIFC Authorised Market Institutions. Updated quarterly.
Licence and status
iKapitalist Ltd. — AIFC Authorised Market Institution
Licence AFSA-A-LA-2023-0005
Issued by the AIFC Financial Services Regulatory Authority (AFSA). Two regulated activities: operating an investment crowdfunding platform and a loan crowdfunding platform. Status can be checked in the AFSA public register: publicreg.myafsa.com.
Jurisdiction and law
Transactions on the platform are governed by AIFC law (based on English law). Disputes are heard by the AIFC Court and the AIFC International Arbitration Centre.
What the licence does not cover
Transaction advisory, capital markets readiness and corporate advisory are provided by iKapitalist Private Markets LLP and are not AFSA-licensed activities.
Protection of funds
Before a deal is funded, investor money is held in segregated client money accounts and is not mixed with the platform's own funds.
Investment risks
What investors should understand before deciding
Private company loans and bonds are private market instruments. The platform does not guarantee repayment, returns or liquidity.
Loss of capital
The borrower or issuer may fail to meet its obligations; the investor may lose part or all of the investment.
Payment delays
Payments may arrive later than scheduled; restructuring and recovery take time, and the outcome is not guaranteed.
Liquidity
Instruments are not exchange-traded; exiting before maturity is only possible if the platform has a secondary market and a buyer.
Concentration
A large share of the portfolio in one deal or industry amplifies losses on default. We recommend diversifying.
Platform wind-down
If iKapitalist ceases operations, a contract-servicing transfer plan applies; payments on deals continue to investors.
No guarantee scheme
Investments are not bank deposits and are not covered by the deposit guarantee scheme.
Platform statistics
Data as at 30 September 2026
Statistics reflect results since the platform's launch. Default metrics are calculated under AFSA rules and updated after each quarter.
Platform scale
₸23.52bn
in loans and bonds financed
478
financed deals
32
deals that were once in regulatory default and later repaid in full
₸1.70bn
of principal fully repaid on these 32 deals
Credit risk
A cumulative historical figure, not the share of the current portfolio in default.
How the default rate is calculated
Regulatory default is counted by number of deals, not by money.
The calculation includes deals that have at some point been more than 90 days overdue or deemed by the platform unlikely to be repaid in full. Their number is divided by the total number of deals financed since the platform was launched. Even a deal later repaid in full remains in the figure — those are the AFSA rules. The value is updated weekly.
30.3%
share of deals ever in regulatory default (of 478 financed)
145
deals have ever been in regulatory default
Current arrears
The picture “now”: overdue payments on active deals, by bucket, as AFSA requires.
| Arrears | Deals | Amount |
|---|---|---|
| Up to 30 days | 7 | ₸28.82m |
| 31–60 days | 3 | ₸243.00m |
| 61–90 days | 4 | ₸56.38m |
| Total up to 90 days | 14 | ₸328.20m |
| Over 90 days | 106 | ₸4.40bn* |
* Current outstanding principal on deals more than 90 days overdue; includes deals in court recovery, mediation and other current defaults. The amount methodology is confirmed before each publication.
Problem debt management
Two stages of work on deals more than 90 days overdue. These figures overlap with historical default and are not added to it.
Court recovery
₸3.45bn
current outstanding principal in court recovery
84
deals in court recovery
Mediation and restructuring
₸751.69m
current outstanding principal on deals in mediation
17
deals in mediation
How the platform works
Selection, servicing and default management
Admission criteria
An operating business of at least 12 months with revenue and a customer base; reporting and tax history in order; no active defaults. The admission committee decides based on scoring and expert opinion.
Due diligence
Financial statements, tax data, credit history, litigation, ownership structure, collateral. Results are disclosed to investors in the deal profile.
Collateral
Pledge of assets, owner guarantees, sureties. The type and valuation of collateral are stated for each deal; unsecured deals are flagged separately.
Investor limits
Retail investors — up to $50,000 per 12 months; professional clients — according to status. Companies — up to ₸200m in loans and up to $50m per 12 months in placements for professional clients.
Material changes
Investors are notified via their account and by email of changes in the borrower's position or deal terms before the funding period closes.
Default and recovery
In case of arrears, the platform negotiates, offers restructuring (mediation) and, if that fails, goes to court on behalf of investors and distributes recoveries pro rata.
Cessation of operations
Continuity plan: servicing of active contracts is transferred to a designated party; data and payments are preserved.
Fees
What companies pay
Companies
Platform fee for arranging a loan or placement — a percentage of the amount raised, stated in the contract before the deal is published.
48 h
Cooling-off period. For at least 48 hours after the funding period closes, the investor may withdraw without penalty; funds are returned to the client account.
Risk understanding test
5
questions before your first investment
An educational tool for investors required by AFSA rules. On the platform, the test is taken at registration.
Complaints and enquiries
Procedure for submitting and handling complaints
Complaints to iKapitalist
Complaints are accepted by email at claims@ikapitalist.kz, by phone at +7 700 178 0076 or at our office: 55/21 Mangilik El Ave., Block C4.2, Office 265, Z05T3E5 Astana, Kazakhstan. The procedure and timelines are set out in the platform rules.
Complaints to AFSA
If you disagree with the platform's decision, you may refer the matter to AFSA — the AIFC Financial Services Regulatory Authority: +7 (7172) 959 000, afsa.kz.