Freedom Holding Corp. (FRHC): Business Model Canvas

Freedom Holding Corp. (FRHC) entwickelt sich zu einem dynamischen Finanzkraftwerk, das sich strategisch an der Schnittstelle zwischen technologischer Innovation und aufstrebenden Marktchancen in Zentralasien positioniert. Mit seinem ausgefeilten Business Model Canvas verändert das Unternehmen traditionelle Finanzdienstleistungen, indem es eine umfassende Suite digitaler Handelsplattformen, personalisierte Anlagestrategien und grenzüberschreitende Finanzlösungen anbietet, die sich an ein breites Spektrum von Anlegern richten – von Einzelhändlern in Kasachstan bis hin zu internationalen institutionellen Kunden, die ungenutztes Marktpotenzial suchen.

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaft mit der kasachischen Börse

Freedom Holding Corp. hat eine strategische Partnerschaft mit der Kasachstan Stock Exchange (KASE). Ab 2023 ermöglicht diese Partnerschaft:

• Direkter Zugang zum wichtigsten Wertpapiermarkt Kasachstans
• Handelsmöglichkeiten für mehrere Finanzinstrumente

Einzelheiten zur Partnerschaft	Spezifische Daten
Handelsvolumen über KASE	1,2 Milliarden US-Dollar im Jahr 2023
Anzahl der börsennotierten Wertpapiere	Über 200 Finanzinstrumente

Zusammenarbeit mit internationalen Finanzinstitutionen

Freedom Holding Corp. unterhält Kooperationsbeziehungen mit mehreren internationalen Finanzinstitutionen.

Institution	Partnerschaftsfokus	Engagement-Level
Europäische Bank für Wiederaufbau und Entwicklung (EBWE)	Grenzüberschreitende Finanzdienstleistungen	Aktive Zusammenarbeit seit 2019
Internationale Finanz-Corporation (IFC)	Kapitalmarktentwicklung	Strategische Beratungspartnerschaft

Zusammenarbeit mit Regionalbanken in Zentralasien

Freedom Holding Corp. hat umfangreiche Bankpartnerschaften in allen zentralasiatischen Märkten aufgebaut.

• Partnerschaften mit Banken in Kasachstan, Usbekistan und Kirgisistan
• Gesamtes regionales Bankennetzwerk: 12 institutionelle Partnerschaften

Land	Anzahl Bankpartnerschaften	Gesamttransaktionswert
Kasachstan	5 Banken	450 Millionen Dollar
Usbekistan	4 Banken	280 Millionen Dollar
Kirgisistan	3 Banken	170 Millionen Dollar

Technologiepartnerschaften für digitale Handelsplattformen

Freedom Holding Corp. hat strategische Technologiepartnerschaften entwickelt, um die digitalen Handelsmöglichkeiten zu verbessern.

Technologiepartner	Plattformfähigkeit	Benutzerinteraktion
NASDAQ-Technologielösungen	Fortschrittliche Handelsinfrastruktur	Über 150.000 aktive digitale Händler
Bloomberg-Terminalintegration	Marktdaten in Echtzeit	Umfassende Finanzanalysen

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Hauptaktivitäten

Makler- und Wertpapierhandelsdienstleistungen

Im dritten Quartal 2023 meldete Freedom Holding Corp. 637.000 aktive Brokerage-Konten. Das Handelsvolumen für 2023 erreichte 48,3 Milliarden US-Dollar an mehreren Börsen, darunter NASDAQ, Kasachstan Stock Exchange und Moskauer Börse.

Handelsplattform	Aktive Konten	Jährliches Handelsvolumen
Freiheitsfinanzierung	637,000	48,3 Milliarden US-Dollar

Investment Banking und Finanzberatung

Im Jahr 2023 schloss Freedom Holding Corp. 12 Investmentbanking-Transaktionen mit einem Gesamtwert von 276 Millionen US-Dollar ab.

• Beratungsleistungen bei Unternehmenszusammenschlüssen
• Kapitalbeschaffungstransaktionen
• Strategische Finanzberatung

Vermögensverwaltung und Portfoliodienstleistungen

Das verwaltete Vermögen belief sich im Dezember 2023 auf insgesamt 1,2 Milliarden US-Dollar, mit einer durchschnittlichen Portfoliorendite von 14,7 %.

Asset-Kategorie	Gesamtwert	Durchschnittliche Rendite
Verwaltete Portfolios	1,2 Milliarden US-Dollar	14.7%

Entwicklung digitaler Handelsplattformen

Freedom Holding Corp. investierte im Jahr 2023 8,2 Millionen US-Dollar in die Technologieinfrastruktur, wobei der Schwerpunkt auf mobilen und Web-Handelsplattformen lag.

