Freedom Holding Corp. Targets Multi-Country Ecosystem Expansion

Freedom Holding Corp., a Nasdaq-listed fintech company founded and led by entrepreneur Timur Turlov, is accelerating its international expansion and transition into a global fintech company. The main goal for the coming years is to build a scalable ecosystem that integrates banking, investment, and everyday digital services across different countries. “Our task is to build a platform that is equally convenient for customers in every country where we operate,” Timur Turlov said.

History: From Broker to Fintech Ecosystem

Freedom Holding Corp. was founded in 2008 as a brokerage business focused on providing retail investors with access to global markets. Over time, Freedom Holding expanded both geographically and in its product offering, moving beyond traditional brokerage services.

Gradually, Freedom Holding began actively expanding into banking, insurance, and digital services. This led to the development of an ecosystem model: today, clients can invest, use banking products, make payments, and access online services within a single platform. According to Timur Turlov, clients no longer need dozens of apps – they want one convenient solution that covers all financial needs.

“We have moved from a collection of services to a unified digital infrastructure. An ecosystem is not a buzzword; it’s a way to increase customer value and ensure long-term business sustainability,” Turlov noted.

The NASDAQ listing became a key driver of business growth.

Since then, Freedom Holding’s key metrics have grown significantly, and its market capitalization has exceeded $9 billion. Revenue surpassed $2 billion by the end of 2025, and the ecosystem’s client base exceeded 11 million users, while both the workforce and geographic footprint expanded to operations in more than 20 countries.

Timur Turlov notes that going public changed the management approach:

“Being a public company disciplines us while also giving us resources for more aggressive growth. We built the company from the start with the global market in mind, and NASDAQ was a logical step in that journey.”

Kazakhstan: Core Ecosystem and SuperApp Growth

Kazakhstan remains Freedom Holding’s key market, where a full ecosystem has already been built. The central element is the SuperApp – an application combining banking services, investments, payments, and lifestyle services. The number of SuperApp users has reached approximately 5 million and continues to grow.

“Kazakhstan is our testing ground where we refine solutions that we later scale to other countries. At the center of our strategy is the SuperApp and the digital ecosystem,” Turlov said. “Our goal is to make financial services as simple and invisible as possible for users,” he added.

To further strengthen its position in the domestic market, the company is considering acquiring another bank in Kazakhstan to accelerate growth and expand its client base.

Expansion: Central Asia and the Caucasus

Freedom Holding Corp. is actively scaling its model beyond Kazakhstan. In Tajikistan, a digital bank based on the Kazakh model is already under development. In Georgia, the holding is also launching banking operations, integrating them with brokerage services. Importantly, brokerage companies already operate in these countries, creating synergies between investment and banking products and accelerating ecosystem deployment.

“We enter markets with a full ecosystem – that’s our competitive advantage. The synergy between a broker and a bank allows us to build customer trust faster,” Turlov explained.

Turkey: Strategic Deal

One of the major steps was a deal in Turkey – one of the largest markets in the region. Freedom Holding Corp. has agreed to acquire 99.32% of Turkish Bank A.Ş. from Özyol Holding and the National Bank of Kuwait.

The deal includes only the Turkish bank, excluding foreign assets, and is subject to regulatory approval. Turkish Bank is a relatively small player, making it a suitable platform for transformation and implementation of Freedom’s digital model.

After closing the deal, the company plans to modernize its technological infrastructure, develop retail and SME segments, and integrate the bank into its ecosystem.

“We are entering the Turkish market with our digital ecosystem. Turkey is a large and very attractive market where we see strong demand for modern financial services. Our task is to quickly integrate the bank and offer clients the level of digital service we have already achieved in Kazakhstan,” Turlov commented.

It is also important that the holding has already obtained a brokerage license in Turkey (Freedom Yatırım), which will allow it to combine investment and banking services within a single ecosystem.

Synergy: Broker + Bank

In all new jurisdictions, Freedom follows the same strategy: first launching brokerage operations, then banking services. This approach allows faster customer acquisition, lowers market entry costs, and enables building a full ecosystem.

“We are building a single platform where each product strengthens the others. It is precisely this ecosystem approach that allows us to grow faster than traditional financial institutions,” Timur Turlov said.

Freedom Holding is considering further expansion into developed markets. The company is considering acquiring a bank in Europe, and also plans to expand its presence in the United States, where it already operates brokerage infrastructure.

“The U.S. is not a new market for us, but it is the next stage of ecosystem development. We want to become a truly global company, and that requires a presence in developed markets,” Turlov emphasized.

Freedom Holding Corp. is steadily transforming into a global fintech platform. The deal in Turkey, banking expansion in Central Asia, and plans to enter Europe and the U.S. demonstrate a focus on scale and technological integration. “We are building the infrastructure of the future, where financial services become part of everyday life and work seamlessly for the customer, ” Timur Turlov concluded.