CAPITAL MEETS TRAVEL
Freedom Holding Corp. is considering a secondary share offering outside the United States to support the next stage of growth of its ecosystem. Freedom Holding is increasingly focused on consumer-facing businesses, especially travel, as a key driver of its international expansion in Europe. This fits into the broader shift in the travel industry toward so-called “one-click” travel experiences, letting it compete more directly with established players such as Booking.com and Airbnb.
Multi-Market Capital Play
Freedom Holding Corp. is considering a potential secondary share offering outside the United States, its CEO, founder, and majority shareholder, Timur Turlov, disclosed at the recent Freedom Inside 2026 corporate forum. The placement is planned under Regulation S (for non-U.S. investors) and will be offered to buyers in Kazakhstan and some other selected international markets. According to Timur Turlov, “this could be an excellent opportunity from which both Freedom and our investors will benefit”.
Freedom Holding common stock already trades on the Nasdaq as “FRHC,” on the KASE as “US_FRHC,” and on the AIX as “FRHC.” Funds from additional share placement would support Freedom’s expansion into new markets.
Timur Turlov did not specify at the forum which other markets the company may target for future capital raising. However, in an earlier interview with Reuters, he said Freedom Holding was also considering Hong Kong as a potential venue for a secondary offering. “Our main platform is NASDAQ, and we are happy with our listing. At the same time, we are not ruling out a secondary listing in Hong Kong as an additional capital-raising tool,” he said.
Home Base Advantage
“There is sufficient liquidity in Kazakhstan among both retail and institutional investors. Annual equity trading volumes on KASE are close to $720 million and are growing 10–15% annually. AIX volumes exceed $2 billion across equities and structured products, with total capital raised approaching $5 billion,” a source within the holding adds. As a result, raising the required amount should be significantly easier. Procedurally, it is also faster in Kazakhstan.
Freedom Holding Corp. has already begun pre-marketing to determine demand and price before future placement. For this, the holding is collecting non-binding bids through its trading terminals and through the Freedom SuperApp, which serves more than 5 million clients across Freedom’s fintech ecosystem, Turlov noted.
Moreover, as the group’s core market — where it is headquartered and where new products are first tested before being rolled out internationally — Kazakhstan stands out as the most natural choice for raising additional capital, supported by strong brand recognition, an established client base, and the leading positions of the group’s companies across their respective industries. It is also the group’s largest client market among 21 countries of operation.
Kazakhstan was the initial launch market for Freedom Holding’s ecosystem, where it has recorded its strongest growth. Over recent years, the group has broadened its offering beyond its initial banking and brokerage services. It first moved into insurance. Next, it expanded into the lifestyle segment. It then entered telecom and media businesses, extending the platform beyond traditional fintech offerings. The services are delivered through a unified platform, the Freedom SuperApp, which now serves 11 million users, including customers from partner platforms.
Travel, Fully Connected
Freedom Holding Corp. plans to further scale multiple lifestyle products, such as travel, ticketing, bookings, and events, to support the expansion of its ecosystem into new markets.
Igor Boyko, CEO of Freedom Travel, the group’s travel-focused subsidiary, said the company aims to establish a dominant position in the local market by the end of this year and subsequently expand its services to European customers.Throughout 2026, Boyko explains, Freedom plans to launch a full range of new travel products. These will cover all traveler needs, from a global hotel aggregator set to launch in May 2026, to transfers, excursions, curated tours, visa support, and more. The integrated nature of these services within the SuperApp ecosystem is expected to enable more competitive pricing. According to Boyko, these prices will be lower than those of the largest international platforms, such as Booking.com and Airbnb.
The company plans to quickly scale these products into other markets, with Freedom Travel expected to enter Europe in 2026. “I am confident that European customers also need a convenient service — an ecosystem with a full range of services and a single entry point through one mobile application, with a unified payment system and customer support,” Boyko concluded.
Riding the Structural Shift
This is completely in line with the latest trends in the travel industry, which has undergone significant changes. According to the World Travel & Tourism Council, it has been on a sustained growth and recovery trajectory in recent years, following the pandemic disruption. The sector has not only returned to pre-COVID levels but is also continuing to expand, supported by strong demand, the digitalization of booking channels, and the growing role of platform-based and ecosystem-driven travel models.
The global online travel market is especially on the rise, valued at between $500 billion and almost $700 billion in 2024–2025, according to industry estimates. It is projected to reach approximately $1.3 trillion to nearly $2 trillion by the early 2030s, growing at a CAGR of 9% to 16%.
The future of the market, according to experts, is an integrated experience based on the latest technologies. In simple words, this is what Amadeus calls one-click travel – an experience where a travel agent, ground transport, an airline (or several), border agencies, a hotel, and activities and experiences in the destination are united. According to the 2026 Travel Industry Outlook, published by Deloitte in February 2026, the entire travel life cycle is becoming increasingly digital (from inspiration and bookings to in-destination experiences and loyalty programs) and intertwined with an evolving consumer tech ecosystem.
And that is the shift Freedom Holding Corp. is betting on.
Editor’s Note: The opinions expressed here by the authors are their own, not those of Impakter.com — In the Cover Photo: Where old North Sea Oil platforms are dragged to rest until the price of oil rises again. Cover Photo Credit: Freedom Holding Corp
