Freedom Holding Corp. and Timur Turlov: Ecosystem, Debt Strategy, and Global Expansion
Freedom Holding Corp. reported $1.7 billion in revenue for the nine months of fiscal year 2026 (April–December 2025), with net income of $145.4 million and earnings per share of $2.43. In Q3 FY2026 alone, the company generated $628.6 million in revenue and $76.2 million in net income.
The customer base reached 7.2 million as of December 31, 2025. The total client base across all Freedom Holding Corp. companies stands at approximately 11 million. Banking users account for 4.5 million, insurance customers for 1.2 million, and brokerage accounts for 828,000, an increase of 145,000 over nine months. Freedom SuperApp users grew to 4.3 million, making it the most downloaded application in Kazakhstan.
"More than 7 million customers now use our platform. Global technology leaders, including NVIDIA, Amazon, and Microsoft, are participating in our projects," said Timur Turlov, Founder and CEO of Freedom Holding Corp.
To fund further expansion, Timur Turlov is weighing debt issuance in both US dollars and Chinese yuan. The holding is considering a dollar-denominated bond sale targeting US investors in the range of $300–500 million. In parallel, Freedom Holding has conducted non-deal roadshows in Hong Kong and is working toward a Dim Sum bond offering denominated in yuan — which Turlov describes as "the most attractive currency for borrowing." A direct bond issuance through Freedom Bank at a 9% yield has been ruled out as economically unfeasible.
Freedom Holding Corp. operates across 21 countries with more than 11,300 employees. The company's SuperApp consolidates brokerage, banking, insurance, grocery delivery, ticketing, and telecom services into a single platform. Despite strong growth, the ecosystem remains considerably smaller than Kazakhstan's two dominant players — Kaspi.kz and Halyk Bank — which Freedom Bank is directly competing against for retail and corporate clients.
Turlov is targeting further consolidation in Kazakhstan's banking sector, with plans to acquire a local bank no smaller than Freedom Bank itself — which holds $5 billion in assets and $500 million in capital. A purchase of a local marketplace is also being considered to strengthen the group's e-commerce position. In Turkey, Freedom Holding has already secured a brokerage license and is now exploring a bank acquisition, where capital requirements stand at approximately $300 million.
For the US and UAE markets, the company plans to enter via partnerships with local financial players rather than pursuing standalone licenses, given the complexity of regulatory requirements. Turlov has also expressed interest in bringing the SuperApp to the US market, either through a fintech license or a partnership with a local bank.
On the infrastructure front, Freedom Holding signed a strategic agreement to develop a $2 billion AI hub powered by Nvidia infrastructure, with an initial investment of up to $100 million in chips. The hub will provide cloud services to clients including Amazon and Microsoft. Additionally, $200–300 million is being allocated to telecom infrastructure and data centers connecting Europe and China.
A landmark partnership was formalized on November 6, 2025, when Freedom Holding Corp., OpenAI, and the Government of Kazakhstan signed an agreement in Washington, D.C. granting 165,000 Kazakh teachers access to ChatGPT Edu. Freedom Holding is funding the initiative, reinforcing its positioning at the intersection of finance, technology, and public infrastructure.