S&P Global Ratings has upgraded the credit ratings of several subsidiaries of Nasdaq-listed Freedom Holding, raising ratings on Freedom Finance, Freedom Finance Europe, Freedom Finance Global and Freedom Bank Kazakhstan to “BB-” with stable outlooks, Freedom Holding said in a press release on June 25.

The credit rating agency also upgraded the long-term Kazakhstan national scale ratings of Freedom Finance and Freedom Bank Kazakhstan to “kzA-”, the company’s statement said.

S&P said the upgrades reflect improved risk management across the group and stronger oversight of operational and financial risks as Freedom continues to expand beyond Kazakhstan. Freedom Holding’s own rating remained unchanged at “B-” with a stable outlook.

Freedom has strengthened its ability to manage sanctions compliance, cybersecurity, reputational, regulatory and cryptocurrency-related risks across its growing business, the statement noted.

S&P said it expects Freedom to maintain strong capitalisation over the next 12 to 24 months despite ongoing investments in telecommunications and consumer-focused businesses, the company noted.

The agency added that the group’s earnings remained robust, citing a three-year average operating profit-to-risk-weighted-assets ratio of around 2.2% between March 2024 and March 2026.

S&P also highlighted Freedom’s position as one of Kazakhstan’s leading digital fintech ecosystems, supported by its SuperApp platform. Monthly active users of the application reached around 2.6mn in March 2026.

The rating review incorporated Freedom Holding’s fiscal year 2026 annual report, which showed record revenue of $2.19bn and a doubling of net income to $153.3mn.

The company also reported strong customer growth across key business segments. Banking clients doubled to 5.03mn, while brokerage accounts increased 26% to 858,000.

Across insurance and other segments, Freedom serves around 2.2mn users. Its total ecosystem client base across all markets exceeded 14mn by the end of fiscal 2026.

CEO Timur Turlov said international expansion remains central to the group’s long-term strategy.

“We are already seeing strong growth in Europe, are close to obtaining banking and brokerage licences in Turkey, and are actively developing our business in the United States and the Middle East,” Turlov said.

Freedom is currently expanding into new international markets. The company recently applied for a banking licence in France. It plans to invest €500mn ($580mn) in the country, which will serve as a gateway to the EU, while it is also allocating $300mn to expand operations in Turkey.