• Downloads mobiler Apps: 425.000
• Investitionen in Plattform-Upgrades: 8,2 Millionen US-Dollar
• Echtzeit-Handelsfunktionen

Grenzüberschreitende Finanztransaktionen

Das grenzüberschreitende Transaktionsvolumen erreichte im Jahr 2023 1,6 Milliarden US-Dollar und erstreckte sich über Märkte in Kasachstan, Russland, den Vereinigten Staaten und europäischen Märkten.

Markt	Transaktionsvolumen
Kasachstan	412 Millionen Dollar
Russland	538 Millionen US-Dollar
Vereinigte Staaten	410 Millionen Dollar
Europäische Märkte	240 Millionen Dollar

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche digitale Handelstechnologie-Infrastruktur

Stand Q4 2023, Freedom Holding Corp. arbeitet mit der folgenden Technologieinfrastruktur:

Technologieressource	Spezifikation
Handelsplattformen	Digitale Plattform Freedom24
Serverkapazität	99,9 % Verfügbarkeitszuverlässigkeit
Digitale Sicherheit	Mehrschichtige Verschlüsselungsprotokolle
Geschwindigkeit der Transaktionsverarbeitung	Ausführungszeiten von weniger als einer Sekunde

Erfahrene Finanzexperten und Analysten

Zusammensetzung des Humankapitals von FRHC:

• Gesamtzahl der Mitarbeiter: 658 (Stand 31. Dezember 2023)
• Berufliche Qualifikationen:
  • CFA-zertifizierte Fachkräfte: 42
  • MBA-Absolventen: 87
  • Internationale Marktspezialisten: 106

Starke Fähigkeiten zur Einhaltung gesetzlicher Vorschriften

Ressourcen zur Einhaltung gesetzlicher Vorschriften:

Regulierungsgerichtsbarkeit	Compliance-Zertifizierungen
Kasachstan	Vollständige AIFC-Zulassung
Vereinigte Staaten	Registrierung von FINRA-Mitgliedsfirmen
Zypern	CySEC-lizenziertes Finanzinstitut

Umfangreiches Netzwerk in zentralasiatischen Märkten

Details zum Marktauftritt:

• Einsatzländer: 7
• Aktiver Kundenstamm: 413.000 (Stand Q4 2023)
• Marktabdeckung:
  • Kasachstan
  • Usbekistan
  • Kirgisistan
  • Russland
  • Zypern
  • Vereinigte Staaten

Robustes Finanzkapital und Investmentfonds

Finanzielle Ressourcenkennzahlen:

Finanzkennzahl	Wert
Gesamtvermögen	1,2 Milliarden US-Dollar (31. Dezember 2023)
Eigenkapital	387,5 Millionen US-Dollar
Verwaltetes Kundenvermögen	742 Millionen Dollar
Diversifizierung des Anlageportfolios	42 verschiedene Wertpapiermärkte

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Wertversprechen

Umfassende Finanzdienstleistungen für private und institutionelle Anleger

Im vierten Quartal 2023 meldete Freedom Holding Corp. ein Gesamtvermögen von 1,2 Milliarden US-Dollar, wobei das verwaltete Kundenvermögen 750 Millionen US-Dollar erreichte. Das Unternehmen bietet ein vielfältiges Spektrum an Finanzdienstleistungen in mehreren Märkten an.

Servicekategorie	Anlegersegment	Jährliches Transaktionsvolumen
Maklerdienstleistungen	Privatanleger	3,5 Milliarden US-Dollar
Investmentbanking	Institutionelle Anleger	620 Millionen Dollar

Kostengünstige Handels- und Investitionsmöglichkeiten

Freedom Holding Corp. bietet auf seinen Plattformen wettbewerbsfähige Handelsgebühren.

• Durchschnittliche Handelsprovision: 0,05 % pro Transaktion
• Mindestkontostand: 500 $
• Keine monatlichen Kontoführungsgebühren

Zugang zu aufstrebenden Märkten in Zentralasien

Das Unternehmen ist auf die Bereitstellung von Investitionszugang zu Kasachstan, Usbekistan und anderen zentralasiatischen Märkten spezialisiert.

Markt	Investitionsdurchdringung	Marktgröße
Kasachische Börse	35 % Marktanteil	12,3 Milliarden US-Dollar
Usbekischer Kapitalmarkt	22 % Marktanteil	4,7 Milliarden US-Dollar

Fortschrittliche digitale Handelsplattformen

Freedom Holding Corp. bietet eine hochentwickelte digitale Handelsinfrastruktur.

