Freedom Holding Corp. (FRHC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Freedom Holding Corp. (FRHC) surge como una potencia financiera dinámica, posicionándose estratégicamente en la intersección de la innovación tecnológica y las oportunidades de mercados emergentes en Asia Central. Con su sofisticado lienzo de modelo de negocio, la compañía transforma los servicios financieros tradicionales al ofrecer un conjunto integral de plataformas de comercio digital, estrategias de inversión personalizadas y soluciones financieras transfronterizas que atienden a una amplia gama de inversores, desde comerciantes minoristas en Kazajstán hasta institucionales internacionales. clientes que buscan potencial de mercado sin explotar.

Freedom Holding Corp. (FRHC) - Modelo de negocio: asociaciones clave

Asociación estratégica con la Bolsa de Valores de Kazajstán

Freedom Holding Corp. tiene una asociación estratégica con la Bolsa de Valores de Kazajstán (Kase). A partir de 2023, esta asociación permite:

• Acceso directo al mercado de valores primarios de Kazajstán
• Capacidades comerciales en múltiples instrumentos financieros

Detalle de la asociación	Datos específicos
Volumen de negociación a través de Kase	$ 1.2 mil millones en 2023
Número de valores listados	Más de 200 instrumentos financieros

Colaboración con instituciones financieras internacionales

Freedom Holding Corp. mantiene relaciones colaborativas con varias instituciones financieras internacionales.

Institución	Enfoque de asociación	Nivel de compromiso
Banco Europeo de Reconstrucción y Desarrollo (BERD)	Servicios financieros transfronterizos	Colaboración activa desde 2019
Corporación Internacional de Finanzas (IFC)	Desarrollo del mercado de capitales	Asociación de Asesoría Estratégica

Cooperación con bancos regionales en Asia Central

Freedom Holding Corp. ha establecido extensas asociaciones bancarias en los mercados de Asia Central.

• Asociaciones con bancos en Kazajstán, Uzbekistán y Kirguistán
• Red bancaria regional total: 12 asociaciones institucionales

País	Número de asociaciones bancarias	Valor de transacción total
Kazajstán	5 bancos	$ 450 millones
Uzbekistán	4 bancos	$ 280 millones
Kirguistán	3 bancos	$ 170 millones

Asociaciones tecnológicas para plataformas de comercio digital

Freedom Holding Corp. ha desarrollado asociaciones de tecnología estratégica para mejorar las capacidades de comercio digital.

Socio tecnológico	Capacidad de plataforma	Compromiso de usuario
Soluciones tecnológicas nasdaq	Infraestructura comercial avanzada	Más de 150,000 comerciantes digitales activos
Integración terminal de Bloomberg	Datos del mercado en tiempo real	Análisis financiero integral

Freedom Holding Corp. (FRHC) - Modelo de negocio: actividades clave

Servicios de negociación de corretaje y valores

A partir del tercer trimestre de 2023, Freedom Holding Corp. reportó 637,000 cuentas de corretaje activo. El volumen de negociación para 2023 alcanzó los $ 48.3 mil millones en múltiples intercambios, incluidos NASDAQ, la Bolsa de Valores de Kazajstán y Moscú.

Plataforma comercial	Cuentas activas	Volumen de negociación anual
Libertad Finanzas	637,000	$ 48.3 mil millones

Banca de inversión y asesoramiento financiero

En 2023, Freedom Holding Corp. completó 12 transacciones de banca de inversión con un valor de acuerdo total de $ 276 millones.

• Servicios de asesoramiento para fusiones corporativas
• Transacciones de recaudación de capital
• Consultoría financiera estratégica

Servicios de gestión de patrimonio y cartera

Los activos administrados totalizaron $ 1.2 mil millones a diciembre de 2023, con un rendimiento promedio de cartera del 14.7%.

Categoría de activos	Valor total	Retorno promedio
Carteras administradas	$ 1.2 mil millones	14.7%

Desarrollo de la plataforma de comercio digital

Freedom Holding Corp. invirtió $ 8.2 millones en infraestructura tecnológica en 2023, con un enfoque en plataformas de comercio móviles y web.

• Descargas de aplicaciones móviles: 425,000
• Inversiones de actualización de plataforma: $ 8.2 millones
• Capacidades comerciales en tiempo real

Transacciones financieras transfronterizas

El volumen de transacciones transfronterizas alcanzó los $ 1.6 mil millones en 2023, que abarca los mercados en Kazajstán, Rusia, Estados Unidos y los mercados europeos.

