In the early 2000s, the investment broker Netttrader had an unusual client — a Moscow high school student who, even at a young age, was already trying to invest in shares of foreign companies. The client was so meticulous that one day he sent the broker a letter asking for an explanation of how exchange commissions were calculated. Netttrader’s employees smirked, but eventually sent the young financier a book on investing.
Apparently, the information fell on fertile ground: 15 years later, the former client achieved significant success in the financial world and ultimately acquired Netttrader, integrating it into his holding company, Freedom Holding Corp. Thus, entrepreneur Timur Turlov became the owner not only of the broker, but also of its trading terminal, Tradernet — a program providing access to international stock exchanges. A decade later, he turned it into the main gateway to the global stock market for hundreds of thousands of citizens of the CIS and Europe.
Freedom Holding Corp. Investments Without Borders
Over the 10 years since the deal, Tradernet has evolved into a key investment platform for clients of an entire group of brokerage companies within Freedom Holding Corp., with the number of active brokerage accounts exceeding 600,000.
The terminal, which supports 19 languages, allows trading on 20 of the world’s largest exchanges, such as the NYSE, Nasdaq, LSE, and HKEx, and provides access to more than 2.5 million investment instruments. The platform operates as a mobile application for iOS and Android and also has a web version. In addition to executing trades and tracking their results, clients gain access to high-quality analytics, a real-time market news feed, companies’ financial statements, investment ideas, and recommendations from leading analysts. For its user-friendly interface and broad functionality, the terminal received the Outstanding User-Friendly Trading Platform Europe 2025 award at the World Business Outlook Awards. In turn, Freedom Finance Global received the Tech for Finance Excellence Award at the Astana Finance Days 2025 forum for its contribution to the development of technological solutions for the financial sector and the promotion of innovation.
One of Tradernet’s key features is its built-in AI assistant, designed to simplify the user experience. The platform plans to expand its functionality to help users monitor their portfolios, execute trades using voice commands, analyze instrument performance, and receive recommendations for portfolio optimization.
More Than Investments
Over the past two years, Freedom Holding’s business has been undergoing a fundamental transformation. According to its founder and CEO Timur Turlov, Freedom Holding Corp. is evolving from a portfolio of various financial services that constantly compete with the market and with each other into a full-fledged digital infrastructure that contributes to the development of society and the state. For the Tradernet platform, this means closer integration with the Freedom SuperApp — a “super app” that combines banking, insurance, lifestyle, and other products and services from companies within the Freedom ecosystem. To date, total downloads of the super app have exceeded 4 million, making it the most popular financial application in the country at present.
Integrating investment services into Freedom Holding’s core retail application will significantly expand its capabilities and allow Tradernet to attract new clients. Perhaps, as 20 years ago, among them there will be someone who will eventually fundamentally change the fate not only of the terminal, but of the entire holding as well…
For the six months of fiscal year 2026 (ended September 30, 2025), Freedom Holding Corp.’s revenue exceeded $1 billion. Cash and cash equivalents, restricted cash, and investment securities amounted to $4.5 billion, total assets reached $10.3 billion, and total shareholders’ equity was $1.2 billion. Net cash flow from operating activities reached $1 billion.
The total number of clients increased to 6.2 million, including growth across all three core business segments in the second quarter of fiscal year 2026: brokerage accounts — 776,000 (+93,000), insurance company clients — 1.3 million (+115,000), banking service users — 3.6 million (+1.102 million), and Freedom SuperApp users — 3.1 million (+766,000).
In 2025, the international rating agency S&P upgraded the long-term credit rating and financial strength rating of Freedom Life Insurance Company JSC from “BB” to “BB+.” The company’s national scale rating was also upgraded from “kzAA-” to “kzAA.” The outlook on the ratings is “Stable.”
In August of the current year, the world’s largest investment company, BlackRock, Inc., increased its ownership stake in FRHC shares to 0.85%, investing nearly $89 million in the company’s securities. BlackRock became the second-largest shareholder of Freedom Holding Corp. after the founder and Chief Executive Officer, Timur Turlov.
Another notable event was the inclusion of Freedom Holding Corp. shares in the Moneyball investment portfolio, formed by consulting company The Motley Fool. FRHC shares received a “Buy” investment recommendation. Moneyball is one of The Motley Fool’s flagship investment strategies. Each year, the expert team selects up to 250 of the most promising companies based on in-depth fundamental analysis, assessment of market trends, and data from its proprietary AI platform.
Commenting on the company’s strategic direction, Тimur Turlov, chief executive officer of Freedom Holding Corp., said:
“In the second quarter of fiscal year 2026, we continued to make targeted investments in building the foundation for the next stage of sustainable growth of Freedom Holding Corp. Our results reflect a deliberate decision to expand capacity across key business areas, strengthen our digital and financial infrastructure, and prepare the company for future scaling and increased efficiency. We are currently in an active phase of transformation — creating an integrated technological ecosystem that brings together brokerage services, banking and insurance, telecommunications, and new digital services on a single platform. We will continue to focus on executing our long-term strategy — expanding the reach of our financial ecosystem, scaling technological infrastructure, and increasing the profitability of our core businesses. The foundation we are laying today will enable Freedom Holding Corp. to achieve sustainable growth, improve operational efficiency, and increase shareholder value in the coming years.”
Pallavi Singal is the Vice President of Content at ztudium, where she leads innovative content strategies and oversees the development of high-impact editorial initiatives. With a strong background in digital media and a passion for storytelling, Pallavi plays a pivotal role in scaling the content operations for ztudium’s platforms, including Businessabc, Citiesabc, and IntelligentHQ, Wisdomia.ai, MStores, and many others. Her expertise spans content creation, SEO, and digital marketing, driving engagement and growth across multiple channels. Pallavi’s work is characterised by a keen insight into emerging trends in business, technologies like AI, blockchain, metaverse and others, and society, making her a trusted voice in the industry.