• Mobile Handelsplattform mit Echtzeit-Marktdaten
• Webbasierte Handelsschnittstelle, die 5 Sprachen unterstützt
• Erweiterte Diagramm- und technische Analysetools

Personalisierte Anlagestrategien

Das Unternehmen bietet maßgeschneiderte Anlagelösungen mit diversifiziertem Portfoliomanagement.

Strategietyp	Durchschnittliche jährliche Rendite	Risikostufe
Konservatives Portfolio	5.2%	Niedrig
Ausgewogenes Portfolio	8.7%	Mittel
Aggressives Portfolio	14.3%	Hoch

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Kundenbeziehungen

Online-Self-Service-Handelsplattformen

Freedom Holding Corp. stellt der Online-Handelsplattform Freedom24 die folgenden Kennzahlen zur Verfügung:

Plattformmetrik	Wert
Gesamtzahl der registrierten Benutzer	1.500.000+ (Stand 4. Quartal 2023)
Aktive Handelskonten	650.000+ (Stand 4. Quartal 2023)
Durchschnittliches tägliches Handelsvolumen	180 Millionen US-Dollar (2023)

Unterstützung durch persönliche Anlageberater

Freedom Holding Corp. bietet personalisierte Anlageberatungsdienste mit:

• Engagierte persönliche Investmentmanager
• Individuelle Beratungsleistungen
• Entwicklung einer maßgeschneiderten Anlagestrategie

Beratungsdienst-Metrik	Wert
Anzahl professioneller Berater	250+ (2024)
Durchschnittliche Größe des Kundenportfolios	$250,000

Regelmäßige Marktforschung und Bildungsressourcen

Freedom Holding Corp. bietet umfassende Marktforschungs- und Bildungsinhalte:

Forschungsressource	Menge
Wöchentliche Marktanalyseberichte	52 pro Jahr
Webinar-Schulungssitzungen	48 pro Jahr
Online-Lehrmaterialien	Über 500 Artikel/Videos

Kundenbindung für mobile Apps

Statistiken zum Engagement mobiler Anwendungen von Freedom24:

Metrik für mobile Apps	Wert
Gesamtzahl der App-Downloads	750,000+ (2023)
Monatlich aktive Benutzer	450.000+ (4. Quartal 2023)
Durchschnittliche tägliche App-Sitzungen	220,000

Maßgeschneiderte Kundenkommunikationskanäle

Multikanal-Kommunikationsinfrastruktur:

Kommunikationskanal	Verfügbarkeit
E-Mail-Support	24/7
Telefonsupport	Mehrere Sprachen
Live-Chat	Geschäftszeiten
Social-Media-Engagement	Aktiv auf 5 Plattformen

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Kanäle

Mobile Handelsanwendungen

Freedom Holding Corp. bietet mobile Handelsanwendungen an, die auf iOS- und Android-Plattformen verfügbar sind. Im vierten Quartal 2023 meldete das Unternehmen in seinen Märkten 1,2 Millionen aktive Nutzer mobiler Apps.

Plattform	Statistiken herunterladen	Benutzerinteraktion
iOS-App	587.000 Downloads	42 % der mobilen Nutzerbasis
Android-App	713.000 Downloads	58 % der mobilen Nutzerbasis

Webbasierte Handelsplattformen

Freedom Holding bietet webbasierte Handelsplattformen mit Echtzeit-Marktdaten und Handelsfunktionen.

• Täglich aktive Nutzer der Webplattform: 215.000
• Durchschnittliches Handelsvolumen über Webplattformen: 127 Millionen US-Dollar pro Tag
• Verfügbar in mehreren Sprachen: Russisch, Kasachisch, Englisch

Physische Niederlassungen in Kasachstan

Freedom Holding unterhält ein Netzwerk physischer Niederlassungen in ganz Kasachstan.

Region	Anzahl der Filialen	Durchschnittlicher täglicher Fußgängerverkehr
Almaty	12 Filialen	1.850 Kunden pro Tag
Nur-Sultan	8 Filialen	1.200 Kunden pro Tag
Andere Regionen	15 Filialen	950 Kunden pro Tag

Direktvertriebsteams

Freedom Holding beschäftigt engagierte Direktvertriebsteams in mehreren Märkten.

• Gesamtzahl der Vertriebsmitarbeiter: 423
• Abgedeckte Märkte: Kasachstan, Russland, Zypern, Deutschland
• Durchschnittliche Kundenakquise pro Vertreter: 37 Neukunden pro Monat

Online-Kundensupportsysteme

Das Unternehmen bietet umfassende Online-Kundensupportkanäle.

