Freedom Holding Corp. (NASDAQ: FRHC): The Growth Story

Jul 14, 2026

In just a few years, Freedom Holding Corp. has transformed from a regional investment company into an international financial-technology holding company with a diversified business model. Today, Freedom Holding Corp. operates in 22 countries, employs 11,846 people, and its shares trade on the NASDAQ exchange under the ticker FRHC.

According to the results of fiscal year 2026, which ended March 31, 2026, Freedom Holding Corp. increased its revenue to $2.19 billion — 26 times higher than at the time of its NASDAQ listing in 2019. Over the same period, total assets grew to $13.2 billion (+33% year-over-year), and net income more than doubled — from $76.2 million to $153.3 million. Amid this business growth and financial results, the company’s market capitalization exceeded $10 billion in 2025–2026.

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The Founding of Freedom Holding Corp. and the Company’s Core Business Idea

The history of Freedom Holding Corp. began in 2008 with the founding of the investment company Freedom Finance, focused on giving private investors in Central Asia and Eastern Europe access to global stock markets and modern investment instruments.

In 2013, the company expanded its international presence by launching a brokerage business in Kazakhstan and establishing the Freedom Finance Europe division, and in 2015 it obtained a CySEC license, enabling it to operate in the European Union market. At the same time, the company was developing its own trading infrastructure and access to international exchanges.

A key milestone was the consolidation of the company’s international divisions under the American holding company Freedom Holding Corp. (Nevada). This made it possible to form a unified corporate structure, prepare for the listing on NASDAQ, and lay the groundwork for further international expansion.

Freedom Holding Corp. Growth Timeline: Key Milestones

2008

Founded the investment company Freedom Finance, focused on giving private investors access to international markets.

2013–2015

Entry into the Kazakhstan market.
Establishment of Freedom Finance Europe Ltd. and obtaining a CySEC license to operate in the EU.

2019

Listing on NASDAQ (ticker FRHC), opening access to international capital. By fiscal year 2026, revenue had grown more than 26-fold.

2020–2023

Acquired Bank Kassa Nova (now Freedom Bank Kazakhstan) and the broker Prime Executions.
PayBox, Ticketon, Arbuz, Aviata, Chocotravel, and LD Micro joined the ecosystem.
Completed the transition to a financial-and-digital ecosystem model.

2025

Inclusion of FRHC shares in the Russell 3000 index.
A Stanford GSB case study was included in MBA programs.
Growth in stakes held by institutional investors (BlackRock, Morgan Stanley, J.P. Morgan).
Launch on AIX of the first spot ETF on Solana with staking.
Launch of the Trust Center.
Inclusion in The Motley Fool’s Moneyball portfolio.
Access for 165,000 teachers to ChatGPT Edu (jointly with OpenAI and the Government of Kazakhstan).
Announced investments of about $2 billion in NVIDIA-based AI infrastructure.

2026

Acquired 99.32% of Turkish Bank A.Ş. shares, opening access to the markets of Turkey and Northern Cyprus; announced investments of about $300 million.
Filed an application for a banking license in France, with plans to invest €500 million.
Acquired the German company ChessBase.
Together with Citi, announced the creation of the Freedom AI Super Cluster.
Ongoing construction of the Akashi Data Center, supported by China Mobile.
S&P Global Ratings affirmed its rating at B-, and Moody’s assigned Freedom Bank Kazakhstan a rating of Ba3.

Founder and Leader: How Timur Turlov’s Vision Shaped the Development of Freedom Holding Corp.

Timur Turlov is the founder, chief executive officer, and largest shareholder of Freedom Holding Corp. He was born in 1987. His interest in financial markets emerged while he was still in school: at just 16 he began working as a trader at the Moscow office of the American investment company World Capital Investments (WCI). He later moved to the brokerage division of Uniastrum Bank, where he took part in developing infrastructure for trading American securities. The experience he gained there became the foundation of his future business model: making global capital markets accessible to private investors across the CIS.

In 2008, at the age of 21, Timur Turlov founded the investment company Freedom Finance, specializing in giving investors access to American stock exchanges. Within a few years the company began its international expansion: in 2012–2013 it entered the Kazakhstan market, then moved into Europe through Freedom Finance Europe Ltd., and later brought its international assets together under the Freedom Holding Corp. brand.

One of the key decisions in the company’s history was its listing on NASDAQ in October 2019. Freedom Holding Corp. became the first financial company from the CIS whose shares began trading on an American technology exchange. Its public status gave the company access to international capital and became the foundation for the further scaling of its business.

Under Turlov’s leadership, the company transformed from a broker into an ecosystem: today the holding brings together financial and digital services, operates in 22 countries, and employs 11,846 people.

Timur Turlov himself has repeatedly emphasized that the long-term goal of Freedom Holding Corp. is not to create individual financial products, but to build a single ecosystem that supports the client in virtually every aspect of managing their personal finances.

Why Freedom Holding Corp. Moved Beyond a Classic Brokerage Business

The growth of Freedom Holding Corp. has been accompanied not only by geographic expansion but also by a shift in the business model itself. While in its early stages the company developed as an investment broker, as new business lines emerged it began building a financial ecosystem in which various services function as a single system. This approach allows the company to support the client at different stages of their financial life — from investing and banking to insurance, payments, and everyday digital services.

