Company type | LLC |
---|---|
Nasdaq: FRHC | |
Industry | Diversified investments |
Founded | 2008 |
Founder | Timur Turlov |
Headquarters | , |
Area served | Europe, Central Asia, U.S. |
Revenue | US$ 1.635 billion (for the 12 months ended 31 March 2024) [1] |
US$ 375.54 million (for the 12 months ended 31 March 2024) [1] | |
Total assets | US$ 8.3 billion (as of March 31, 2024) [1] |
Total equity | US$ 1.167 billion (as of March 31, 2024) [1] |
Website | Freedom Holding Corp Freedom Broker Freedom Finance Europe Freedom Lithuania |
Freedom Holding Corp. [2] is an investment conglomerate registered in Nevada, USA. The company provides a range of services in retail financial securities brokerage and trading, asset management, capital markets, investment research and counseling, investment banking and underwriting services, mortgages, insurance, banking and other consumer services. Its main area of focus is in the American stock market, as well as the markets of Europe and Central Asia, mainly Kazakhstan. [3]
It provides access to trading on the Kazakhstani exchange KASE, the Astana International Exchange (AIX), as well as on the American exchanges NYSE, NASDAQ, CBOE, CME, AMEX, and the European stock exchanges LSE and Euronext. [3]
The headquarter is located in Almaty, Kazakhstan. [4] As of the end of 2024, Freedom Holding Corp. operates in 22 countries. [5]
Freedom Holdings Corp. owns the Kazakh bank Freedom Finance [6] and Kazakhstani broker Freedom Finance JSC with offices in 16 cities in Kazakhstan, 8 cities in Uzbekistan, and one office in Kyrgyzstan. [7]
The company was founded in 2008 by Timur Turlov. [8] In 2013, Freedom Finance established a subsidiary brokerage company, Freedom Finance JSC in Kazakhstan.
In 2013, the European subsidiary Freedom Finance Europe was established. In 2015, it obtained a full set of licenses from the Cyprus Securities and Exchange Commission (CySEC) [9] .
In 2014 the company arranged the listing of Bank of America stocks on KASE. [10]
In 2015 the Company became a market maker for stocks of the national power operator of Kazakhstan, KEGOC, [11] and in 2016 it carried out an IPO for Aktobe Metalware Plant JSC, which holds 70% of the metalwork market in Kazakhstan. [12]
In 2017 the Company acquired one of its competitors, the Kazakhstani broker Asyl-Invest. [13]
As of May 2017 the Company was a market maker for 12 securities: KEGOC, BAST, Aktobe Metalware Plant JSC, Bank of America, ETF S&P 500, along with major Russian bluechips like Aeroflot, Gazprom, Rostelecom, Magnit, Uralkali. [14]
In 2015, BMB Munai was acquired and subsequently renamed Freedom Holding Corp., which included Freedom Finance, with Timur Turlov becoming the majority shareholder of Freedom Holding Corp. [15]
In 2018, Freedom Finance entered the Uzbekistani securities market, establishing offices in 8 cities across the country. In the following year, the company has done several IPOs and SPOs for local manufacturing companies.
In October, 2019 Freedom Holding Corp. has been approved for listing on The Nasdaq Capital Market under the "FRHC." symbol , therefore marking company's IPO. [16] The holding's shares are also traded on Kazakhstan's stock exchanges, KASE and AIX. FRHC shares are included in the MSCI U.S. Small Cap 1750 Index, MSCI U.S. Investable Market 2500 Index and Kazakhstan's AIX Qazaq Index (with a 15% share). [17]
In June 2020 Freedom Holdings acquired the Russian stock broker and financial company Zerich Capital Management after it was approved by the Russian Federal Antimonopoly Service. Freedom said it would integrate the business into its existing Russian holdings. [18] That same year the company acquired а Kazakh bank – Bank Kassa Nova JSC, the name of the bank was later changed to Freedom Bank Kazakhstan JSC. [19] [20]
In 2021 Freedom Holding Corp. completed acquisition of american broker Prime Executions, Inc. The acquisition marked the company's initial entry into the U.S. markets. [21]
In 2021 Freedom Holding acquired Ticketon. In the same year Freedom Holding purchased Paybox for $11.5 million and the online supermarket Arbuz.
