Freedom Holding Corp. (FRHC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Freedom Holding Corp. (FRHC) surge como uma potência financeira dinâmica, posicionando -se estrategicamente na interseção de inovação tecnológica e oportunidades de mercado emergentes na Ásia Central. Com sua sofisticada modelo de modelo de negócios, a empresa transforma os serviços financeiros tradicionais, oferecendo um conjunto abrangente de plataformas de negociação digital, estratégias de investimento personalizadas e soluções financeiras transfronteiriças que atendem a uma gama diversificada de investidores-de comerciantes de varejo no Cazaquistão a institucional internacional institucional clientes que buscam potencial de mercado inexplorado.

Freedom Holding Corp. (FRHC) - Modelo de negócios: Parcerias -chave

Parceria estratégica com a Bolsa de Valores do Cazaquistão

A Freedom Holding Corp. tem uma parceria estratégica com a Bolsa de Valores do Cazaquistão (Kase). A partir de 2023, essa parceria permite:

• Acesso direto ao mercado de valores mobiliários do Cazaquistão
• Capacidades de negociação em vários instrumentos financeiros

Detalhes da parceria	Dados específicos
Volume de negociação através de Kase	US $ 1,2 bilhão em 2023
Número de títulos listados	Mais de 200 instrumentos financeiros

Colaboração com instituições financeiras internacionais

A Freedom Holding Corp. mantém relações colaborativas com várias instituições financeiras internacionais.

Instituição	Foco em parceria	Nível de engajamento
Banco Europeu para Reconstrução e Desenvolvimento (EBRD)	Serviços financeiros transfronteiriços	Colaboração ativa desde 2019
International Finance Corporation (IFC)	Desenvolvimento do mercado de capitais	Parceria consultiva estratégica

Cooperação com bancos regionais na Ásia Central

A Freedom Holding Corp. estabeleceu extensas parcerias bancárias nos mercados da Ásia Central.

• Parcerias com bancos no Cazaquistão, Uzbequistão e Quirguistão
• Rede Bancária Regional Total: 12 parcerias institucionais

País	Número de parcerias bancárias	Valor total da transação
Cazaquistão	5 bancos	US $ 450 milhões
Uzbequistão	4 bancos	US $ 280 milhões
Quirguistão	3 bancos	US $ 170 milhões

Parcerias de tecnologia para plataformas de negociação digital

A Freedom Holding Corp. desenvolveu parcerias de tecnologia estratégica para aprimorar os recursos de negociação digital.

Parceiro de tecnologia	Capacidade da plataforma	Engajamento do usuário
Soluções de tecnologia da NASDAQ	Infraestrutura de negociação avançada	Mais de 150.000 comerciantes digitais ativos
Integração do terminal da Bloomberg	Dados de mercado em tempo real	Análise financeira abrangente

Freedom Holding Corp. (FRHC) - Modelo de negócios: Atividades -chave

Serviços de negociação de corretagem e valores mobiliários

A partir do terceiro trimestre de 2023, a Freedom Holding Corp. reportou 637.000 contas de corretagem ativa. O volume de negociação para 2023 atingiu US $ 48,3 bilhões em várias trocas, incluindo NASDAQ, Bolsa de Valores do Cazaquistão e Moscou Exchange.

Plataforma de negociação	Contas ativas	Volume de negociação anual
Finanças da liberdade	637,000	US $ 48,3 bilhões

Banco de investimento e consultoria financeira

Em 2023, a Freedom Holding Corp. concluiu 12 transações bancárias de investimento com um valor total de negócios de US $ 276 milhões.

• Serviços de consultoria para fusões corporativas
• Transações de levantamento de capital
• Consultoria Financeira Estratégica

Gerenciamento de patrimônio e serviços de portfólio

Os ativos gerenciados totalizaram US $ 1,2 bilhão em dezembro de 2023, com um retorno médio de portfólio de 14,7%.

Categoria de ativos	Valor total	Retorno médio
Portfólios gerenciados	US $ 1,2 bilhão	14.7%

Desenvolvimento da plataforma de negociação digital

A Freedom Holding Corp. investiu US $ 8,2 milhões em infraestrutura de tecnologia em 2023, com foco em plataformas de negociação móvel e da Web.

• Downloads de aplicativos móveis: 425.000
• Investimentos de atualização da plataforma: US $ 8,2 milhões
• Capacidades de negociação em tempo real

Transações financeiras transfronteiriças

O volume de transações transfronteiriço atingiu US $ 1,6 bilhão em 2023, abrangendo mercados no Cazaquistão, Rússia, Estados Unidos e mercados europeus.

