Introduction
Freedom Holding Corp. (FRHC) is one of the fastest-growing financial services companies with a strong presence across Europe, Central Asia, and the United States. Known for its diversified ecosystem, the company operates in brokerage, banking, insurance, technology, and consumer services. Since its Nasdaq listing in 2019, Freedom Holding Corp. has become a recognized player in global capital markets, drawing attention from both institutional and retail investors.
History and Growth Journey
Early Beginnings
Freedom Holding Corp. was founded in 2008 by entrepreneur Timur Turlov. Originally launched in Moscow, the company quickly expanded to Kazakhstan, Ukraine, and other emerging markets.
Listing on Nasdaq
In 2019, Freedom Holding achieved a major milestone by listing its shares on Nasdaq under the ticker FRHC. This step gave it global recognition and access to international investors, making it the first CIS-based financial institution to be listed in the U.S.
Global Expansion
Over time, Freedom Holding expanded its operations to 22 countries, establishing itself as a multi-faceted financial powerhouse. It has offices in Kazakhstan, Cyprus, Europe, and the U.S., with a growing international client base.
Services and Subsidiaries
Brokerage and Capital Markets
Freedom Holding provides access to U.S., European, and Asian stock exchanges through its platforms. Its Freedom Finance subsidiaries enable trading in global equities, bonds, ETFs, and IPOs. The Freedom24 platform is particularly popular among retail investors seeking IPO participation.
Banking and Insurance
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Freedom Bank Kazakhstan: A leading digital bank with a focus on online lending and innovative financial products.
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Freedom Finance Insurance & Life: Offering auto, health, and life insurance solutions, it ranks among Kazakhstan’s top insurers.
Consumer and Technology Ventures
Beyond finance, the company has invested in digital ecosystems including Aviata.kz (travel booking), Ticketon (event ticketing), Arbuz.kz (e-commerce), and Paybox (payment solutions). This diversification strengthens its position as a lifestyle and financial ecosystem brand.
Financial Performance
Recent Highlights
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FY2024 (ending March 2024):
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Revenue: $1.63 billion
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Net Income: $375 million
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Assets: $8.3 billion
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FY2025 First Half (April–Sept 2024):
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Revenue crossed $1 billion, reflecting strong growth in brokerage, banking, and insurance operations.
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Market Valuation
As of September 2025, FRHC trades at around $169 per share, with a market capitalization exceeding $6 billion. The company was also included in the Russell 3000 Index, expanding its visibility among global institutional investors.
Recent Developments
BlackRock Stake
In 2025, BlackRock, the world’s largest asset manager, became the second-largest shareholder of Freedom Holding by acquiring nearly 444,000 shares—further strengthening investor confidence.
Expansion in Asia
Freedom Holding secured a Qualified Foreign Investor (QFI) license in China, opening the door to one of the world’s largest financial markets.
Digital Growth
The company continues to enhance its Freedom24 app, offering cross-border trading, portfolio management, and mobile banking features to a growing retail client base.
Strengths of Freedom Holding Corp
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Diversified Ecosystem – From brokerage to e-commerce, Freedom Holding connects financial services with consumer needs.
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Strong Regional Presence – Market leader in Kazakhstan and expanding across Europe and Asia.
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Innovation – Early mover in offering IPO access to retail traders through Freedom24.
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Global Recognition – Nasdaq listing, Euroclear membership, and inclusion in major indices boost credibility.
Challenges Ahead
While Freedom Holding continues to grow, it faces:
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Regulatory scrutiny in different jurisdictions due to its rapid expansion.
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Geopolitical risks in emerging markets where it operates.
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High competition from established U.S. and European brokers.
Future Outlook
Freedom Holding Corp. is positioning itself as a one-stop financial and digital ecosystem. With increasing interest from global investors and strong growth in insurance, banking, and consumer services, the company is likely to expand further into Asia and Europe.
Its focus on technology, innovation, and diversified services puts it on track to remain a key player in international finance.
Conclusion
Freedom Holding Corp. is more than just a brokerage—it is an integrated ecosystem that combines finance, technology, and consumer services. With a solid financial performance, growing global presence, and backing from institutional investors like BlackRock, the company has positioned itself as a rising force in the financial world.
For investors and clients alike, Freedom Holding represents both opportunity and innovation in a rapidly evolving global market.