Rather than developing a single product, Freedom Holding Corp. has consistently expanded its ecosystem through both in-house solutions and strategic acquisitions. The creation of Freedom Bank Kazakhstan, the development of the insurance business, the launch of payment services, and the integration of digital platforms with investment-banking services have allowed the company to diversify its revenue sources and reduce its dependence on any single segment of the financial market. As a result, business growth is now driven by several interconnected areas rather than by brokerage operations alone.

The effectiveness of this model is reflected in the company’s operating metrics. For the fiscal year ended March 31, 2026, the number of brokerage clients reached 858,000, the client base of Freedom Bank Kazakhstan grew to 5.03 million people, 1.1 million clients use insurance products, and another 1.105 million clients use other services across the ecosystem.

Financial Performance: Freedom Holding Corp.’s Growth Trajectory

Freedom Holding’s steady business expansion, international growth, and ecosystem development are reflected in its financial results.

These financial results are a quantitative reflection of the company’s strategy: as the business expanded, Freedom Holding Corp. consistently grew its revenue, assets, and profit, while at the same time investing in international expansion and the development of new business lines.

The inclusion of FRHC shares in the Russell 3000 index served as further confirmation that Freedom Holding Corp. has become one of the notable public companies in the American capital market.

How Freedom Holding Corp. Is Scaling Its Business Beyond Its Home Markets

After building out its financial ecosystem, Freedom Holding Corp. moved into a phase of international scaling. The company’s strategy is focused on entering new markets, acquiring technology assets, and developing digital infrastructure.

In 2026, the holding acquired 99.32% of Turkish Bank A.Ş., gaining access to the markets of Turkey and Northern Cyprus. The company also plans to invest around $300 million in developing its banking and brokerage business in the region.

At the same time, Freedom Holding Corp. filed an application for a banking license in France and announced plans to invest €500 million in creating a digital bank, viewing the country as an entry point into the EU market.

On the technology front, the company acquired the German company ChessBase — one of the world’s leaders in chess software, digital game databases, and educational platforms — strengthening its development of digital products, intellectual property, and AI-based services.

In addition, in 2026 the company announced the creation of the Freedom AI Super Cluster together with Citi — a project to develop AI infrastructure in Kazakhstan. It is complemented by the construction of the Akashi Data Center, supported by China Mobile.

Corporate Governance and Sustainability: How the Company Strengthened Its Transparency Framework

As it expanded internationally, Freedom Holding Corp. strengthened its corporate governance and compliance framework. After listing on NASDAQ, the company moved into the category of public international issuers, where reporting transparency and engagement with regulators become part of the business model. Today the group’s activities are regulated by several bodies at once, including the SEC, CySEC, and AFSA, as well as Kazakhstan’s financial regulators.

This growth has been accompanied by strengthened internal controls and independent evaluation of the company’s processes. In its report for the fiscal year ended March 31, 2026, auditor Deloitte confirmed the reliability of the company’s financial data under US GAAP standards and the effectiveness of its control systems. That same year, S&P Global Ratings affirmed the company’s rating at B- with a stable outlook, and Moody’s assigned Freedom Bank Kazakhstan a Ba3 rating, providing further confirmation of the business’s resilience.

In 2026, the company also completed a five-year SEC review and received a Wells Notice, continuing to engage with the regulator through the established process. Taken together, independent audits, credit ratings, and oversight by multiple regulators form the foundation of trust in Freedom Holding Corp. and support the company’s continued growth.

Brand and Community: How Freedom Holding Corp. Invests in Sports and Education

As Freedom Holding Corp. has grown, its brand-building has moved beyond traditional marketing to become part of the company’s long-term strategy. The company invests in sports, education, and digital communities, building its own audience around its ecosystem and strengthening its international recognition.

One of its key focus areas has been support for chess. Freedom Holding Corp. allocates more than $15 million a year to developing the sport, and in 2026 it became an official partner of FIDE for its global programs. That same year, the company acquired ChessBase and plans to invest around €5 million in developing the platform and its AI technologies.

In 2026, Timur Turlov also put himself forward as a candidate for the position of FIDE vice president, stating his intention to help drive the further digital transformation of the international chess organization and the development of its educational projects.

At the same time, the company invests in football infrastructure and youth sports in Kazakhstan, including support for the youth football league Freedom QJ League, and also develops educational and digital initiatives. These projects are viewed as investments in human capital and as part of an ecosystem that brings together technology, education, and sport — strengthening the brand and supporting the company’s long-term growth.

Looking Ahead: The Next Stage of Growth for Freedom Holding Corp.

In under two decades, Freedom Holding Corp. has grown from a small brokerage firm into an international public holding company with a diversified financial-technology ecosystem. Today the company operates in 22 countries, serves more than 11 million clients, employs 11,846 people, and, for the fiscal year ended March 31, 2026, increased its revenue to $2.19 billion — more than 26 times higher than at the time of its NASDAQ listing in 2019.

The next stage of Freedom Holding Corp.’s development is tied less to expanding individual business lines than to scaling the entire ecosystem. The company is strengthening its presence in European markets and investing in digital infrastructure, artificial intelligence, and new financial services, gradually turning the ecosystem it has built in recent years into an international platform.