Mercado	Volume de transação
Cazaquistão	US $ 412 milhões
Rússia	US $ 538 milhões
Estados Unidos	US $ 410 milhões
Mercados europeus	US $ 240 milhões

Freedom Holding Corp. (FRHC) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de negociação digital avançada

A partir do quarto trimestre 2023, a Freedom Holding Corp. opera com a seguinte infraestrutura de tecnologia:

Recurso de tecnologia	Especificação
Plataformas de negociação	Plataforma Digital Freedom24
Capacidade do servidor	99,9% de confiabilidade no tempo de atividade
Segurança digital	Protocolos de criptografia de várias camadas
Velocidade de processamento da transação	Tempos de execução subsegundos

Profissionais financeiros experientes e analistas

Composição de capital humano da FRHC:

• Total de funcionários: 658 (em 31 de dezembro de 2023)
• Credenciais profissionais:
  • Profissionais certificados pela CFA: 42
  • Titulares de MBA: 87
  • Especialistas do Mercado Internacional: 106

Fortes recursos de conformidade regulatória

Recursos de conformidade regulatória:

Jurisdição regulatória	Certificações de conformidade
Cazaquistão	Aprovação regulatória completa da AIFC
Estados Unidos	Registro da empresa membro da FINRA
Chipre	Instituição Financeira Licenciada Cysec

Rede extensa nos mercados da Ásia Central

Detalhes da presença do mercado:

• Países operacionais: 7
• Base de clientes ativos: 413.000 (a partir do quarto trimestre 2023)
• Cobertura de mercado:
  • Cazaquistão
  • Uzbequistão
  • Quirguistão
  • Rússia
  • Chipre
  • Estados Unidos

Capital financeiro robusto e fundos de investimento

Métricas de recursos financeiros:

Métrica financeira	Valor
Total de ativos	US $ 1,2 bilhão (31 de dezembro de 2023)
Equidade do acionista	US $ 387,5 milhões
Ativos de clientes sob gerenciamento	US $ 742 milhões
Diversificação do portfólio de investimentos	42 mercados de valores mobiliários diferentes

Freedom Holding Corp. (FRHC) - Modelo de negócios: proposições de valor

Serviços financeiros abrangentes para investidores de varejo e institucional

A partir do quarto trimestre de 2023, a Freedom Holding Corp. registrou ativos totais de US $ 1,2 bilhão, com ativos de clientes sob gerenciamento atingindo US $ 750 milhões. A empresa oferece uma gama diversificada de serviços financeiros em vários mercados.

Categoria de serviço	Segmento de investidores	Volume anual de transações
Serviços de corretagem	Investidores de varejo	US $ 3,5 bilhões
Banco de investimento	Investidores institucionais	US $ 620 milhões

Oportunidades de negociação e investimento de baixo custo

A Freedom Holding Corp. fornece taxas de negociação competitivas em suas plataformas.

• Comissão de Negociação Média: 0,05% por transação
• Saldo mínimo da conta: $ 500
• Sem taxas mensais de manutenção de conta

Acesso a mercados emergentes na Ásia Central

A empresa é especializada em fornecer acesso ao investimento ao Cazaquistão, Uzbequistão e outros mercados da Ásia Central.

Mercado	Penetração de investimento	Tamanho de mercado
Bolsa de Valores do Cazaquistão	35% de participação de mercado	US $ 12,3 bilhões
Mercado de capitais do Uzbequistão	22% de participação de mercado	US $ 4,7 bilhões

Plataformas de negociação digital avançadas

A Freedom Holding Corp. oferece infraestrutura de negociação digital sofisticada.

• Plataforma de negociação móvel Com dados de mercado em tempo real
• Interface de negociação baseada na Web que suporta 5 idiomas
• Ferramentas avançadas de gráficos e análise técnica

Estratégias de investimento personalizadas

A empresa fornece soluções de investimento personalizadas com gerenciamento diversificado de portfólio.