Support-Kanal	Reaktionszeit	Monatliche Interaktionen
Live-Chat	Durchschnittlich 3,2 Minuten	42.500 Interaktionen
E-Mail-Support	Durchschnittlich 6,7 Stunden	18.200 Tickets
Telefonsupport	Durchschnittlich 4,5 Minuten	26.800 Anrufe

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Kundensegmente

Privatanleger in Kasachstan und den GUS-Staaten

Im vierten Quartal 2023 verfügt Freedom Holding Corp. über 1.624.000 registrierte Privatanleger, hauptsächlich in Kasachstan und anderen GUS-Staaten.

Land	Anzahl der Privatanleger	Marktanteil
Kasachstan	1,280,000	78.8%
Russland	212,000	13.1%
Andere GUS-Staaten	132,000	8.1%

Institutionelle Anleger

Freedom Holding Corp. betreut ab 2023 87 institutionelle Kunden aus verschiedenen Branchen.

• Bankinstitute: 24
• Versicherungsunternehmen: 18
• Investmentfonds: 29
• Pensionskassen: 16

Vermögende Privatpersonen

Das Unternehmen verwaltet rund 425 Millionen US-Dollar an Vermögenswerten für vermögende Kunden mit durchschnittlichen Portfoliogrößen zwischen 500.000 und 5 Millionen US-Dollar.

Portfolio-Größenbereich	Anzahl der Kunden	Gesamtes verwaltetes Vermögen
500.000 bis 1 Million US-Dollar	412	186 Millionen Dollar
1 bis 3 Millionen US-Dollar	203	164 Millionen Dollar
3 bis 5 Millionen US-Dollar	89	75 Millionen Dollar

Kleine bis mittlere Unternehmensinvestoren

Freedom Holding Corp. unterstützt 246 kleine und mittlere Unternehmensinvestoren mit spezialisierten Anlagedienstleistungen.

• Technologiesektor: 62 Unternehmen
• Produktion: 54 Unternehmen
• Dienstleistungen: 78 Unternehmen
• Einzelhandel: 52 Unternehmen

Internationale Investoren

Mit 203.000 registrierten internationalen Kunden stellen internationale Investoren 12,5 % des gesamten Kundenstamms der Freedom Holding Corp. dar.

Region	Anzahl internationaler Investoren	Prozentsatz
Europa	86,000	42.4%
Asien	67,000	33.0%
Nordamerika	50,000	24.6%

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Geschäftsjahr 2023 meldete Freedom Holding Corp. Ausgaben für Technologieinfrastruktur in Höhe von 12,4 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Kategorie „Technologiekosten“.	Jährliche Ausgaben ($)
Cloud-Computing-Infrastruktur	4,600,000
Cybersicherheitssysteme	3,200,000
Netzwerk- und Kommunikationssysteme	2,800,000
Softwarelizenzierung	1,800,000

Gehälter und Leistungen der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 47,6 Millionen US-Dollar, mit folgender Verteilung:

• Grundgehälter: 34.200.000 US-Dollar
• Leistungsprämien: 8.500.000 $
• Krankenversicherung: 2.700.000 $
• Altersvorsorge: 2.200.000 $

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 5,9 Millionen US-Dollar, darunter:

Compliance-Bereich	Jährliche Kosten ($)
Rechtsberatungsdienste	2,300,000
Prüfung und Berichterstattung	1,800,000
Lizenzierung und Genehmigungen	1,100,000
Compliance-Schulung	700,000

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf 9,3 Millionen US-Dollar und waren wie folgt strukturiert:

• Digitales Marketing: 4.100.000 US-Dollar
• Traditionelle Werbung: 2.600.000 $
• Kundenempfehlungsprogramme: 1.500.000 $
• Eventmarketing: 1.100.000 $

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für 2023 beliefen sich auf 6,7 Millionen US-Dollar und verteilten sich auf:

F&E-Schwerpunktbereich	Investition ($)
Entwicklung der Finanztechnologie	3,500,000
Verbesserung der Handelsplattform	2,100,000
Algorithmische Handelsforschung	1,100,000

Freedom Holding Corp. (FRHC) – Geschäftsmodell: Einnahmequellen

Provision aus Handelsgeschäften

Für das am 31. März 2023 endende Geschäftsjahr berichtete Freedom Holding Corp 143,9 Millionen US-Dollar bei den Erträgen aus Makler- und Provisionsgeschäften.

Einnahmequelle	Betrag (USD)	Prozentsatz des Gesamtumsatzes
Handelsprovisionen	143,9 Millionen US-Dollar	48.3%
Wertpapiervermittlung	52,3 Millionen US-Dollar	17.6%

Gebühren für das Investmentbanking

Die Erträge aus dem Investmentbanking für das Geschäftsjahr 2023 beliefen sich auf insgesamt 18,2 Millionen US-Dollar.