In 2022, the American subsidiary Freedom Capital Markets received a license to conduct underwriting activities. [22]
In 2022, the holding company changed its auditor from WSRP and started working with Deloitte a "Big Four" accounting firm. [23]
In October 2022, Freedom Holding Corp. announced withdrawal from Russia by selling its assets to the local management. [24] The company has finalised its withdrawal from Russia by February 2023. [25]
On April 24, 2023 Freedom Holding Corp. announced the acquisition of 100% shares in Aviata.kz and Chocotravel services from ChocoFamily Holding. The transaction amount is $32.3 million. [26]
In 2023, Freedom Holding Corp. completed the acquisition of LD Micro, a conference platform for small-cap companies, formerly owned by SRAX. [27]
In August 2023, Hindenburg Research released a report on Freedom Finance. An independent review by the legal team at Morgan, Lewis & Bockius and the forensic accounting experts at Forensic Risk Alliance concluded that the allegations were unfounded. [28]
In June 2024, the holding company completed a cross-listing of its securities on the AIX exchange. On October 1, 2024, Freedom Holding Corp. shares were included in the AIX Qazaq Index, representing a 15% weighting.
As of 2024, Freedom Holding Corp. headquarters are located in Almaty, with company offices operating in 22 countries, including the USA, Uzbekistan, Cyprus, the United Kingdom, and Germany. [4] [29]
Brokerage companies provide access to stock exchanges in Kazakhstan (KASE and AIX), the United States (NYSE and Nasdaq), Hong Kong (HKEX), Uzbekistan (Tashkent Stock Exchange and the Uzbek Republican Currency Exchange), as well as European stock exchanges. Client transactions are conducted using the holding's proprietary platform, Tradernet. [29]
In its home market of Kazakhstan, Freedom is developing a digital ecosystem that integrates banking, brokerage, and consumer services. [29]
The company offers webinars, seminars, distant and resident courses in trading along with their professional services.
In December 2024, the agency S&P Global Ratings reaffirmed the long-term ratings of Freedom Holding Corp. at the "B+" level with a "stable" outlook. [30]
As of 2024, the holding included the following entities:
As of July 1, 2024, JSC Freedom Finance serves as the official market maker for 101 securities listed on the Kazakhstan Stock Exchange (KASE) and for 10 securities listed on the Astana International Exchange. The company introduced stocks of global companies such as Apple Inc., Facebook Inc., Microsoft Corporation, Starbucks Corporation, Ford Motor Company, The Coca-Cola Company, and Nike Inc. to the Kazakhstani market. [31] [32]
In 2013, Freedom Finance acquired JSC Seven Rivers Capital, which had been operating in the securities market since 2006. [33]
As of 2024, Freedom Finance holds leading positions in KASE rankings for activity in the equity, debt, and government securities sectors, as well as in repo and currency swap operations. [34]
As of 2024, more than 86,000 accounts have been opened since the company's inception. [35] [36]
In 2022, the broker's market share accounted for 60-70% in terms of volumes and the number of clients.
The bank was established in 2020 through the acquisition and renaming of KassaNova Bank [37] [38] . Freedom Bank Kazakhstan offers products such as multi-currency and investment cards, online lending, and digital mortgages. In 2022, the bank had a market share of 58% in the online lending niche. [39] [40] By the end of 2023, it ranked among the top 8 banks by asset size. [41]
Freedom Finance Global is a brokerage company registered in Kazakhstan in 2020. [32] [31] It holds a license from the Financial Services Regulation Committee to provide access to international financial markets (NYSE/NASDAQ, London Stock Exchange, Börse Frankfurt, HKEX, KASE, AIX) and exclusive access to IPOs and option trading. In 2022, the broker obtained a Qualified Foreign Investor (QFI) certificate in China. [42] [43] [44]
In 2024, Freedom Finance Global became the first full member of the International Capital Market Association (ICMA) in Kazakhstan and Central Asia. [45]
By the end of 2021, the broker had opened over 27,000 accounts and served nearly 60,000 clients in 2022, as of April 1, 2024, the company managed 178,000 accounts. [31] [32] [46] [47]
Freedom Finance Insurance, formerly known as Trust Insurance, was acquired at the end of 2018 and has been operating in the Kazakhstan market since 2009. [48] The company introduced technology for special insurance terminals and launched online policy transfer services. [49] [50] In January 2020, Freedom Finance Insurance launched online car insurance against accidents. [51] In terms of assets, the company ranked eighth in 2021, with a 87% increase compared to the previous year. In 2022, the holding acquired Insurance company London-Almaty JSC, which was later merged with Freedom Finance Insurance. [48] [52] [53] [54]
Operating in the Kazakhstani market since 2014, the company has been functioning under the Freedom brand since late 2018.
Key areas of activity include:
Freedom Finance Europe Ltd. obtained direct membership in the international central securities depository Euroclear in 2021, expanding its range of operational, settlement, and depository services for clients in the European, UK, and US markets. [56] [57] [58]
As of the end of 2024, the European broker serves more than 300,000 clients. [59]
In 2024, the company was renamed Freedom24. It provides access to global stock markets, including European platforms such as ARCA, XETRA, and EURONEXT, as well as exchanges in Madrid, Vienna, Milan, Frankfurt, London, and Athens.