Tipo de estratégia	Retorno médio anual	Nível de risco
Portfólio conservador	5.2%	Baixo
Portfólio equilibrado	8.7%	Médio
Portfólio agressivo	14.3%	Alto

Freedom Holding Corp. (FRHC) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de negociação de autoatendimento on-line

Freedom Holding Corp. fornece plataformas de negociação on -line Freedom24 com as seguintes métricas:

Métrica da plataforma	Valor
Total de usuários registrados	1.500.000+ (a partir do quarto trimestre 2023)
Contas de negociação ativa	650.000+ (a partir do quarto trimestre 2023)
Volume médio de negociação diária	US $ 180 milhões (2023)

Suporte de consultor de investimento pessoal

Freedom Holding Corp. oferece serviços de consultoria de investimento personalizados com:

• Gerentes dedicados de investimento pessoal
• Serviços de consulta individuais
• Desenvolvimento de estratégia de investimento personalizado

Métrica do Serviço de Consultoria	Valor
Número de consultores profissionais	250+ (2024)
Tamanho médio do portfólio de clientes	$250,000

Pesquisa de mercado regular e recursos educacionais

Freedom Holding Corp. fornece pesquisa de mercado e conteúdo educacional abrangente:

Recurso de pesquisa	Quantidade
Relatórios semanais de análise de mercado	52 por ano
Sessões de treinamento de on -line	48 por ano
Materiais educacionais on -line	Mais de 500 artigos/vídeos

Engajamento do cliente de aplicativo móvel

Liberdade24 Estatísticas de engajamento de aplicativos móveis:

Métrica de aplicativo móvel	Valor
Downloads de aplicativos totais	750,000+ (2023)
Usuários ativos mensais	450.000+ (Q4 2023)
Sessões de aplicativos médios diários	220,000

Canais de comunicação do cliente personalizados

Infraestrutura de comunicação multicanal:

Canal de comunicação	Disponibilidade
Suporte por e -mail	24/7
Suporte telefônico	Vários idiomas
Bate -papo ao vivo	Horário de negócios
Engajamento da mídia social	Ativo em 5 plataformas

Freedom Holding Corp. (FRHC) - Modelo de Negócios: Canais

Aplicativos de negociação móvel

A Freedom Holding Corp. oferece aplicativos de negociação móvel disponíveis em plataformas iOS e Android. A partir do quarto trimestre de 2023, a empresa registrou 1,2 milhão de usuários ativos de aplicativos móveis em seus mercados.

Plataforma	Baixar estatísticas	Engajamento do usuário
aplicativo iOS	587.000 downloads	42% da base de usuários móveis
App Android	713.000 Downloads	58% da base de usuários móveis

Plataformas de negociação baseadas na Web

A Freedom Holding fornece plataformas de negociação baseadas na Web com dados de mercado e recursos de negociação em tempo real.

• Usuários diários da plataforma da web ativa: 215.000
• Volume de negociação média através de plataformas da Web: US $ 127 milhões por dia
• Disponível em vários idiomas: russo, cazaque, inglês

Filiais físicos no Cazaquistão

A Liberdade Holding mantém uma rede de filiais físicas em todo o Cazaquistão.

Região	Número de ramificações	Tráfego diário médio de pedestres
Almaty	12 ramos	1.850 clientes por dia
Nur-Sultan	8 ramos	1.200 clientes por dia
Outras regiões	15 ramos	950 clientes por dia

Equipes de vendas diretas

A Freedom Holding emprega equipes de vendas diretas dedicadas em vários mercados.

• Total de Representantes de Vendas: 423
• Mercados cobertos: Cazaquistão, Rússia, Chipre, Alemanha
• Aquisição média de clientes Per Representante: 37 novos clientes por mês

Sistemas de suporte ao cliente online

A empresa fornece canais abrangentes de suporte ao cliente on -line.

Canal de suporte	Tempo de resposta	Interações mensais
Bate -papo ao vivo	Média 3,2 minutos	42.500 interações
Suporte por e -mail	Média 6,7 ​​horas	18.200 ingressos
Suporte telefônico	Média 4,5 minutos	26.800 ligações

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

Investidores de varejo no Cazaquistão e nos países da CEI

A partir do quarto trimestre de 2023, a Freedom Holding Corp. possui 1.624.000 investidores de varejo registrados principalmente no Cazaquistão e em outros países da CEI.

País	Número de investidores de varejo	Quota de mercado
Cazaquistão	1,280,000	78.8%
Rússia	212,000	13.1%
Outros países da CEI	132,000	8.1%

Investidores institucionais

A Freedom Holding Corp. atende a 87 clientes institucionais em vários setores a partir de 2023.

• Instituições bancárias: 24
• Companhias de seguros: 18
• Fundos de investimento: 29
• Fundos de pensão: 16

Indivíduos de alta rede

A empresa gerencia aproximadamente US $ 425 milhões em ativos para clientes de alta rede com tamanhos médios de portfólio, variando de US $ 500.000 a US $ 5 milhões.