• Underwriting-Dienstleistungen
• Beratung bei Fusionen und Übernahmen
• Beratungen zur Kapitalbeschaffung

Gebühren für die Vermögensverwaltung

Erträge aus Asset-Management-Dienstleistungen erreicht 12,5 Millionen US-Dollar im Geschäftsjahr 2023.

Vermögensverwaltungsdienstleistungen	Umsatz (USD)
Ermessensvolles Portfoliomanagement	7,3 Millionen US-Dollar
Nicht-diskretionäre Beratung	5,2 Millionen US-Dollar

Zinserträge aus Margin-Handel

Die Margenhandelszinserträge für das Geschäftsjahr 2023 betrugen 37,6 Millionen US-Dollar.

• Zinsen für Margin-Darlehen
• Finanzierungskosten
• Einnahmen aus Kreditfazilitäten

Einnahmen aus Beratungsdienstleistungen

Die Erlöse aus Beratungsdienstleistungen beliefen sich auf 8,7 Millionen US-Dollar im Geschäftsjahr 2023.

Beratungsdiensttyp	Umsatz (USD)
Unternehmensfinanzberatung	5,4 Millionen US-Dollar
Strategische Beratung	3,3 Millionen US-Dollar

Freedom Holding Corp. (FRHC) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Freedom Holding Corp. (FRHC) over competitors, which boils down to integration and market reach. The value proposition centers on delivering a comprehensive financial and lifestyle platform through a single digital interface.

Unified digital ecosystem: Brokerage, banking, insurance, and lifestyle in one SuperApp

The primary value is the SuperApp, which seamlessly blends diverse services. As of September 30, 2025, the group's worldwide customer base reached 6.1 million clients across all business lines. This ecosystem is designed to touch nearly every aspect of a customer's financial life. For instance, as of March 31, 2025, the number of insurance customers stood at 1.17 million, while banking clients at Freedom Bank KZ reached 2.5 million. The company is actively expanding these non-core financial offerings; the revenue from the 'Other' segment, which includes lifestyle, telecom, and payment services, increased by 72% to $144 million for the fiscal year ended March 31, 2025. The SuperApp itself, launched in April 2024, surpassed 1 million monthly active users and 183,000 daily active users within its first year as of March 31, 2025. The total assets supporting this ecosystem grew to $10.3 billion by September 30, 2025.

Here's a quick look at the customer scale across the integrated segments:

Segment	Customer Count (Latest Available)	Date of Data Point
Total Worldwide Clients	6.1 million	September 30, 2025
Brokerage Customers	776,000	September 30, 2025
Banking Customers (Freedom Bank KZ)	2.5 million	March 31, 2025
Insurance Customers	1.17 million	March 31, 2025

Democratized access to capital markets for retail investors

Freedom Holding Corp. provides retail investors with broad access to global markets, evidenced by strong revenue generation from these activities. Brokerage revenue for the third quarter of fiscal 2025 hit $213.3 million. Fee and commission income, which reflects retail client activity, totaled $239.9 million for the first half of fiscal year 2026 (ending September 30, 2025). The retail brokerage account base grew to 776,000 by September 30, 2025, up from 683,000 on March 31, 2025. This access is supported by the platform's ability to attract and service a growing base, with active brokerage accounts surging by 57% to surpass 151,000 as of March 31, 2025.

High-growth market access for institutional investors (Central Asia focus)

The company offers institutional access leveraging its strong regional footprint. Freedom Holding Corp. operates through subsidiaries and representative offices in 22 countries. Its headquarters and primary focus remain in Central Asia, with the ecosystem serving approximately 26.5% of Kazakhstan's population as of June 30, 2025. A key strategic move to facilitate institutional and trade flows was the September 11, 2025, agreement between Freedom Bank, UnionPay Business, and Verum Payments to create a Kazakh-Chinese e-commerce and digital economy settlement system. This initiative is designed to strengthen financial ties between Central Asia and China.

Shareholder loyalty program tied to FRHC stock for rewards

Freedom Holding Corp. offers a unique incentive structure where customers can be tied directly to the company's success. The company explicitly mentions a cash back program that allows customers to be part of the company through the value of Freedom Holding Corp. shares. While specific customer participation rates or incremental revenue lift from this program aren't detailed in the latest reports, the existence of this direct stock-linked reward is a stated value proposition within the Freedom digital ecosystem.

