A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp.

That’s the expectation of Freedom, a company currently mostly focused on Kazakhstan, but gradually transforming from a regional broker into a broader financial technology group across dozens of countries with its own digital infrastructure.

Freedom earlier this week confirmed it has applied for a French banking licence and outlined plans to invest €500mn in building a digital bank and related infrastructure in France over the next five years. 

Company founder and CEO Timur Turlov believes France could become a key entry point into the European Union’s banking market for Freedom.

If the regulator approves the application, Freedom would be able to build not only a brokerage platform in Europe, but also a banking platform. The scale of the investment suggests that this is an effort to build full-scale digital infrastructure for European clients.

The main challenge will be proving that the model that worked in Kazakhstan can compete in Europe’s more mature and heavily regulated markets. The French banking licence, a banking project under way in Turkey and the continued development of Freedom Finance Europe’s Freedom24 brand in the EU will test how universal Freedom’s ecosystem model can be.

Freedom’s broader international expansion strategy means Europe is increasingly becoming more than just a brokerage market. The company is moving toward a model that combines brokerage, banking, payments and everyday digital services in a single customer ecosystem.

Yevgeny Tyapkin, executive director of Freedom Europe, says: “We see that the next stage of growth in Europe is no longer only the development of the traditional brokerage business, but the expansion of the entire customer ecosystem around it. In this sense, we are talking about several areas, the first of which is banking services.”

Historically, the company’s European operations have grown through Freedom Finance Europe, which gives clients access to international stock markets.

That business already has a sizable client base. According to Freedom24’s public materials, the European trading platform had more than 440,000 clients in 2025. This existing audience could become the foundation for the next stage of Freedom’s development in Europe. 

The company says it has performed strongly financially in Europe. Net commission income in Europe grew from $190.4mn in 2023 to $368.9mn in 2025, and profit after tax increased from $120.7mn to $252.7mn.

Until now, Freedom Finance Europe has mainly offered European clients investment access through Freedom24, but it now aims to expand its offering with banking services, settlement products, cards, payment infrastructure, insurance solutions and other digital services.

Says Freedom: “A banking licence in France may serve as a key infrastructure milestone in Freedom’s effort to build a broader European ecosystem. The broker’s existing clients are a natural audience for new financial products, while the company’s experience developing a super app in Kazakhstan could help shape its European digital platform.”

Brokerage, meanwhile, remains an important foundation for Freedom’s international expansion, adds the company.

By the end of fiscal 2026, the number of Freedom Holding Corp brokerage accounts had increased by 25%, from 683,000 to 858,000. Brokerage revenue rose 16% year on year to $831.5mn, mainly driven by higher commission income and increased interest income.

“For Freedom, the brokerage business is important as a basis for deepening customer relationships. The company wants to expand from investments into banking products, insurance, payments, everyday services, and loyalty programs, an approach it has already tested in its home market,” says Freedom.

Freedom is already moving in this direction in several markets. In Turkey, the company has agreed to acquire 99.32% of Turkish Bank A.S. The deal still requires regulatory approval, but it shows that Freedom is seeking direct access to banking infrastructure in a large market.

The company plans to invest about $300mn in developing its banking and brokerage business in Turkey over the next few years. Its focus includes digital transformation, retail and SME services and the integration of banking, investment and brokerage products into a single platform.

The same logic now appears to be shaping Freedom’s plans in France. Turkey and France differ significantly in scale and competitive dynamics, but the strategic goal is similar: to build digital infrastructure that combines finance, investments, and everyday services around the customer.

For fiscal 2026, which ended March 31, 2026, Freedom’s revenue reached a record $2.19bn, compared with $2.0bn a year earlier. Net income more than doubled from $76.2mn to $153.3mn. Pre-tax profit amounted to $226mn, while earnings per common share totalled $2.56.

The improvement, says Freedom, reflects its growing diversification. Freedom earns revenue not only from brokerage commissions, but also from banking, interest income, trading operations, insurance, payments, e-commerce, telecommunications and other digital services.

The Freedom SuperApp plays a central role in the company strategy. By March, the app had surpassed 5mn users, while its monthly active audience grew to 2.59mn, compared with 1.02mn a year earlier. Through the SuperApp, users can access banking, insurance, travel, e-commerce, public services and other everyday digital products.