Freedom Holding

What Freedom Holding does

Freedom Holding Corp. (Nasdaq: FRHC) is a diversified financial services and digital ecosystem conglomerate incorporated in Nevada and headquartered in Almaty, Kazakhstan, with U.S. corporate offices at 40 Wall Street, New York, and Las Vegas, Nevada. The group serves more than 14 million customers across 21+ countries through an integrated platform spanning retail brokerage, commercial banking, insurance, payments, telecommunications, cloud infrastructure, AI infrastructure and consumer lifestyle services. Its flagship customer-facing product is the Freedom SuperApp, which bundles banking, brokerage, insurance, payments, telecom, travel, food delivery and entertainment into a single mobile application and reaches over 5 million users in Kazakhstan — more than 25% of the country's digitally active population.

Core technology assets include the proprietary Tradernet trading platform, Neo Compliance tooling, the Freedom SuperApp, Freedom Telecom International (including Kcell JSC), Freedom Cloud LLP for sovereign cloud services, and Freedom AI Ltd. — a dedicated AI infrastructure entity registered at the Astana International Financial Centre in May 2026. The group operates licensed broker-dealer subsidiaries on the NYSE and Nasdaq, holds professional-participant status on the Astana International Exchange (AIX) and the Republican Stock Exchange of Tashkent (UZSE), and is developing a $2 billion, 100-megawatt Sovereign AI Hub with NVIDIA. Subsidiary brands include Freedom Finance JSC, Freedom Finance Europe (Freedom24), Freedom Finance Global, Freedom Capital Markets, Freedom Bank Kazakhstan, Freedom Life, Freedom Insurance, Freedom Pay, LD Micro, Arbuz.kz, Aviata, Chocotravel, Ticketon and ChessBase.

Revenue is generated across brokerage commissions and fees (858,000 brokerage customers at FY2026), banking interest and fee income from Freedom Bank Kazakhstan (5.03 million banking customers — the fastest-growing segment), insurance premiums, capital markets and investment banking fees, lifestyle services transaction revenue, and emerging telecom and cloud/AI infrastructure services. The go-to-market combines product-led growth through the SuperApp with sales-led international expansion via acquisition of licensed banks and brokerages in new jurisdictions (Turkey, Georgia, Tajikistan, France, Abu Dhabi). Founder-CEO Timur Turlov controls approximately 69% of outstanding shares, and FY2026 revenue was $2.19 billion with net income of $153.3 million.

Name

Freedom Holding

Legal name

Freedom Holding Corp.

Website

https://freedomholdingcorp.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Freedom Holding Corp. (Nasdaq: FRHC) is a Kazakhstan-anchored, Nasdaq-listed financial services and digital ecosystem conglomerate offering integrated banking, brokerage, insurance, payments, telecom, and AI/cloud infrastructure to more than 14 million customers across 21+ countries.

Ownership category

akta.pro rank

Product category

Diversified Financial Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Execution-Only / Self-Directed Investing Platforms (FSAAAAAI)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Equity Capital Introduction & Prime Services (FSACAFAK)

Keywords

• Retail brokerage services
• Investment banking
• Digital banking
• Securities trading
• Insurance services

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Brokerage Commissions and Fees: Freedom Finance JSC and Freedom Finance Global provide retail securities brokerage, market making, and trading services, generating commissions on securities trades, subscription fees, and related brokerage income. Brokerage customers grew to 858,000 as of fiscal year 2026.
2. Banking Interest and Fee Income: Freedom Bank Kazakhstan (retail banking subsidiary) generates interest income from lending, deposit margins, and banking service fees. Banking customer base doubled to 5.03 million as of fiscal year 2026, making it the fastest-growing segment.
3. Insurance Premiums: Insurance subsidiaries (Freedom Life, Freedom Insurance) earn premiums from life and general insurance products sold to the customer base. Insurance premiums declined 40% year-over-year to $106.9 million in Q3 FY2026 due to regulatory caps on commissions for bank and microfinance loan products.
4. Lifestyle Services (Travel, Food-Tech, Entertainment): Integration of acquired platforms including Aviata (travel), Arbuz.kz (food delivery), Ticketon (events), and Chocotravel (travel) into the SuperApp ecosystem generates revenue through transaction fees and service charges on e-commerce and lifestyle transactions across Kazakhstan.
5. Capital Markets and Investment Banking: Corporate investment banking, underwriting services, and market making across the Astana International Exchange (AIX), Republican Stock Exchange of Tashkent (UZSE), NYSE, and NASDAQ generate underwriting fees, market-making spreads, and capital markets advisory revenue.
6. Telecom and Cloud Infrastructure Services: Freedom Telecom International and Freedom Cloud LLP generate revenue from telecommunications operations and cloud/data center services, including computing capacity sales to government agencies, banks, telecom operators, and international technology clients as part of the sovereign AI strategy.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Freedom Holding Corp. operates as a diversified financial services group providing retail securities brokerage, investment banking, retail banking, insurance, payments, and telecommunications. Core operations center on retail brokerage and capital markets activities in Central Asia and Eastern Europe, with an integrated SuperApp ecosystem combining financial services and lifestyle offerings (travel, food delivery, entertainment).