Mercado	Volumen de transacción
Kazajstán	$ 412 millones
Rusia	$ 538 millones
Estados Unidos	$ 410 millones
Mercados europeos	$ 240 millones

Freedom Holding Corp. (FRHC) - Modelo de negocio: recursos clave

Infraestructura avanzada de tecnología de comercio digital

A partir del cuarto trimestre de 2023, Freedom Holding Corp. opera con la siguiente infraestructura tecnológica:

Recurso tecnológico	Especificación
Plataformas comerciales	Plataforma digital Freedom24
Capacidad de servidor	99.9% de confiabilidad de tiempo de actividad
Seguridad digital	Protocolos de cifrado de múltiples capas
Velocidad de procesamiento de transacciones	Tiempos de ejecución sub-segundo

Profesionales y analistas financieros experimentados

Composición de capital humano de FRHC:

• Total de empleados: 658 (al 31 de diciembre de 2023)
• Credenciales profesionales:
  • Profesionales certificados por CFA: 42
  • Titulares de grado de MBA: 87
  • Especialistas en el mercado internacional: 106

Fuertes capacidades de cumplimiento regulatorio

Recursos de cumplimiento regulatorio:

Jurisdicción regulatoria	Certificaciones de cumplimiento
Kazajstán	Aprobación regulatoria completa de AIFC
Estados Unidos	Registro de firma miembro de FINRA
Chipre	Institución financiera con licencia CYSEC

Extensa red en los mercados de Asia Central

Detalles de presencia del mercado:

• Países operativos: 7
• Base de clientes activos: 413,000 (a partir del cuarto trimestre 2023)
• Cobertura del mercado:
  • Kazajstán
  • Uzbekistán
  • Kirguistán
  • Rusia
  • Chipre
  • Estados Unidos

Capital financiero y fondos de inversión robustos

Métricas de recursos financieros:

Métrica financiera	Valor
Activos totales	$ 1.2 mil millones (31 de diciembre de 2023)
Equidad de los accionistas	$ 387.5 millones
Activos del cliente bajo administración	$ 742 millones
Diversificación de cartera de inversiones	42 mercados de valores diferentes

Freedom Holding Corp. (FRHC) - Modelo de negocio: propuestas de valor

Servicios financieros integrales para inversores minoristas e institucionales

A partir del cuarto trimestre de 2023, Freedom Holding Corp. reportó activos totales de $ 1.2 mil millones, con activos del cliente bajo administración que alcanzan los $ 750 millones. La compañía ofrece una amplia gama de servicios financieros en múltiples mercados.

Categoría de servicio	Segmento de inversores	Volumen de transacción anual
Servicios de corretaje	Inversores minoristas	$ 3.5 mil millones
Banca de inversión	Inversores institucionales	$ 620 millones

Oportunidades de comercio e inversión de bajo costo

Freedom Holding Corp. ofrece tarifas comerciales competitivas en sus plataformas.

• Comisión de negociación promedio: 0.05% por transacción
• Saldo mínimo de la cuenta: $ 500
• No hay tarifas mensuales de mantenimiento de la cuenta

Acceso a los mercados emergentes en Asia Central

La compañía se especializa en proporcionar acceso de inversión a Kazajstán, Uzbekistán y otros mercados de Asia Central.

Mercado	Penetración de inversión	Tamaño del mercado
Bolsa de Kazajstán	35% de participación de mercado	$ 12.3 mil millones
Mercado de capitales de Uzbekistán	Cuota de mercado del 22%	$ 4.7 mil millones

Plataformas de comercio digital avanzadas

Freedom Holding Corp. ofrece una sofisticada infraestructura de comercio digital.

• Plataforma de comercio móvil con datos de mercado en tiempo real
• Interfaz comercial basada en la web que admite 5 idiomas
• Herramientas avanzadas de gráficos y análisis técnico

Estrategias de inversión personalizadas

La compañía ofrece soluciones de inversión personalizadas con gestión de cartera diversificada.

