How Freedom Holding Leverages Its Banking And Brokerage Footprint To Scale Its Ecosystem Globally
Timur Turlov’s Freedom Holding Corp. is scaling its presence across multiple countries from Central Asia to Europe, expanding its banking and brokerage services as the core for the future growth of the whole Freedom ecosystem. The strategic focus for the coming years is to transform Freedom Holding into a global fintech powerhouse.
From a Scratch
It went public on NASDAQ in the fall of 2019 under the ticker FRHC. Since then, the holding has accelerated its transformation, growing from a financial group into a full-fledged conglomerate offering banking, insurance, telecom, media, e-commerce, and other services to millions of users.
Numbers That Speak for Themselves
In terms of key figures, since listing on NASDAQ, Freedom Holding has grown dramatically. Back then, the company was valued at just over $800 million. Today, its market cap exceeds $8 billion. In 2025, the stock even touched $194.01 intraday in August, bringing its market capitalization to roughly $11.76 billion.
Over time, Freedom has shown significant growth in operations and scale. Revenue for the first nine months of the fiscal year, ended 31 December 2025, stood at $1.69 billion, with net income of $144.5 million. The group now serves 7.2 million customers directly, and 11 million together with its ecosystem partners, compared with 115,000 clients in 2019.
By December 31, 2025, Freedom Holding Corp. employed over 11,000 people across more than 20 countries, up from just over 1,100 in 2019. Staff increased nearly tenfold in this period.
Betting on Ecosystem
Timur Turlov believes that the competition is not between standalone companies; it’s between ecosystems. With this vision, Freedom began building its ecosystem in Kazakhstan several years ago. Freedom provides multiple services across brokerage and banking, insurance, payments, consumer, telecom, and media sectors through the mobile SuperApp, fueled by modern technologies such as big data science and artificial intelligence.
Freedom Holding’s CEO caught the global super app trend. According to several market research reports, the Super Apps market, valued at more than $100 billion in 2025, is expected to grow roughly 3.5 times to exceed $440 billion by 2030.
Kazakhstan’s nationwide focus on digitalization additionally boosts the growth of Freedom’s App. It shows one of the fastest growth rates among fintech platforms in Central Asia, ranks among the top three most downloaded apps in the country, and holds first place in some regions by time spent.
Powering Growth and Scale
In Freedom Holding Corp’s ecosystem, the banking business, with its fully digital, remote services, functions as a locomotive. Freedom Bank, headquartered in Kazakhstan and ranked among the country’s top 10 banks by assets, serves as the central hub, point of entry, and driving force of its entire multi-industry ecosystem.
Given that, the holding plans to acquire another bank in Kazakhstan to strengthen its domestic presence and expand its operations into other regions. This will not only broaden the group’s geographic footprint but also lay the foundation for transferring the successful Kazakh experience in building a modern digital bank—and, subsequently, an ecosystem—abroad.
This model is being successfully implemented by Freedom Bank Tajikistan, where cashback on Freedom cards has already been launched using exchange-traded notes tied to shares of Freedom Holding Corp. (FRHC), listed on NASDAQ. The next strategic product is a fully digital mortgage, enabling customers to purchase real estate on credit quickly and entirely online, as already done in Kazakhstan. The other next-generation financial services in the Tajik market, previously tested and refined in Kazakhstan, will follow.
Additionally, Freedom Holding Corp. is currently establishing a bank in Georgia. It has also agreed to acquire 99.32% of Turkish Bank A.Ş. in Turkey, giving it access to a promising market of 90 million people. The holding also plans to enter banking markets in Europe and the United States.
There, as in Turkey and Kazakhstan, the group already operates brokerage units. Thus, Freedom is steadily expanding its regional banking presence and building the foundation to scale this ecosystem globally.