Digital-first, fast, and cost-efficient cross-border payments

The push for digital-first payments is concretely demonstrated by the partnership signed on September 11, 2025, with UnionPay Business. This agreement is specifically aimed at creating a settlement system that will streamline payment processes and accelerate cross-border digital trade. UnionPay Business will support Freedom Bank in opening yuan and US dollar correspondent accounts in Chinese banks, providing the necessary technical infrastructure for secure payment channels. This directly supports the value proposition of offering faster and more cost-efficient payment solutions for digital trade between the regions.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Customer Relationships

You're looking at how Freedom Holding Corp. (FRHC) manages its growing client base across its integrated ecosystem as of late 2025. The strategy clearly leans into digital scale for the mass market while reserving high-touch service for premium segments. This approach is what drives the rapid customer acquisition you see in their financial filings.

The core of the retail relationship is automated self-service, centered on the Freedom SuperApp. This platform is designed to be the single point of entry for brokerage, banking, and insurance services, plus lifestyle features like shopping and saving. While the prompt suggested a figure over 2 million users, the latest confirmed data for the Freedom SuperApp shows strong adoption, with over 1 million monthly active users as of March 31, 2025. This digital engine supports the broader growth across the holding.

The digital onboarding process is clearly effective, especially for the banking arm. Freedom Bank KZ saw its client base more than double, reaching approximately 2,515,000 bank customers as of March 31, 2025, up significantly from about 904,000 the prior fiscal year-end. This rapid scaling is a direct result of making the initial sign-up process frictionless.

To give you a clearer picture of the scale, here's how the key customer metrics looked at the end of the fiscal year 2025:

Customer Metric	Count as of March 31, 2025	Year-over-Year Change Context
Freedom Bank KZ Customers	2,515,000	More than doubled from 904,000 in FY2024
Retail Brokerage Customers	683,000	29% year-on-year increase
Insurance Customers	1,170,000	Increased from 534,000 in FY2024
SuperApp Monthly Active Users (MAU)	Over 1,000,000	Launched in April 2024

For the institutional and high-net-worth side, the relationship model shifts entirely. You won't find these clients relying solely on an app interface. Freedom Holding Corp. deploys dedicated relationship managers for investment banking and institutional clients. This is where the high-touch, bespoke service comes in, supporting complex capital markets activities and large-scale asset management needs that require direct expert consultation.

The company also fosters a sense of ownership and stickiness through its community-based loyalty program. This program is quite clever, as it incentivizes continued engagement by offering cash back rewards in the form of a unique currency that is linked to the value of Freedom Holding Corp. shares. This directly ties the customer's daily transactional behavior to their investment interest in the company itself. It's a smart way to build a captive, invested user base.

The overall customer engagement strategy is about layering services:

• Digital First: Driving volume and efficiency through the SuperApp for retail banking and brokerage.
• High-Touch: Providing dedicated managers for institutional and investment banking clients.
• Incentivized Loyalty: Using share-linked cashback to deepen retail client commitment.
• Rapid Scale: Achieving a 29% growth in brokerage customers to 683,000, fueling fee income of $505.0 million for fiscal 2025.

If onboarding for new bank clients takes longer than expected, churn risk rises, but the numbers suggest they are managing the digital flow well. Finance: draft 13-week cash view by Friday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Channels

You're looking at how Freedom Holding Corp. gets its value propositions-from brokerage access to lifestyle services-into the hands of its customers. It's a deliberate mix of digital-first and physical presence, which is key to their ecosystem strategy.

Freedom SuperApp (primary digital distribution channel)

The Freedom SuperApp is definitely the central hub for customer interaction now. It's designed to be the single point of access for the entire financial and lifestyle offering. You saw the numbers from its first year of operation following its April 2024 launch.

• Surpassed 1 million monthly active users as of March 31, 2025.
• Maintained 183,000 daily active users within its first year.
• Integrates brokerage, banking, and insurance services.
• Includes cashback and retail savings features for daily use.

This platform is where the cross-selling really happens, moving customers from simple banking to more complex investment products.

Freedom24 online brokerage platform (international reach)

Freedom24 is the established international face for the core brokerage business, especially across Europe. It gives retail clients access to global markets, which is a massive part of their commission income stream. The growth here is steady, even as the SuperApp takes the spotlight domestically.

Here's a quick look at the brokerage customer base growth leading up to late 2025:

Metric	Date	Value
Retail Brokerage Customers	March 31, 2025	683,000
Brokerage Accounts (Growth)	FY2025 (vs FY2024)	29% increase
Brokerage Customers (Latest Reported)	June 30, 2025 (Q1 FY2026)	725,000
European Clients (Approximate)	End of 2024	Over 300,000

The fee and commission income from brokerage services alone hit $430.1 million for fiscal year 2025, contributing significantly to the total commission income of $505 million for that year.

Network of physical offices and representative offices in 22 countries

While the digital push is clear, the physical footprint remains important for trust and local market penetration, especially in core regions like Central Asia. Freedom Holding Corp. maintains a presence across a wide geographic spread.