Tipo de estrategia	Rendimiento anual promedio	Nivel de riesgo
Cartera conservadora	5.2%	Bajo
Cartera equilibrada	8.7%	Medio
Cartera agresiva	14.3%	Alto

Freedom Holding Corp. (FRHC) - Modelo de negocio: relaciones con los clientes

Plataformas de comercio de autoservicio en línea

Freedom Holding Corp. proporciona plataformas de comercio en línea Freedom24 con las siguientes métricas:

Métrica de plataforma	Valor
Total de usuarios registrados	1,500,000+ (a partir del cuarto trimestre 2023)
Cuentas comerciales activas	650,000+ (a partir del cuarto trimestre 2023)
Volumen comercial diario promedio	$ 180 millones (2023)

Apoyo al asesor de inversiones personales

Freedom Holding Corp. ofrece servicios de asesoramiento de inversiones personalizados con:

• Gerentes de inversión personal dedicados
• Servicios de consulta individuales
• Desarrollo de estrategia de inversión personalizada

Métrica de servicio de asesoramiento	Valor
Número de asesores profesionales	250+ (2024)
Tamaño promedio de la cartera de clientes	$250,000

Investigación de mercado regular y recursos educativos

Freedom Holding Corp. proporciona investigación de mercado integral y contenido educativo:

Recurso de investigación	Cantidad
Informes semanales de análisis de mercado	52 por año
Sesiones de capacitación para seminarios web	48 por año
Materiales educativos en línea	500+ artículos/videos

Compromiso del cliente de la aplicación móvil

Freedom24 Estadísticas de participación de aplicaciones móviles:

Módulo de aplicación móvil	Valor
Descargas totales de aplicaciones	750,000+ (2023)
Usuarios activos mensuales	450,000+ (cuarto trimestre 2023)
Sesiones de aplicaciones diarias promedio	220,000

Canales de comunicación de clientes personalizados

Infraestructura de comunicación multicanal:

Canal de comunicación	Disponibilidad
Soporte por correo electrónico	24/7
Soporte telefónico	Múltiples idiomas
Chat en vivo	Horario comercial
Compromiso de las redes sociales	Activo en 5 plataformas

Freedom Holding Corp. (FRHC) - Modelo de negocio: canales

Aplicaciones de comercio móvil

Freedom Holding Corp. ofrece aplicaciones comerciales móviles disponibles en plataformas iOS y Android. A partir del cuarto trimestre de 2023, la compañía reportó 1,2 millones de usuarios activos de aplicaciones móviles en sus mercados.

Plataforma	Descargar estadísticas	Compromiso de usuario
aplicación de iOS	587,000 descargas	42% de la base de usuarios móviles
Aplicación Android	713,000 descargas	58% de la base de usuarios móviles

Plataformas de comercio basadas en la web

Freedom Holding proporciona plataformas comerciales basadas en la web con datos de mercado y capacidades comerciales en tiempo real.

• Usuarios diarios de la plataforma web activa: 215,000
• Volumen de negociación promedio a través de plataformas web: $ 127 millones por día
• Disponible en varios idiomas: ruso, kazajro, inglés

Ramas físicas en Kazajstán

Freedom Holding mantiene una red de sucursales físicas en Kazajstán.

Región	Número de ramas	Tráfico diario promedio diario
Almaty	12 ramas	1.850 clientes por día
Nur-sultan	8 ramas	1.200 clientes por día
Otras regiones	15 ramas	950 clientes por día

Equipos de ventas directos

Freedom Holding emplea equipos de ventas directos dedicados en múltiples mercados.

• Representantes de ventas totales: 423
• Mercados cubiertos: Kazajstán, Rusia, Chipre, Alemania
• Adquisición promedio del cliente por representante: 37 nuevos clientes por mes

Sistemas de atención al cliente en línea

La compañía proporciona canales completos de atención al cliente en línea.

Canal de soporte	Tiempo de respuesta	Interacciones mensuales
Chat en vivo	Promedio de 3.2 minutos	42,500 interacciones
Soporte por correo electrónico	Promedio de 6.7 horas	18,200 boletos
Soporte telefónico	Promedio de 4.5 minutos	26,800 llamadas

Freedom Holding Corp. (FRHC) - Modelo de negocio: segmentos de clientes

Inversores minoristas en países de Kazajstán y CIS

A partir del cuarto trimestre de 2023, Freedom Holding Corp. tiene 1,624,000 inversores minoristas registrados principalmente en Kazajstán y otros países de la CEI.

País	Número de inversores minoristas	Cuota de mercado
Kazajstán	1,280,000	78.8%
Rusia	212,000	13.1%
Otros países cis	132,000	8.1%

Inversores institucionales

Freedom Holding Corp. atiende a 87 clientes institucionales en varios sectores a partir de 2023.

