Freedom Holding Corp., a Kazakhstan-based fintech ecosystem listed on Nasdaq, is consistently expanding its customer base across all key segments of its ecosystem. This growth is being reflected in stronger financial results for fiscal 2026, including higher revenue and net income. This combination is now supporting a wider push into international markets.
User Base In Focus
When Freedom Holding Corp. began building its multi-industry ecosystem in the early 2020s through the acquisition of digital consumer services (Aviata, Arbuz.kz, and Ticketon), alongside its existing banking and brokerage businesses, CEO Timur Turlov noted in an interview with Forbes Kazakhstan that different products within a unified ecosystem can reinforce each other, expanding the sales funnel and increasing the customer base. “We create a more engaging experience,” he explained in a 2024 interview with Paytech Magazine following the launch of Freedom SuperApp, the mobile application that brought all group services into a single interface: “Some services drive direct revenue. Others improve retention. Others build trust. But together, they create a stronger ecosystem effect”.
Several years after outlining that vision, Freedom Holding Corp. now has the numbers to show how it works in practice. The growth was visible across all major segments of the ecosystem, according to the holding’s recent annual report. During the fiscal year ended March 31, 2026, Freedom’s banking customer base increased to 5.03 million from 2.52 million. Brokerage customers rose to 858,000 from 683,000, while non-financial segment customers expanded to 1.11 million from 605,000.
The Freedom SuperApp has become one of the key drivers of this growth, attracting new users by integrating financial and everyday services within a single interface and supporting gains across key user metrics. Monthly active users (MAU) reached 2.59 million in March 2026, up from 1.02 million a year earlier, while daily active users (DAU) averaged 634,578 compared with 183,000 in March 2025.
As the customer base expanded, engagement across the ecosystem also increased, supported by the growing adoption of the Freedom SuperApp and its integrated services. On a broader level, including partner companies, approximately 14 million people now use services connected to the Freedom ecosystem, according to company data.
Cash follows the customers
This expansion in customer base and ecosystem scale is directly reflected in Freedom Holding’s financial performance. Revenue for the fiscal year ended March 31, 2026, reached a record $2.19 billion, up from $2.00 billion a year earlier. Net income more than doubled to $153.3 million from $76.2 million, according to the company’s FY2026 results.
Growth was driven by broad-based performance across key segments of the business. Banking-related income remained a key driver, with interest income rising to $882.5 million, up 2% year over year, supported by increased margin lending and continued expansion of Freedom Bank KZ’s loan portfolio.
Market-driven revenues also contributed to overall performance. Net gain on trading securities reached $158.8 million, increasing by $216.6 million, or 375%, driven primarily by sales of Kazakhstan sovereign and corporate debt securities. Net gain on derivatives rose to $66.8 million, supported by Freedom Bank KZ’s realized gains from currency swap revaluation.
At the same time, non-financial ecosystem-linked businesses continued to scale. Sales of goods and services increased 143% to $97.4 million, reflecting the expansion of telecommunications operations, an area of active development since 2024, alongside higher customer activity at Arbuz.kz and other e-commerce assets.
Net insurance revenue totaled $402.4 million, reflecting changes in pricing and underwriting dynamics, including regulatory caps on agent commissions for bank and microfinance loan products, as well as higher deferred profit liability issuance expenses.
Geography comes next
Following strong growth in both its customer base and financial performance, Freedom Holding is now accelerating its international growth strategy by scaling its integrated business model across new markets.
One of the key steps in this direction is the company’s application for a banking license in France. The group sees the country as an important hub for its wider expansion strategy across the European Union, alongside existing brokerage operations in the region, carried out through the Freedom 24 platform and Freedom Europe. According to Turlov, the holding intends to invest €500 million in establishing a digital bank and building supporting infrastructure. Freedom CEO added that the expansion of the operations in Europe would significantly contribute to the holding’s strategic objective of bringing up to 50 million potential customers into its ecosystem.
Freedom Holding Corp. is also strengthening its presence in Turkey, a market of more than 90 million people, where it aims to further scale its ecosystem-based financial and digital services offering. Freedom has already added a banking license to its brokerage business and is planning to deploy the other segments of its ecosystem. According to management, the holding plans to invest approximately $300 million in expanding its banking and brokerage operations in Turkey over the next few years.
In the post-Soviet region, Freedom Holding’s expansion includes markets such as Tajikistan, while Georgia is among the countries where the company is actively strengthening its presence. Armenia also remains under consideration as a potential future growth direction. In the Middle East, the group is expanding its operations in the United Arab Emirates. At the end of last year, Freedom Broker Global Markets, the group’s Abu Dhabi–based brokerage subsidiary, received a brokerage license in Abu Dhabi, one of the region’s key financial hubs.
Separately, Freedom Holding Corp. is also developing selected initiatives in Europe focused on tourism-related services, further diversifying its non-financial ecosystem footprint. The holding has announced plans to introduce its travel services offering to European customers, integrating ticketing, hotel bookings, transfers, excursions, curated tours, and visa support through its SuperApp.
Strong financial results and continued growth in its customer base are giving Freedom Holding the boost it needs to expand into new markets. As the holding grows across Europe, the Middle East, and the post-Soviet region, it is relying on a broader revenue base to support further expansion.
Editor’s Note: The opinions expressed here by the authors are their own, not those of Impakter.com — In the Cover Photo: Freedom Holding Corp.’s growing customer base, expanding SuperApp ecosystem, and record FY2026 results are helping drive its international expansion strategy. Cover Photo Credit: Freedom Holding Corp