Product overview

Freedom Holding Corp. is a diversified financial technology conglomerate that has evolved from a single brokerage into an integrated digital ecosystem. The core platform is the Freedom SuperApp, which unifies banking (Freedom Bank Kazakhstan), brokerage (Freedom Finance JSC, Freedom Finance Global, Freedom24, Freedom Capital Markets), insurance (Freedom Life, Freedom Insurance), payments (Freedom Pay), telecommunications (Freedom Telecom), and lifestyle services (Arbuz.kz food-tech, Aviata/Chocotravel travel platforms). Supporting infrastructure includes Freedom Cloud (sovereign cloud services) and Freedom AI (AI infrastructure development with NVIDIA partnership). Acquired brands include ChessBase (chess software) and LD Micro (micro-cap investor data). The ecosystem serves over 14 million customers across 20+ countries with a multi-layered digital banking and investment platform approach.

Differentiator

Problem solved

Functional benefit

Brands

• Tradernet: Stock trading platform
• Neo Compliance
• Freedom24
• SuperApp

Products and services

• Retail Brokerage Service

Quantifiable outcome

• Revenue of $2.19 billion in fiscal year 2026, up 9% year over year
• +6 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Özyol HoldingcoreStrategic or Co-development Partner · 11 March 2026Özyol Holding is the seller of a 99.32% stake in Turkish Bank A.Ş. to Freedom Holding Corp. The transaction is pending Turkish regulatory approval. Freedom Holding plans to invest in the bank's technological modernization and digital transformation, focusing on retail customers and small-to-medium-sized businesses. This acquisition provides direct access to Turkey's banking market of approximately 90 million people.
• National Bank of KuwaitcoreStrategic or Co-development Partner · 11 March 2026National Bank of Kuwait is the co-seller of a 99.32% stake in Turkish Bank A.Ş. to Freedom Holding Corp., alongside Özyol Holding. The transaction is pending Turkish regulatory approval.
• NokiacoreTechnology or Integration · 11 March 2026Freedom Telecom International (FTI) signed a Strategic Cooperation Agreement with Nokia to establish an Innovation Lab at Nokia's Sunnyvale, California campus. The lab will focus on testing AI architectures, cloud technologies, and advanced networking solutions, with initial priorities including designing next-generation AI data center blueprints and conducting feasibility studies in Kazakhstan and neighboring markets.
• e& (UAE-based telecommunications company)coreStrategic or Co-development Partner · 8 January 2026Freedom Telecom International (FTI) and e& signed a Memorandum of Understanding to explore strategic collaboration at the intersection of telecommunications and financial technology across international markets. The MoU establishes a framework for cooperation leveraging e&'s global telecom ecosystem spanning 38 countries with over 250 million subscribers alongside FTI's fintech platform serving over 11 million clients. The partnership was officially signed on April 2, 2026 as a strategic cooperation agreement.
• Kazakhstan Ministry of Artificial Intelligence and Digital DevelopmentflagshipStrategic or Co-development Partner · 10 November 2025Kazakhstan's Ministry of Artificial Intelligence and Digital Development and Freedom Holding Corp. announced a joint initiative to develop Kazakhstan and Central Asia's AI infrastructure with a $2 billion project. The project includes establishing a Sovereign AI Hub, an AI Academy, and a Research Lab, supported by NVIDIA AI infrastructure to promote regional innovation and talent development.
• NVIDIAflagshipTechnology or Integration · 9 November 2025Freedom Holding signed an agreement with Kazakhstan's Ministry of Artificial Intelligence and Digital Development and NVIDIA to develop a $2 billion Sovereign AI Hub in Kazakhstan, utilizing NVIDIA AI infrastructure. The project includes a 100-megawatt hyperscale data center to foster local AI capabilities and attract regional workloads. Freedom AI Ltd was registered at the Astana International Financial Centre in May 2026 as the dedicated entity for this initiative.
• OpenAIflagshipStrategic or Co-development Partner · 6 November 2025OpenAI, Freedom Holding Corp., and the Government of Kazakhstan signed a strategic agreement to deploy ChatGPT Edu across Kazakhstan, providing 165,000 ChatGPT Edu licenses free of charge to educators. The initiative aims to digitalize education and improve AI literacy at a national scale, financed by Freedom Holding Corp.
• Chocofamily Holding LLPminorStrategic or Co-development Partner · 24 April 2023Freedom Holding Corp. agreed to acquire the online travel platforms Aviata and Chocotravel from Chocofamily Holding LLP for $32.3 million. The deal aimed to integrate these platforms into Freedom's digital ecosystem targeting over one million air travelers in Kazakhstan. The acquisition was expected to close before the end of 2023.
• Warner BrosminorGTM or Marketing PartnerWarner Bros payment card collaboration announced at the Freedom Inside 2026 Forum in Astana, involving co-branded payment card products between Freedom Bank and Warner Bros.
• FIDE (World Chess Federation)minorGTM or Marketing PartnerFreedom Asian Chess Initiatives (FACI), an initiative of the Kazakhstan Chess Federation with support from Freedom Holding Corp., partners with FIDE and the Asian Chess Federation for chess development projects including training camps, coaching, grants for young players, and chess academies across Asia.
• Episcopal High School (Alexandria, Virginia)minorGTM or Marketing PartnerWorld Schools Team Championship 2025 was held at Episcopal High School in Alexandria, Virginia. Freedom Holding sponsored all travel and accommodation costs for participants, and a Smart Moves Summit was co-hosted bringing together educators, scientists, and policymakers from over 30 countries.