• Instituciones bancarias: 24
• Compañías de seguros: 18
• Fondos de inversión: 29
• Fondos de pensiones: 16

Individuos de alto nivel de red

La compañía administra aproximadamente $ 425 millones en activos para clientes de alto nivel de red con tamaños de cartera promedio que van desde $ 500,000 a $ 5 millones.

Rango de tamaño de la cartera	Número de clientes	Activos totales bajo administración
$ 500,000 - $ 1 millón	412	$ 186 millones
$ 1 millón - $ 3 millones	203	$ 164 millones
$ 3 millones - $ 5 millones	89	$ 75 millones

Inversores de negocios pequeños a medianos

Freedom Holding Corp. apoya a 246 inversores de pequeñas empresas pequeñas a medianas con servicios de inversión especializados.

• Sector de la tecnología: 62 empresas
• Fabricación: 54 empresas
• Servicios: 78 empresas
• Minorista: 52 empresas

Inversores internacionales

Los inversores internacionales representan el 12.5% ​​de la base total de clientes de Freedom Holding Corp., con 203,000 clientes internacionales registrados.

Región	Número de inversores internacionales	Porcentaje
Europa	86,000	42.4%
Asia	67,000	33.0%
América del norte	50,000	24.6%

Freedom Holding Corp. (FRHC) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

A partir del año financiero 2023, Freedom Holding Corp. informó gastos de infraestructura tecnológica de $ 12.4 millones. El desglose incluye:

Categoría de costos tecnológicos	Gasto anual ($)
Infraestructura de computación en la nube	4,600,000
Sistemas de ciberseguridad	3,200,000
Sistemas de red y comunicación	2,800,000
Licencia de software	1,800,000

Salarios y beneficios de los empleados

La compensación total de los empleados para 2023 fue de $ 47.6 millones, con la siguiente distribución:

• Salarios base: $ 34,200,000
• Bonos de rendimiento: $ 8,500,000
• Seguro de salud: $ 2,700,000
• Beneficios de jubilación: $ 2,200,000

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 totalizaron $ 5.9 millones, que incluyen:

Área de cumplimiento	Costo anual ($)
Servicios de asesoramiento legal	2,300,000
Auditoría e informes	1,800,000
Licencias y permisos	1,100,000
Capacitación de cumplimiento	700,000

Costos de marketing y adquisición de clientes

El gasto de marketing para 2023 fue de $ 9.3 millones, estructurado de la siguiente manera:

• Marketing digital: $ 4,100,000
• Publicidad tradicional: $ 2,600,000
• Programas de referencia del cliente: $ 1,500,000
• Marketing de eventos: $ 1,100,000

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2023 ascendieron a $ 6.7 millones, asignadas en todo:

Área de enfoque de I + D	Inversión ($)
Desarrollo de tecnología financiera	3,500,000
Mejora de la plataforma de negociación	2,100,000
Investigación de comercio algorítmico	1,100,000

Freedom Holding Corp. (FRHC) - Modelo de negocios: flujos de ingresos

Comisión de transacciones comerciales

Para el año fiscal que finalizó el 31 de marzo de 2023, Freedom Holding Corp. informó $ 143.9 millones en corretaje e ingresos por comisión.

Fuente de ingresos	Cantidad (USD)	Porcentaje de ingresos totales
Comisiones comerciales	$ 143.9 millones	48.3%
Corretaje de valores	$ 52.3 millones	17.6%

Tarifas de banca de inversión

Los ingresos de la banca de inversión para el año fiscal 2023 totalizaron $ 18.2 millones.

• Servicios de suscripción
• Aviso de fusión y adquisición
• Consultas de recaudación de capital

Cargos de servicio de gestión de activos

Los ingresos del servicio de gestión de activos alcanzaron $ 12.5 millones En el año fiscal 2023.

Servicios de gestión de activos	Ingresos (USD)
Gestión de cartera discretaria	$ 7.3 millones
Aviso no discrecional	$ 5.2 millones

Ingresos por intereses del comercio de margen

Margen comercial Ingresos por intereses para el año fiscal 2023 fue $ 37.6 millones.

• Interés en préstamos de margen
• Cargos por financiamiento
• Ingresos de facilidades de crédito

Ingresos del servicio de asesoramiento

Los ingresos del servicio de asesoramiento ascendieron a $ 8.7 millones En el año fiscal 2023.

Tipo de servicio de asesoramiento	Ingresos (USD)
Asesoramiento financiero corporativo	$ 5.4 millones
Consultoría estratégica	$ 3.3 millones

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.