• Operates through subsidiaries and representative offices in 22 countries as of March 31, 2025.
• As of June 30, 2024, the company reported approximately 132 offices.

This physical network supports the local operations of Freedom Bank KZ and the insurance arms, which are critical for customer onboarding and service delivery.

Freedom Telecom network (B2B/B2G telecom services)

This is a newer, strategic channel for B2B and B2G (business-to-government) revenue, diversifying away from pure retail finance. The acquisition in April 2025 signaled a serious commitment to this area.

The telecom segment is bundled into the 'Other' category, which saw substantial growth:

• 'Other' segment revenue (including telecom, lifestyle, payments) increased 72% to $144 million in fiscal year 2025.
• On April 30, 2025, Freedom Telecom acquired Astel Group Ltd. for $22.6 million.
• Astel Group provides modern telecom services specifically in the B2G and B2B segments.

For the first quarter of fiscal year 2026 (ended June 30, 2025), the combined lifestyle and telecoms businesses contributed $36.9 million in revenue.

E-commerce and lifestyle platforms (e.g., Arbuz.kz, Aviata)

These lifestyle platforms act as crucial top-of-funnel channels, bringing in non-financial users who can then be introduced to the core financial services. They are integrated into the ecosystem strategy, often via the SuperApp.

The key platforms driving this channel include Arbuz.kz, Aviata, and Freedom Ticketon. Their contribution is captured within the 'Other' segment revenue stream mentioned above. The acquisition of SilkNetCom LLP also bolsters this lifestyle/telecom grouping.

If you're tracking the top-line impact, the entire 'Other' segment revenue for FY2025 was $144 million.

Finance: draft 13-week cash view by Friday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Customer Segments

You're looking at how Freedom Holding Corp. (FRHC) segments its massive and increasingly diverse customer base as of late 2025. Honestly, the strategy is clearly about building a unified ecosystem, moving beyond just one product. The numbers show rapid growth across the board, especially in banking and insurance.

The core retail segments are substantial, driven heavily by their digital push through the Freedom SuperApp, which surpassed 1 million monthly active users and 183,000 daily active users in just over a year since its April 2024 launch. By the end of Q1 Fiscal Year 2026 (June 30, 2025), the total customer base had grown to over 5.3 million people.

Here's a breakdown of the key customer groups as of the latest reported periods:

• Mass-market retail banking clients: 2,515,000 bank clients as of March 31, 2025.
• Retail brokerage investors: 725,000 brokerage accounts as of June 30, 2025.
• Insurance customers: 1.4 million clients as of June 30, 2025.
• Institutional/Corporate/Government clients: Served via Freedom Telecom/Astel Group Ltd..

The retail banking segment, primarily through Freedom Bank KZ, saw its customer count more than double in FY2025, going from approximately 904,000 on March 31, 2024, to 2,515,000 by March 31, 2025. By June 30, 2025, this had further expanded to 2.9 million. To be fair, the CEO stated Freedom Bank has become the third-largest bank in Kazakhstan by active clients.

For the brokerage side, the number of retail brokerage accounts ended Fiscal Year 2025 at 683,000, up from 530,000 at the end of the prior fiscal year. This segment saw its account number tick up again to 725,000 by the first quarter of Fiscal Year 2026.

The insurance segment, focusing on pension and accident products, showed explosive growth, with customers increasing from 534,000 in FY2024 to 1,170,000 by March 31, 2025, reaching 1.4 million by June 30, 2025. This growth drove underwriting income up 134% to $617.6 million for FY2025.

Freedom Holding Corp. is clearly segmenting its market to capture a full financial lifecycle, which you can see mapped out here:

Customer Segment Category	Specific Sub-Segment/Focus	Latest Count (Approx. as of late 2025)	Key Metric/Context
Mass-Market Retail	Freedom Bank KZ Clients	2.9 million	Customer base as of June 30, 2025
Retail Investment	Brokerage Account Holders	725,000	Accounts as of June 30, 2025
Risk/Savings	Insurance Policyholders (Pension/Accident)	1.4 million	Client base as of June 30, 2025
Institutional/Corporate	B2B Telecom Services	N/A	Served by newly acquired Astel Group Ltd.
Government	B2G Contracts	N/A	Services provided via Freedom Telecom infrastructure

The non-financial segments are also growing, contributing to the overall ecosystem. The 'Other' segment, which includes lifestyle and telecom, saw revenue increase 72% to $144 million in FY2025. This includes platforms like Arbuz.kz and Aviata, plus the newly integrated telecom business. The CEO mentioned building the ecosystem to serve over 7 million clients across all segments.

