Freedom Holding is betting on a super app
Freedom Holding is repositioning itself—and launching a head-on attack against the established digital giants in Kazakhstan. The former brokerage firm has transformed into a diversified fintech company that is building a comprehensive digital ecosystem with its own super app.
The mobile platform is designed to do far more than provide traditional banking services. It combines financial services, e-commerce, travel, and everyday functions into a single application. The goal is to build long-term user loyalty to the platform and establish itself as a central digital access point for everyday life.
Today, the app has around 5.2 million users—more than a quarter of Kazakhstan’s population. In total, the group’s ecosystem encompasses over 11 million customers across brokerage, banking, and insurance.
Rapid Growth and a Clear Competitive Strategy
Growth was exceptionally rapid. After launching in April 2024, the app initially reached 500,000 users by the end of the year. By January 2025, the number had already reached 1.4 million. Over the following months, millions more were added, so that by April 2026, the platform had surpassed the 5.2 million user mark.
At this pace, Freedom Holding is closing in on a dominant market player: Kaspi, the country’s leading payment service provider. While Kaspi has long controlled around 85 percent of the market, Freedom now holds a share of about 15 percent—at the expense of its established competitor.
CEO Timur Turlov emphasizes that competition is possible even in highly concentrated markets. What matters is not a single feature, but the combination of many offerings within an integrated platform.
Customer Loyalty Through Share Ownership
A central element of the strategy is an unusual bonus program. Cashback is not simply paid out, but automatically converted into fractions of Freedom Holding shares. The company refers to this model as “Freedom Currency.”
With this, Freedom is pursuing a two-pronged approach: users should not only remain customers but also identify with the company as shareholders. The platform’s economic development is thus directly linked to the interests of its users.
At the same time, the company is expanding into additional business areas. The travel sector is developing particularly dynamically. Freedom reports having significantly increased its share of the Kazakh domestic flight market. Technologically, the platform relies on direct interfaces with airlines and its own route planning solutions.
From Financial Services Provider to Digital Infrastructure
Freedom views its super app not merely as a transactional tool, but as a comprehensive platform for everyday life. In addition to traditional financial services, the company is increasingly integrating areas such as insurance, ticketing, and digital services.
In the long term, education, healthcare offerings, and urban services are also to be integrated. This shifts the app’s role: away from a standalone product toward a kind of digital infrastructure that connects various areas of life.
According to management, the decisive competitive advantage lies not in individual features, but in the depth of integration and the ability to retain users over the long term.
Artificial Intelligence as the Next Phase
Another focus is on the integration of AI functions. At the center is a voice-based assistant capable of handling numerous tasks—from money transfers to managing accounts and bills.
The assistant supports commands in Kazakh and Russian and is designed to simplify the app’s operation. Initial usage data shows that basic functions such as money transfers and account balance inquiries are in particularly high demand.
Freedom is also expanding its offerings for businesses. Through a separate platform, small and medium-sized enterprises gain access to automation tools and AI applications. As a result, the app is increasingly evolving into a tool for business processes and not just for private users.
Expansion Beyond Kazakhstan
Kazakhstan serves as a test market for the company’s model. The relatively young and digitally savvy population, along with government digitalization initiatives, provide favorable conditions for such platforms.
Freedom is now planning to expand into other markets. The first steps are being taken in Tajikistan, with other countries such as Georgia and Turkey on the agenda. An expansion into Europe is also being considered.
In doing so, the company is deliberately relying on a ready-made, proven system—not a traditional startup model. All services are to be bundled under a single brand.
Whether the concept can gain traction internationally remains to be seen. One thing is clear, however: Freedom Holding has quickly evolved from a specialized broker into a diversified digital platform provider—and is now challenging the established market leaders in its home country.