Scale indicators12 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• eToro: Multi-country retail trading and investing platform with social/community features. Comparable as a self-directed retail broker targeting European and emerging-market retail investors via proprietary technology.
• Revolut: UK-headquartered fintech super-app offering multi-currency accounts, trading, payments and lifestyle services. Frequently cited alongside Freedom in investor materials as the global reference model for the integrated financial + lifestyle super-app.
• Kaspi.kz: Kazakhstan-headquartered super-app combining payments, marketplace and fintech with its own banking and merchant ecosystem. The closest direct peer to Freedom's Kazakhstan banking + brokerage + SuperApp strategy and a key benchmark for the CIS super-app model.
• Robinhood Markets: US-listed retail brokerage with a self-directed investing platform and rapidly expanding product suite (retirement, spending, crypto). Comparable as a self-directed retail broker expanding into a broader financial super-app — directly analogous to Freedom24/Freedom Finance Global.

Emerging players

• Wise plc: Cross-border payments and multi-currency platform expanding into adjacent financial services for retail and SMB customers. Comparable as a technology-led fintech using proprietary infrastructure to undercut incumbents in cross-border money movement — adjacent to Freedom Pay.
• Nubank: Latin America's largest digital bank, building a digital-first financial super-app across an emerging-market region. Comparable as a peer in the emerging-market digital financial super-app category with rapid customer growth.

Regional players

• Halyk Bank: Largest retail bank in Kazakhstan, the direct incumbent competitor to Freedom Bank Kazakhstan across deposits, lending and digital banking. Useful benchmark for domestic market share dynamics in the core geography.
• Bank of Georgia Group: London-listed universal bank in Georgia with retail banking, wealth and insurance. Comparable as a publicly listed, CIS-region financial group building digital banking capability and expanding across neighboring markets.

Broad incumbents

• Charles Schwab: Large US incumbent retail brokerage and wealth platform with self-directed and advisory offerings. Comparable as a broader reference for the scale, product breadth and margin profile of an integrated retail brokerage + banking franchise.
• Interactive Brokers: Global, multi-asset retail and institutional broker with deep international market access. Comparable as an established, technology-led broker offering access to US and international exchanges for retail and professional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Freedom-Holding-Corp-103526355873392
• LinkedInlinkedin.com/company/freedom-holding-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries21 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Freedom Holding