Freedom Holding Corp (NASDAQ: FRHC) is a financial services company that provides brokerage, banking, insurance, and telecommunications services primarily across Central Asia and broader international markets. Revenue comes from brokerage commissions and fees, margin lending, banking operations including its SuperApp platform launched by Freedom Bank KZ in April 2024, insurance premiums, and telecommunications services through Freedom Telecom in Kazakhstan. The company operates a digital fintech strategy that bundles securities trading, banking, payments, and streaming media under one group. In FY2025, payroll and bonuses reached $288.2 million, up 59% from $181.0 million in FY2024, reflecting workforce expansion through hiring, new subsidiaries, and acquisitions. Advertising and sponsorship expense was $124.6 million in FY2025, up 225% from $38.3 million in FY2024, including $51 million in sponsorship expense. The company divested its Russian business units in February 2023 and has since concentrated growth in Kazakhstan, Central Asia, and European markets.

Revenue model

Transactional brokerage commissions and fees, margin lending interest, banking service fees, life and property insurance premiums recognized over contract periods, net gains on foreign exchange operations, net gains on derivatives, and telecommunications service revenue through Freedom Telecom.

Products and services

Securities brokerage and trading platform giving access to international capital markets; margin lending; Freedom Bank KZ SuperApp (banking, payments, investment services, launched April 2024); life, accident and health, and property and casualty insurance; Freedom Telecom telecommunications services in Kazakhstan; Freedom Media regional streaming platform for Kazakhstan and Central Asia.

Customers and end markets

Individual retail investors and institutional clients seeking access to international capital markets; banking and payments customers in Kazakhstan via SuperApp; insurance policyholders; telecommunications subscribers in Kazakhstan.

Value-chain role

Direct-to-customer financial services provider and broker-dealer; operates its own banking subsidiary, insurance subsidiaries, and telecommunications subsidiaries rather than acting as an intermediary or distributor for third-party institutions.

Geographic exposure

Primary operations in Kazakhstan, Uzbekistan, Kyrgyzstan, Azerbaijan, Armenia, Tajikistan, and the UAE in Central Asia and the Middle East; European presence in Germany, Spain, Greece, France, Poland, Lithuania, Bulgaria, Austria, Italy, Netherlands, Belgium, and Cyprus; also operates in Turkey, the UK, and the US (per 10-K filed 2025-06-13).

Source: SEC 10-K, filed 2025-06-13

Industry: Security Brokers, Dealers & Flotation Companies Peers: Morgan Stanley Evercore Inc Houlihan Lokey Inc StoneX Group Inc Jefferies Financial Group Inc Moelis & Co PJT Partners Inc Piper Sandler Companies Stifel Financial Corp Virtu Financial Inc