On Oct. 15, 2019, Freedom Holding Corp. listed its shares on Nasdaq, one of the largest stock exchanges in the world. The company was the first broker from the CIS to become publicly traded, with its shares listed under the ticker symbol FRHC, alongside tech giants like Apple, Google and Microsoft. Over the past five years, the company’s stock value has nearly septupled, rising from $14 to almost $100 — demonstrating investor trust and stable business growth. Today, Freedom Holding Corp. is a diversified international investment group with a market capitalization of several billion dollars, far surpassing its original regional focus. What is the secret behind this success?
Scaling up the business
In 2019, Freedom Holding Corp.’s market capitalization was less than $800 million. Now, it is approaching $6 billion. This remarkable growth is the result of diligent work and a well-planned business strategy. Five years ago, the company was primarily focused on banking, investment and insurance strategies. Today, it is expanding into a full-fledged ecosystem that includes an e-payment system, telecommunications services, travel booking systems, foodtech, and several lifestyle companies.
In 2024, Freedom launched its SuperApp, integrating all of the company’s service offerings within its digital ecosystem in Kazakhstan. According to Timur Turlov, CEO of Freedom Holding Corp., the key goal of the project is to create a convenient and integrated financial services environment for their customers. In Kazakhstan, over five million people actively use services from this ecosystem, and the number continues to grow. Freedom offers a wide range of innovative solutions, including digital mortgages, loans, and multicurrency cards with loyalty programs, offering up to 30% cashback in a unique currency tied to FRHC share value. Since the currency’s launch in May, the company’s share value has increased by 30%, allowing clients to benefit from both high cashback and gains in stock value.
Financial statistics
Through the creation and expansion of its ecosystem, Freedom Holding Corp. has significantly boosted its financial performance. According to the company’s financial report covering the period from April 1, 2023, to March 31, 2024, the brokerage and banking businesses were the largest contributors to revenue, generating $617 million and $615 million, respectively. The insurance business, which is growing at the fastest rate, contributed $341 million in revenue, along with an additional $62 million from other business lines.
For the first time in its history, Freedom Holding Corp.’s total revenue reached $1.64 billion, marking a major milestone. Five years ago, the company’s annual revenue was less than $100 million, but now, these numbers reflect its successful development and effective management across all business lines.
Global expansion
In addition to diversifying its services, the company has also expanded geographically. Five years ago, it operated in seven countries; today, it is active in 22. The company also has a presence in key regions such as the U.S., Europe, Central Asia, and the Middle East.
In Europe, the company is represented by Freedom24 (formerly Freedom Finance Europe), operating in 13 countries and serving over 300,000 clients. By continuously expanding its presence, the company gains new opportunities to attract clients and strengthen its market position. Freedom24 is also a member of Euroclear, the largest international central securities depository.
The U.S. has also been a crucial area of expansion for the company, where it focuses on investment banking activities. In 2020, Freedom began building its U.S. infrastructure by acquiring Prime Executions, a Nasdaq- and NYSE-licensed broker. In 2022, the company secured an underwriting license, allowing its subsidiary, Freedom Capital Markets, to co-organize initial public offerings (IPOs) and secondary public offerings (SPOs) on American stock exchanges.
Through Freedom Capital Markets, Freedom Holding Corp. offers IPO consulting services, helping businesses navigate all stages of the process. This is a significant achievement for a company from a post-Soviet country, showcasing the high professionalism of its team. In the U.S. the company continues to strengthen its investment and banking lines through strategic acquisitions, such as the purchase of LD Micro, a platform that hosts investor conferences for small-cap companies.
Freedom Holding Corp. is also expanding in Central Asia and the Middle East, reflecting the growing interest in investment opportunities and financial products in these regions. The company operates subsidiaries in Kyrgyzstan and Uzbekistan and has plans to enter the markets of Tajikistan and Turkey. Additionally, Freedom is expanding in the UAE, where it is seeking a brokerage license. These new regions represent the logical next step in Freedom’s successful international expansion strategy.
Setting new standards
Since its Nasdaq listing, Freedom Holding Corp. has transformed from a regional company into an international player, continuously introducing new technologies and expanding its global footprint. The company’s ecosystem now serves millions of customers, yet it remains committed to ambitious plans for entering new regions and enhancing its user experience.
Being a public company brings higher standards and the need for constant improvement. Over the past five years, Freedom Holding Corp. has not only demonstrated its ability to compete successfully on the global stage, but it has also launched new businesses in response to modern market challenges.