For the first half of the 2025 fiscal year (April 1 to September 30, 2024), Freedom Holding Corp. reported revenue of $1.03 billion. The company's market capitalization exceeds $6 billion. [60] [61]
Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.
Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. It is headquartered in New York City, and its president and chief executive officer is Adena Friedman.
BTA Bank is a Kazakhstan bank with headquarters in Almaty. As of 2013 it was the third largest lender by assets. In 2009, BTA Bank was subject of one of the world's biggest financial frauds totaling US$5 billion.
Renaissance Capital is an emerging and frontier markets focused investment bank founded in 1995 in Russia. The firm has offices in Moscow, London, New York, Lagos, Nairobi, Cairo and Nicosia.
EFG Holding S.A.E. is an Egyptian financial services company present in the Middle East, North Africa, Sub-Saharan Africa, and South Asia regions and specializes in securities brokerage, asset management, investment banking, private equity and research in addition to finance lease, factoring, microfinance, Financial technology, mortgage, and insurance. EFG Holding serves a range of clients including sovereign wealth funds, endowments, corporations, financial institutions, high-net-worth clients and individual customers. EFG Hermes is listed on the Egyptian Exchange (EGX) and London (LSE) stock exchanges. EFG Hermes has offices in Egypt, the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Pakistan, Oman, Kuwait, Jordan, Kenya, Nigeria, UK, United States and Bangladesh with over 4,500 people from 25 nationalities. They serve clients from the Middle East, North Africa, Europe and the United States. Currently, EFG Holding is listed as number 13 in Forbes' Top 50 Listed Companies in Egypt 2023.
The Kazakhstan Stock Exchange is a stock exchange located in Almaty, Kazakhstan. The exchange was founded in 1993.
Kcell is the Cellular Communication Operator in Kazakhstan, part of Kazakhtelecom.
Zerich Capital Management was a Russian investment and financial service company. It was one of the oldest and largest financial companies in Russia. It was acquired by Freedom Finance in June 2021. In 2023 Freedom Finance Russian business changed its name to Tsifra or Cifra Broker.
Halyk Bank is a commercial savings bank in Kazakhstan that also has branches in Kyrgyzstan, Georgia, Russia, Tajikistan and Uzbekistan. Its full Kazakh name translates into English as "Peoples' Savings Bank of Kazakhstan Joint-Stock Company". In Russian-language sources, the bank is often referred to as Narodny sberegatelny bank Kazakhstana, the Russian equivalent of the name. The bank is the legal successor of the Soviet-era Sberbank in Kazakhstan, analogous to Sberbank in Russia. Halyk Bank is headquartered in the city of Almaty, which was the country's capital until 1997.
Eurasian Bank JSC is the ninth-largest lender in Kazakhstan, headquartered in Almaty. It was founded in 1994 as a closed joint-stock company, and reregistered in 2003 as a joint stock company due to joint stock company law changes. The Bank is owned 100% by Eurasian Financial Company JSCwhich is 100% owned by three equal shareholders: Alexander Mashkevich, Alijan Ibragimov, Patokh Shodiyev
Bereke Bank (KASE:BERK) is a Kazakhstani commercial bank. The head office is in Almaty, Kazakhstan.
Kenges Rakishev, also written Kenes, is an investor and entrepreneur from Kazakhstan.
Victor Mikhailovich Remsha is a Russian businessman; the founder of Finam Investment Holding, a large Russian investment holding corporation. He is also on the boards of NAUFOR and MICEX-RTS.
Finam Holdings is a financial services company headquartered in Moscow, Russia. It is the parent company of Finam Investment Company. In April 2017 it was the third largest brokerage firm in Russia, and ranked second among providers of individual investment accounts in the country.
QIWI plc was a Russian company that provides payment and financial services in Russia and CIS countries. The group includes QIWI payment system, QIWI Bank, CONTACT money transfer system, Factoring PLUS, Flocktory, and RealWeb. The company has representative offices in three countries.
The Nasdaq Financial-100 (^IXF) is a stock market index operated by Nasdaq consisting of companies that are listed on the Nasdaq stock exchange and that are in the financial services industry, including banking, insurance, mortgages and securities trading. It was created in 1985 as the sister index to the more widely followed Nasdaq-100.
The Astana International Financial Centre (AIFC) is a financial hub in Astana, Kazakhstan that officially launched on July 5, 2018.
Umut Shayakhmetova is a Kazakh businesswoman. She serves as chairperson of the management board of Halyk Bank, a listed bank on the Kazakhstan and London Stock Exchanges.
Älihan Ashanūly Smaiylov is a Kazakh politician who served as the prime minister of Kazakhstan from 2022 to 2024.
Timur Turlov is a Russian-born Kazakhstani entrepreneur and financier. He is the founder of Almaty-based Freedom Finance.