Freedom Holding Corp. is preparing a major push into Europe’s digital banking market, positioning itself as a potential competitor to Revolut with plans to build a full-service fintech ecosystem across the region.
The Nasdaq-listed financial holding company, originally known to many European investors through its Freedom24 brokerage platform, has submitted applications for a banking license in France. If approved, the license would allow Freedom to expand banking services across the European Union through the bloc’s “passporting” framework.
The company plans to invest around €500 million over five years into its European banking initiative, making the project one of the most ambitious international fintech expansions from Kazakhstan to date.
Why France Matters for Freedom Holding’s European Expansion
Europe remains a fragmented banking market, but EU rules allow licensed financial institutions in one member state to offer services across the wider bloc. By targeting a French banking license, Freedom Holding is aiming to secure a regulatory base that could support wider expansion across Europe.
This strategy mirrors the path taken by Revolut after Brexit. The UK-based fintech secured a banking license in Lithuania, giving it the ability to serve customers across the EU while maintaining access to the European financial market.
Freedom now appears to be pursuing a similar model, but with a broader ecosystem approach that goes beyond traditional banking and investing.
Freedom SuperApp Takes Aim at Europe’s Digital Finance Market
Freedom Holding’s growth strategy is centered on its Freedom SuperApp, a digital platform that combines financial and lifestyle services in one place.
The company’s ecosystem already includes investment services, banking products, payments, insurance, cryptocurrency-related services, travel bookings, food and grocery delivery, and event ticketing. According to the company, its travel platform offers access to more than 3.5 million bookable properties worldwide.
This super-app model has already been tested in Kazakhstan, where Freedom has built a broad digital ecosystem serving a market of around 20 million people. The company now wants to scale that model internationally.
Europe is expected to be a key part of that plan, with Freedom Holding aiming to attract up to 50 million new customers in the region within three years of launching its banking business.
How Freedom Compares With Revolut
Revolut has become one of Europe’s most successful fintech companies by combining banking, currency exchange, payments, investing, and business finance tools in a single app.
Founded in 2015, Revolut now serves more than 75 million users and has become one of Europe’s largest fintech platforms. Its rapid rise has shown that consumers are willing to shift away from traditional banks when digital-first alternatives offer lower costs, faster onboarding, and more flexible financial tools.
Freedom Holding is following a comparable path. Like Revolut, it wants to create a unified financial platform that supports banking, investments, payments, and additional services. However, Freedom is entering Europe with an existing brokerage presence through Freedom24, giving it an established user base and brand recognition among European investors.
Freedom24 Could Support the European Banking Launch
Freedom24 has already helped Freedom Holding build a presence in Europe by offering access to international stock markets. The company says the platform had more than 440,000 clients and $11 billion in accounts in 2024.
That existing customer base could become an important launchpad for Freedom’s banking products if regulators approve the French license. By converting brokerage clients into banking and ecosystem users, Freedom may be able to reduce customer acquisition costs and accelerate adoption.
The company’s European division has also shown strong growth. Net fee and commission income reportedly rose 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 over the same period.
Strong Financial Results Support Expansion Plans
Freedom Holding’s broader financial performance gives the company a stronger foundation for international expansion.
For the fiscal year ended March 31, 2026, Freedom reported record revenue of $2.19 billion, compared with $2 billion the previous year. Net profit more than doubled from $76.2 million to $153.3 million, while pre-tax profit reached $226 million.
The company’s ecosystem currently serves around 14 million customers, and CEO Timur Turlov expects that number to rise significantly as Freedom expands outside Kazakhstan.
In addition to Europe, Freedom is also targeting Turkey and Georgia. The company is reportedly considering a banking license in the United States and plans to invest $300 million into building an ecosystem in Turkey, a highly digitalized financial market with a population of about 86 million.
Europe Will Be a Major Test for Freedom Holding
Freedom Holding’s biggest challenge will be proving that its Kazakhstan-tested ecosystem can succeed in Europe’s mature and tightly regulated financial market.
European consumers already have access to digital banks, investment apps, payment platforms, and crypto services. To compete with Revolut and other fintech leaders, Freedom will need to offer a strong user experience, competitive pricing, regulatory trust, and a clear reason for customers to move more of their financial lives into its SuperApp.
If Freedom secures a French banking license, it could mark a turning point for Kazakhstan’s fintech sector and create a new challenger in Europe’s digital banking race.
For now, the company’s European ambitions show how fintech competition is becoming increasingly global. Revolut may have set the standard for super-app banking in Europe, but Freedom Holding is betting that its own ecosystem can win a place in the market.