Freedom Holding Corp., a U.S.-based financial services company, has secured a brokerage license from Turkey’s Capital Markets Board. This move allows the establishment of Freedom Yatırım Menkul Değerler JSC, marking the company’s official entry into the Turkish market.
Company Overview
Founded in 2008 by Timur Turlov, Freedom Holding Corp. offers services such as securities brokerage, investment research, and investment banking. The company is headquartered in Almaty, Kazakhstan, with additional offices in Cyprus and the United States.
Global Presence
Freedom Holding operates through various subsidiaries across multiple countries:
- Kazakhstan: Freedom Finance JSC, Freedom Bank Kazakhstan JSC, Freedom Finance Life JSC, Freedom Finance Insurance JSC, Freedom Telecom LLP, Arbuz Group LLP, Aviata LLP, Ticketon Events LLP, Freedom Technologies LLP (“Paybox”).
- Europe: Freedom Finance Europe Ltd. (Cyprus), Freedom Finance Germany, Freedom UK Prime Limited.
- Central Asia: Freedom Finance Uzbekistan LLC, Freedom Finance Armenia LLC.
- United States: Prime Executions, Inc., FFIN Securities, Inc.
- Middle East: Freedom Finance Ltd. (UAE), Freedom Finance Turkey LLC.
Expansion into Turkey
The decision to enter the Turkish market came after over five years of market analysis and negotiations. Initially, Freedom Holding considered acquiring existing financial institutions in Turkey but opted to build its operations from scratch due to high inflation and inflated market valuations.
Turkey’s strategic location, bridging Europe and Asia, along with its population of approximately 85 million and a GDP exceeding $1 trillion, presents significant opportunities for Freedom Holding. The company’s advanced technology, which has been successful in Europe—attracting 320,000 customers—is expected to play a crucial role in capturing market share in Turkey.
Leadership
Timur Turlov, the founder and CEO, has been instrumental in Freedom Holding’s growth. Born in Moscow in 1987, Turlov developed an interest in stock market investments during his school years. After working in various financial roles, he founded Freedom Finance in 2008 with a start-up capital of $100,000. Under his leadership, the company expanded its operations across multiple countries and became listed on the Nasdaq in 2019.
Technological Edge
Freedom Holding’s proprietary platforms, such as the TraderNet application for securities trading and Freedom24 for retail customers, have been pivotal in its expansion. These platforms offer users seamless access to global financial markets, contributing to the company’s rapid growth.
Financial Performance
As of 2024, Freedom Holding reported:
- Revenue: $1.67 billion
- Gross Profit: $1.37 billion
- Net Income: $375.54 million
The company’s assets totaled $8.3 billion, with total liabilities of $7.14 billion.
Future Outlook
The entry into the Turkish market aligns with Freedom Holding’s strategy to expand its global footprint. By leveraging its technological capabilities and understanding of emerging markets, the company aims to provide Turkish investors with access to global investment opportunities. This expansion is expected to enhance Freedom Holding’s position as a key player in the financial services industry across Europe and Asia.
In summary, Freedom Holding’s strategic expansion into Turkey underscores its commitment to growth and innovation. The company’s ability to adapt to new markets and offer advanced financial services positions it well for continued success in the global financial landscape.
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