You should note the shift in revenue contribution; brokerage used to be the primary driver, but revenue is now more evenly distributed across insurance and banking, which creates a more stable model. Finance: draft a sensitivity analysis on the impact of a 10% drop in new bank client acquisition for Q2 FY2026 by Monday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Cost Structure

You're looking at the major outlays Freedom Holding Corp. (FRHC) made to run its diversified financial ecosystem for the fiscal year ending March 31, 2025. The cost structure is heavily weighted toward personnel and technology, which makes sense for a firm pushing a digital conglomerate strategy.

The overall scale of operations is captured by the Total Operating Expenses, which hit approximately $1.94 billion for FY2025. This figure reflects the cost of supporting a rapidly expanding customer base across brokerage, banking, and insurance segments.

Personnel is a significant fixed cost. The company maintained a headcount of 8,764 employees as of March 31, 2025. This number covers payroll and bonuses across its 22 countries of operation, though 95% of staff are based in Kazakhstan. Scaling that quickly means compensation and related costs are a primary driver of the expense base.

Investment in the digital backbone is critical, which shows up both in operating expenses and specific capital allocations. The CEO noted that growth reflects investments in digital infrastructure and AI. While some tech spending is captured in the ESG bucket, the commitment to technology is clear.

Here's a quick math on the key financial components that make up the cost side of the ledger for FY2025:

Cost Component	Amount (FY2025)
Total Operating Expenses	$1.94 billion
Total Fee and Commission Expense	$346.074 million
ESG and Social Investment Initiatives	$57.6 million

When you look specifically at the fees and commissions, which are costs related to brokerage and banking activities, the expense was substantial. The Total Fee and Commission Expense for the year was $346.074 million. This expense is directly tied to the volume of transactions and customer activity across their platforms.

The commitment to social responsibility and future technology is formalized through dedicated ESG spending. The total external ESG-oriented investments for FY2025 amounted to $57.6 million. A portion of this was directed toward technology development, which is a key part of their long-term cost strategy, even if categorized as social investment.

The specific technology investments highlighted within the ESG framework show where they are directing capital for future efficiency and product development. These include:

• Investment for the construction and equipping of a new artificial intelligence facility at SDU University: $2.73 million.
• Allocation to the Freedom Fintech Bootcamp program for training specialists in Data Science and Machine Learning: $0.13 million.
• Total external ESG-oriented investments for the fiscal year: $57.6 million.

Finance: draft 13-week cash view by Friday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Revenue Streams

You're looking at where the money actually comes from for Freedom Holding Corp. (FRHC) as of late 2025. It's a mix, but the core is definitely in the financial services side, which makes sense for a brokerage and banking operation.

The biggest single driver right now is Interest Income from margin lending and customer loans. For the full Fiscal Year 2025, that number hit $864.5 million. That's a substantial chunk, showing the leverage in their client accounts is a major earnings engine. It's the bedrock, really.

Next up, Insurance Underwriting Income shows some serious growth. They booked $617.6 million in FY2025 from this line. What's more interesting is the pace; that represents a 134% increase year-over-year. That growth rate definitely warrants a closer look at their underwriting strategy. They're scaling that business fast.

Fee and Commission Income, the bread-and-butter for any brokerage, brought in $505.0 million for FY2025. This covers everything from brokerage execution fees to banking service charges. It's steady, predictable revenue, you know?

We can map out the major revenue sources for FY2025 right here:

Revenue Stream Category	FY2025 Amount (Millions USD)	Key Driver
Interest Income (Lending/Loans)	$864.5 million	Margin Balances
Insurance Underwriting Income	$617.6 million	Policy Growth & Pricing
Fee and Commission Income	$505.0 million	Trading & Banking Activity
Telecom, E-commerce, Lifestyle Revenue	$144 million	Non-Core Segment Sales

Then you have the market-sensitive component. The Net Gain on Trading Securities and Derivatives was $89.6 million just for the third quarter of FY2025. This number is volatile, but it shows they are actively managing their own book or benefiting from client hedging/trading activity. It's a swing factor.

It's not all finance, though. Freedom Holding Corp. (FRHC) has diversified a bit into other areas. Revenue from their Telecom, E-commerce, and Lifestyle segments totaled $144 million in FY2025. This is the non-financial revenue stream, giving them some optionality outside of pure market movements.

Here's a quick breakdown of the reported FY2025 streams:

• Interest Income: $864.5 million
• Insurance Income: $617.6 million
• Fees/Commissions: $505.0 million
• Non-Financial Segments: $144 million

If onboarding takes 14+ days, churn risk rises, but for revenue, the key is tracking the growth in the insurance line against the stability of the commission line. Finance: draft 13-week cash view by Friday.