March was a highly successful month for Kazakh entrepreneur Timur Turlov. The founder of the Nasdaq-listed fintech company Freedom Holding Corp. increased his wealth by more than $800 million in just a few weeks – from $5.2 billion to around $6 billion. Against the backdrop of turbulence in global markets, this result warrants closer attention.
Freedom Holding Corp.: Outperforming the market
While major U.S. indices – the S&P 500, the Nasdaq Composite, and the Dow Jones – fell by more than 8% amid renewed geopolitical tensions in the Middle East, shares of Freedom Holding Corp. continued to grow steadily. From the beginning of March to the end of the month, the company’s stock has risen by 15.58%, climbing from $125.35 to $144.88. And it kept climbing in April.
This growth directly affected Timur Turlov’s wealth: he owns nearly 70% of the company’s shares, meaning the stock’s performance closely mirrors his net worth.
“We don’t build our business based on short-term market fluctuations. Our goal is to create value that withstands any crises,” Timur Turlov commented.
Freedom Holding Corp’s market capitalization reached $8.865 billion by the end of March, adding $1.195 billion over the month.
Support from rating agencies, strong financial results
One of the growth drivers was positive assessments from rating agencies such as S&P and Moody’s. An improved perception of Freedom Holding among institutional investors strengthened confidence in its strategy and business model.
Freedom Holding Corp’s financial results also played a key role: it demonstrated revenue growth, expansion of its client base, and stronger positions in new markets.
“For us, it’s important not just to grow, but to grow with quality. We closely monitor the efficiency of every business segment,” Timur Turlov said.
The main driver – the SuperApp
A central element of Freedom Holding Corp’s strategy remains the development of its own digital ecosystem – the SuperApp. This is a comprehensive platform combining brokerage services, banking products, insurance, lifestyle services, and access to government services.
The SuperApp has already become one of the most downloaded apps in its segment. Over the past year, the number of users has more than doubled, and the ecosystem’s total client base has exceeded 11 million people.
“The future belongs to ecosystems. Clients don’t want to use dozens of services, they want one convenient solution. That’s exactly the kind of product we are creating,” Turlov describes the company’s strategy.
Exporting its digital model
Freedom Holding Corp. is focusing on international expansion. The company has already launched a fully digital bank in Tajikistan and is preparing to open a bank in Georgia. In addition, Freedom has agreed to acquire a Turkish bank – a market with a population of about 90 million. At the same time, the company is exploring opportunities to enter the European banking sector.
“We view our ecosystem as an export product. This is a model that can be scaled globally,” Timur Turlov emphasized.
In an interview with Bloomberg, he also noted that the team is actively working on bringing the digital ecosystem to the U.S. market, one of the most competitive and largest in the world.
Growth of Kazakh business
Notably, Timur Turlov’s success is part of a broader trend. By the end of last year, the combined wealth of Kazakh businessmen included in Forbes’ global list increased by nearly $2.5 billion.
This growth was driven by various factors, however, Freedom Holding Corp. stands out for its dynamics and focus on fintech. The growth of Timur Turlov’s wealth is the result of a strong business model, effective market positioning, and a focus on a digital ecosystem.
“Money isn’t the goal, but an indicator that you are doing something right,” Turlov concludes.
And judging by the latest figures, he is indeed moving in the right direction.
