Kazakhstan FinTech Freedom to build a Revolut competitor in Europe

Freedom Holding Corp., a Nasdaq-listed financial holding company, is known among European investors as a broker enabling access to US and European stock markets.

Freedom Holding Corp., a Nasdaq-listed financial holding company, is known among European investors as a broker enabling access to US and European stock markets. In the coming years, the company plans to launch its own bank and has already submitted applications for the relevant banking license in France. The holding company intends to invest €500 million over five years into this strategic initiative. Due to its high level of digitalization and broad service offering, Freedom is increasingly being compared to the European FinTech giant Revolut. Here’s a closer look at the similarities between the two companies.

European banking landscape

Although the European Union banking market remains fragmented, it allows financial institutions to operate across all EU member countries under a single license. A banking license obtained in France, for example, grants a so-called “European passport”, enabling a company to provide services throughout the EU. This regulatory advantage is precisely why Freedom Holding Corp. - a Kazakhstan FinTech whose shares are traded on Nasdaq - is focusing its banking ambitions on France.

Back in 2020, another major player, Revolut, pursued a similar path. Amid Brexit-related uncertainties, the UK-based company sought a new jurisdiction to maintain full-scale operations within the EU. It established a legal entity in Lithuania, secured approval from the European Central Bank, and successfully obtained its “European passport”.

The parallels between the British and Kazakh companies don't end there. Both companies are not merely launching banks - they are developing proprietary ecosystems that enable seamless access to investments, banking products, cryptocurrency, insurance, and more.

Common ground between Revolut and Freedom

Revolut offered a revolutionary idea to the conservative European financial market at the time: simplifying banking and investing for both retail and corporate clients. Its advanced digital platform quickly outperformed many traditional credit institutions. Furthermore, Revolut didn't limit itself to the usual range of services; it offered the ability to manage dozens of currencies simultaneously, send payments worldwide, and exchange money at a more favorable rate than conventional banks.

Freedom Holding Corp. is following a similar trajectory, but with an even broader initial service portfolio. In addition to financial services, Freedom’s clients can access a travel platform featuring over 3.5 million bookable properties worldwide, grocery and restaurant meal delivery, and event ticketing. At the core of this ecosystem is the Freedom SuperApp, a unified platform integrating all services.

Freedom has already demonstrated success in building such an ecosystem in Kazakhstan, a market of 20 million people. Now, the company aims to scale this proven model internationally. Beyond Europe, Freedom is expanding into Turkey and Georgia and is considering applying for a banking license in the United States. Revolut followed a similar path - founded in the UK, expanded across Europe, and now offering banking services in Mexico while applying for a banking license in Peru.

Financial performance comparison

Revolut, founded in 2015, serves over 75 million users. Today, it is Europe's largest FinTech, valued at $75 billion, and has demonstrated profitability growth for the fifth consecutive year. In 2025, Revolut doubled its revenue to $6 billion and recorded a pre-tax profit of $2.3 billion. Transaction volume through the platform reached approximately $1.7 trillion.

With continued aggressive expansion and business development, Revolut has secured a full banking license in the UK and is actively pursuing growth in the U.S., UAE, India, Argentina, Mexico, and Peru.

Freedom’s international expansion is also underpinned by strong financial performance. For the fiscal year ended March 31, 2026, the company achieved record revenue of $2.19 billion, up from $2 billion the previous year. Net profit more than doubled - from $76.2 million to $153.3 million. Pre-tax profit reached $226 million, and earnings per share stood at $2.56. Like Revolut, Freedom’s key financial metrics show consistent year-on-year growth.

The companies' revenues vary, primarily due to the scale of their businesses. The Freedom ecosystem, including partnerships, currently has attracted 14 million customers. According to Freedom Holding CEO Timur Turlov, the user base is expected to grow significantly with international expansion. The company anticipates attracting 50 million new customers in Europe alone within three years of launching its banking business. To achieve this, Turlov is committing €500 million in investments to the European venture.

Another spurt in growth is Turkey. The country has a population of 86 million, and its financial sector is highly digitalized. According to the Turkish Banks Association, over 129 million digital bank accounts are registered in Turkey, and electronic payment volume exceeds GDP by 20 times. The holding company plans to invest another $300 million in creating an ecosystem in Turkey.

Freedom is well known to Europeans

Historically, the company's presence in Europe has been built around the Freedom24 brand—a broker that provides clients with access to international stock markets. According to the company, Freedom24's client base exceeded 440,000, with $11 billion in accounts, in 2024. This audience could form the basis for further scaling the business in the region.

The European division's financial performance demonstrates steady growth. Net fee and commission income increased from $190.4 million in 2023 to $368.9 million in 2025, while profit after tax increased from $120.7 million to $252.7 million.

The key challenge ahead will be proving that Freedom’s ecosystem model - successfully implemented in Kazakhstan - can compete in Europe’s mature and highly regulated financial environment. The French banking project and the continued development of Freedom24 within the EU will serve as a critical test of the strategy’s scalability and universal appeal.

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