Freedom Holding Corp. (FRHC): Business Model Canvas [Dec-2025 Updated]

You're looking for a clear, precise map of Freedom Holding Corp.'s business model as of late 2025, and the numbers from their fiscal year 2025 results defintely show a company in aggressive transition from a regional broker to a diversified digital ecosystem. Honestly, looking at this, it's clear they are betting the farm on the SuperApp, evidenced by their massive $864.5 million in interest income from lending and a 134% jump in insurance underwriting income to $617.6 million; all while sitting on $9.9 billion in total assets. This isn't just brokerage anymore; it's a full-stack digital play, complete with strategic partnerships like the planned $2 billion sovereign AI hub with NVIDIA. Dive into the nine blocks below to see exactly how this Central Asian giant is structuring its growth engine right now.

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

You're looking at the critical alliances Freedom Holding Corp. has locked in as of late 2025 to drive its ecosystem growth. These aren't just handshake deals; they represent massive capital commitments and strategic market access points.

The commitment with NVIDIA is foundational for the firm's AI ambitions in Central Asia. Freedom Holding Corp. is the principal financing and implementation partner for a planned $2 billion Sovereign AI Hub in Kazakhstan, which will be powered by sovereign exascale NVIDIA AI infrastructure. This facility is planned for a site with 100 MW of available power.

On the digital education front, Freedom Holding Corp. signed a strategic agreement on November 6, 2025, with OpenAI, Inc. and the Government of the Republic of Kazakhstan. This deal will finance the deployment of ChatGPT Edu, giving 165,000 educators in Kazakhstan access to the platform, which features tools not in the free version.

Bridging East and West, Freedom Bank, a subsidiary of Freedom Holding Corp., inked a memorandum with UnionPay Business in September 2025. This is about creating a Kazakh-Chinese e-commerce and digital economy settlement system, where UnionPay Business will support Freedom Bank in opening correspondent accounts in yuan and US dollars in Chinese banks.

For capital structure and market validation, global institutional interest is clear. You see this in the latest move by BlackRock, Inc., which increased its stake to 0.85% of Freedom Holding Corp. shares, an investment of about $89 million.

The firm continues to solidify its Chinese market access, highlighting cooperation with CICC (China International Capital Corporation) for yuan funding, following a roadshow in Beijing in February 2025. This complements the UnionPay work, ensuring access to mature technology and new capital sources. It's defintely a multi-pronged approach to regional dominance.

Here's a quick look at the institutional backing and scale as of the 2025 fiscal year data:

The strategic nature of these alliances is best seen in the specific deliverables:

• NVIDIA AI Hub: Operated by Freedom Holding Corp. with government support for talent development programs.
• OpenAI/Kazakhstan: Service provided free of charge to educators, funded by Freedom Holding Corp.
• UnionPay Business: Support for opening yuan and US dollar correspondent accounts at Chinese financial institutions.
• BlackRock, Inc.: Now the second-largest shareholder following founder Timur Turlov.

Finance: draft 13-week cash view by Friday.

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

You're looking at the engine room of Freedom Holding Corp. (FRHC) as of late 2025, focusing on what they actually do to generate that impressive $2.05 billion in total revenue for fiscal year 2025. It's a multi-pronged approach, heavy on financial services but increasingly leaning into a digital ecosystem. The core activities are clearly segmented, and the numbers show where the real money is coming from.

The first major activity is the continuous development and scaling of the integrated Freedom SuperApp. This isn't just a side project; it's the glue for the whole model. They launched this app in April 2024, and by March 31, 2025, it had already surpassed 1 million monthly active users and 183,000 daily active users. This platform is key because it bundles their other main activities-brokerage, banking, and insurance-into one place, which helps drive customer stickiness.

Next up is underwriting and selling insurance products. This segment was a massive performer in FY2025, showing a 134% increase in underwriting income. This growth was fueled by expanding operations in pension annuity and accident insurance, growing the customer base from 534,000 to 1,170,000 during the fiscal year. The resulting income was substantial.

The traditional bread-and-butter, retail brokerage and investment banking services, remains critical. Income from brokerage services specifically grew by 29%, supported by a growing retail customer base that expanded from 530,000 to 683,000 accounts by the end of fiscal 2025. This activity generated $430.1 million in income from brokerage fees and commissions.

Consumer and margin lending via Freedom Bank KZ is the third pillar, driving significant interest income. This activity saw interest income increase to $864.5 million in FY2025, a 4% rise year-over-year. Here's the quick math on that lending growth: margin loan interest increased by 21%, while interest from general customer loans grew by 18%.

The final listed activity involves expanding telecommunications and e-commerce operations, which falls under the broader 'Other' segment. This segment saw revenue increase by 72% to $144 million in FY2025. This growth was buoyed by contributions from the e-commerce platform Arbuz, the ticketing service Aviata, and the newly acquired SilkNetCom LLP. This shows they are actively moving beyond pure finance into adjacent digital services.

To give you a clear picture of the financial impact of these core activities for the fiscal year ended March 31, 2025, look at this breakdown:

The operational focus supporting these activities includes several key internal functions that keep the machine running:

• Scaling digital infrastructure and investing in AI capabilities.
• Managing a headcount that grew by 2,567 employees to 8,764 as of March 31, 2025.
• Expanding the retail customer base across all key business segments.
• Maintaining operations across 22 countries.

If onboarding those 2,567 new employees takes longer than expected, service quality in the core segments could dip, defintely something to watch.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power Freedom Holding Corp. (FRHC) right now. These aren't just line items; they're the engines of their integrated ecosystem strategy. Honestly, the sheer scale of their tangible and intangible holdings is what lets them compete across multiple financial verticals.

The balance sheet strength provides the foundation. As of March 31, 2025, Freedom Holding Corp. reported total assets of $9.9 billion. That's a solid base, but you also need to look at liquidity, which is strong, with significant cash and investments totaling $4.5 billion as of September 30, 2025. Here's the quick math on that liquidity position relative to the latest reported total assets of $10.3 billion on that same date.

The technology itself is a massive resource. Freedom Holding Corp. relies heavily on its proprietary digital infrastructure, which supports the entire ecosystem. The centerpiece is the Freedom SuperApp, which launched in April 2024. This isn't just a trading app; it's designed to be the single access point for everything they offer.

• Integrates brokerage, banking, and insurance services.
• Includes cashback and retail savings features.
• Surpassed 1 million monthly active users within its first year.
• Provides seamless access to shop, compare, invest, and save.

Human capital is clearly a focus area, given the rapid growth. You see the headcount expanding to support this scale. Freedom Holding Corp. had 8,764 employees as of March 31, 2025. To support that proprietary infrastructure, the outline specifies 1,500 IT specialists are part of that team. What this estimate hides is the geographic distribution, but 95% of their workforce is based in Kazakhstan, which is a key operational concentration.

Regulatory reach is another critical, non-physical asset. You can't operate a multinational financial group without the proper permissions. Freedom Holding Corp. maintains regulatory licenses across 22 countries, covering key jurisdictions like the US, the EU, Central Asia, and others. This broad licensing footprint is what enables the cross-border service delivery for their ecosystem.

Let's look at the human capital scale in context:

• Total Employees (March 31, 2025): 8,764
• IT Specialists (as per outline): 1,500
• Total Employees (Latest Reported): 10,348 (as of September 30, 2025)
• Jurisdictions with Presence: 22 countries

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.