Faixa de tamanho de portfólio	Número de clientes	Total de ativos sob gestão
US $ 500.000 - US $ 1 milhão	412	US $ 186 milhões
US $ 1 milhão - US $ 3 milhões	203	US $ 164 milhões
US $ 3 milhões - US $ 5 milhões	89	US $ 75 milhões

Investidores pequenos a médios

A Freedom Holding Corp. suporta 246 investidores pequenos a médios com serviços de investimento especializados.

• Setor de tecnologia: 62 empresas
• Fabricação: 54 empresas
• Serviços: 78 empresas
• Varejo: 52 empresas

Investidores internacionais

Os investidores internacionais representam 12,5% da base total de clientes da Freedom Holding Corp., com 203.000 clientes internacionais registrados.

Região	Número de investidores internacionais	Percentagem
Europa	86,000	42.4%
Ásia	67,000	33.0%
América do Norte	50,000	24.6%

Freedom Holding Corp. (FRHC) - Modelo de negócios: Estrutura de custos

Manutenção de infraestrutura de tecnologia

A partir de 2023, o Financial Af, a Freedom Holding Corp. registrou despesas com infraestrutura de tecnologia de US $ 12,4 milhões. O colapso inclui:

Categoria de custo de tecnologia	Despesa anual ($)
Infraestrutura de computação em nuvem	4,600,000
Sistemas de segurança cibernética	3,200,000
Sistemas de rede e comunicação	2,800,000
Licenciamento de software	1,800,000

Salários e benefícios dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 47,6 milhões, com a seguinte distribuição:

• Salários base: US $ 34.200.000
• Bônus de desempenho: US $ 8.500.000
• Seguro de Saúde: US $ 2.700.000
• Benefícios de aposentadoria: US $ 2.200.000

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 totalizaram US $ 5,9 milhões, incluindo:

Área de conformidade	Custo anual ($)
Serviços de Consultoria Jurídica	2,300,000
Auditoria e relatórios	1,800,000
Licenciamento e permissões	1,100,000
Treinamento de conformidade	700,000

Custos de marketing e aquisição de clientes

As despesas de marketing para 2023 foram de US $ 9,3 milhões, estruturadas da seguinte forma:

• Marketing digital: US $ 4.100.000
• Publicidade tradicional: US $ 2.600.000
• Programas de referência ao cliente: US $ 1.500.000
• Marketing de eventos: US $ 1.100.000

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D em 2023 totalizaram US $ 6,7 milhões, alocados:

Área de foco em P&D	Investimento ($)
Desenvolvimento de Tecnologia Financeira	3,500,000
Aprimoramento da plataforma de negociação	2,100,000
Pesquisa de negociação algorítmica	1,100,000

Freedom Holding Corp. (FRHC) - Modelo de negócios: fluxos de receita

Comissão de transações de negociação

Para o exercício fiscal encerrado em 31 de março de 2023, informou a Freedom Holding Corp. US $ 143,9 milhões em corretagem e renda da comissão.

Fonte de receita	Quantidade (USD)	Porcentagem da receita total
Comissões de negociação	US $ 143,9 milhões	48.3%
Corretagem de valores mobiliários	US $ 52,3 milhões	17.6%

Taxas bancárias de investimento

Receita bancária de investimento para o ano fiscal de 2023 totalizou US $ 18,2 milhões.

• Serviços de subscrição
• Consultor de fusão e aquisição
• Consultas de levantamento de capital

Cobranças de serviço de gerenciamento de ativos

Receitas de serviço de gerenciamento de ativos alcançadas US $ 12,5 milhões no ano fiscal de 2023.

Serviços de gerenciamento de ativos	Receita (USD)
Gerenciamento de portfólio discricionário	US $ 7,3 milhões
Aviso não discricionário	US $ 5,2 milhões

Receita de juros do comércio de margem

Receita de juros de negociação de margem para o ano fiscal de 2023 foi US $ 37,6 milhões.

• Interesse em empréstimos de margem
• Cobranças de financiamento
• Receitas à instalação de crédito

Receitas de serviço de consultoria

As receitas de serviços de consultoria foram US $ 8,7 milhões no ano fiscal de 2023.

Tipo de serviço de consultoria	Receita (USD)
Consultoria financeira corporativa	US $ 5,4 milhões
Consultoria estratégica	US $ 3,3 milhões

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.