Freedom Holding Corp. has developed from a regional investment business into an international financial and technology group. The company operates across 22 countries, employs more than 11,800 people and is publicly traded under the ticker NASDAQ: FRHC. Its current business model combines brokerage, banking, insurance, payment solutions and a growing range of digital services.
For the fiscal year ended March 31, 2026, Freedom Holding Corp. reported revenue of $2.19 billion. This was approximately 26 times higher than the company’s revenue at the time of its NASDAQ listing in 2019. Total assets increased by 33% year over year to $13.2 billion, while net income rose from $76.2 million to $153.3 million. These results reflect both the expansion of the group’s core financial operations and its investment in new business areas.
How the company developed
The history of the group began in 2008, when Timur Turlov founded Freedom Finance. The company’s original objective was to provide private investors in Central Asia and Eastern Europe with access to international stock exchanges and investment instruments.
During 2013–2015, the business expanded into Kazakhstan and Europe. Freedom Finance Europe Ltd. received a CySEC license, allowing it to provide regulated investment services in the European Union. The company also continued developing its trading infrastructure and access to foreign securities markets.
The consolidation of international operations under Freedom Holding Corp., incorporated in Nevada, created a unified corporate structure. In October 2019, the company’s shares began trading on NASDAQ under the FRHC ticker. The listing increased its visibility among international investors and provided a platform for further growth.
Building a diversified ecosystem
Freedom Holding Corp. gradually moved beyond the traditional brokerage model. Instead of relying on a single financial segment, the group began combining investment, banking, insurance, payment and consumer services within one ecosystem.
This development included both internal projects and acquisitions. Bank Kassa Nova was transformed into Freedom Bank Kazakhstan, while businesses such as PayBox, Ticketon, Arbuz, Aviata and Chocotravel broadened the group’s presence in payments, e-commerce, travel and entertainment. Prime Executions strengthened its capital-markets operations in the United States.
By the end of fiscal 2026, the group reported approximately 858,000 brokerage clients. Freedom Bank Kazakhstan served about 5.03 million customers, its insurance businesses had around 1.1 million clients, and a further 1.105 million people used other ecosystem services.
Diversification gives the company several potential sources of revenue and creates opportunities for cross-selling between its services. At the same time, managing a broad ecosystem requires continued investment in technology, compliance and operational integration.
International expansion and technology investments
Freedom Holding Corp.’s recent strategy has focused on entering additional markets and strengthening its digital infrastructure. In 2026, the group acquired a 99.32% stake in Turkish Bank A.Ş., providing access to the banking markets of Turkey and Northern Cyprus. It also announced plans to invest approximately $300 million in the development of its banking and brokerage operations in the region.
The company has also applied for a banking license in France and outlined plans to invest €500 million in a digital banking platform. If approved by regulators, the project could provide another route for expanding the group’s presence in the European Union.
Technology has become another important part of the strategy. Freedom Holding Corp. acquired German chess software company ChessBase and announced the Freedom AI Super Cluster project together with Citi. The initiative is intended to support artificial intelligence infrastructure in Kazakhstan and complements the Akashi Data Center project, which is being developed with support from China Mobile.
These projects indicate that the group sees data infrastructure and artificial intelligence as tools that may support both its financial services and its wider digital ecosystem. Their long-term contribution, however, will depend on implementation, demand and regulatory conditions.
Corporate governance and regulatory oversight
As a NASDAQ-listed international company, Freedom Holding Corp. operates within several regulatory frameworks. Its businesses are supervised by authorities including the US Securities and Exchange Commission, CySEC, the Astana Financial Services Authority and financial regulators in Kazakhstan and other markets.
Deloitte audited the company’s fiscal 2026 financial statements under US GAAP and assessed its internal controls. S&P Global Ratings affirmed Freedom Holding Corp.’s rating at B- with a stable outlook, while Moody’s assigned Freedom Bank Kazakhstan a Ba3 rating.
During 2026, the company also disclosed that it had received a Wells Notice following a multi-year SEC review. A Wells Notice represents a preliminary step through which SEC staff may recommend enforcement action; it is not a final determination that securities laws have been violated. The company continues to engage with the regulator through the established process.
Regulatory scrutiny remains an important consideration for a financial group operating in multiple jurisdictions. Continued attention to transparency, compliance and internal controls will therefore be central to the company’s international development.
Education, chess and community projects
Freedom Holding Corp. also invests in initiatives outside its core financial operations. Chess is one of its most visible areas of support: the company allocates more than $15 million annually to chess development and became an official partner of FIDE programs in 2026. Following the acquisition of ChessBase, it announced plans to invest around €5 million in the platform and related artificial intelligence technologies.
The company supports youth football through the Freedom QJ League and participates in educational and digital projects in Kazakhstan. One initiative provides 165,000 teachers with access to ChatGPT Edu through cooperation with OpenAI and the Government of Kazakhstan.
Such programs contribute to brand recognition while supporting education, sport and technology. They also reflect the company’s broader effort to position its ecosystem as part of the region’s digital and social infrastructure.
Future prospects
In less than two decades, Freedom Holding Corp. has expanded from a brokerage company into a diversified international group serving more than 11 million clients. Its inclusion in the Russell 3000 index in 2025 marked another stage in its development as a US-listed public company.
The next phase of growth is likely to depend on how effectively the group integrates its financial and digital businesses, develops its presence in Turkey and the European Union, and converts its technology investments into practical services. Its growing scale creates opportunities, although international expansion also brings regulatory, financial and operational risks.
Overall, Freedom Holding Corp. enters this stage with a broader revenue base, an established public-market presence and an expanding international footprint. The company’s results in the coming years will show whether its ecosystem strategy can support sustainable growth across different markets and business segments.
