Freedom Broker Armenia has added 5,400 clients since the start of 2026, bringing its local client base to more than 18,000. Timur Turlov, founder of Freedom Holding Corp., announced the figures at the Second Investment and Financial Forum in Yerevan on September 30, DKNews.kz reports.
The growth comes as Freedom expands its investment offering and helps Armenian companies raise capital through securities placements.
For Freedom Holding Corp., Armenia’s appeal extends beyond domestic brokerage services. The group also uses the country’s financial infrastructure to serve international clients who turn to Armenian institutions for investment and banking products. Turlov sees further growth opportunities in stronger financial infrastructure, professional training and broader access to international capital.
Connecting Armenian Investors to Global Markets
Freedom Broker Armenia received its license from the Central Bank of Armenia in November 2021. The regulator expanded the company’s permitted activities in 2022, and operations began in February 2023.
Its brokerage infrastructure gives Armenian investors access to both domestic financial instruments and overseas stock markets, connecting a local client base to Freedom’s international network.
The business has grown considerably in its first few years. According to industry publications, the average value of a client transaction rose from $13,500 in 2023 to $45,300 in 2025. Aggregate client capital reached $2.3 billion at the end of 2025, an increase of 43.4% year on year.
Investment banking has developed alongside client activity. In 2023, Freedom Broker Armenia arranged the initial public offering of telecommunications company Team, raising approximately $19.8 million from around 1,000 investors. The broker continued working with Team Holding in 2025–2026, with the company’s bond placement program reaching the equivalent of approximately $35 million.
More Ways for Armenian Companies to Raise Capital
A broader brokerage infrastructure creates additional funding channels for local businesses. Companies can raise capital through public share offerings and debt securities, while investors can participate in domestic placements alongside trading on international markets.
In 2026, Team Holding conducted several rounds of US dollar-denominated bond placements with Freedom Broker Armenia. The second round, completed in April, involved a $10 million issue. The bonds had a face value of $100 each, a four-year maturity and an annual coupon rate of 8.75%.
Turlov also highlighted Armenia’s financial talent. He said local professionals already have experience in financial markets and can develop services for both Armenian and international investors. For Freedom, that expertise offers an opportunity to expand its operations as the wider market develops.
Kazakhstan Remains the Group’s Core Market
The Armenian operation forms part of Freedom’s broader brokerage network. Kazakhstan remains the group’s largest market, where it operates through two brokerage businesses: Freedom Finance and Freedom Finance Global.
At the end of 2025, Freedom Broker had 342,000 active client accounts in Kazakhstan. Investors completed 38.4 million securities transactions during the year, while newly opened brokerage accounts totaled 114,300, up 12% from the previous year.
Figures from Kazakhstan’s Agency for Regulation and Development of the Financial Market also illustrate the broker’s domestic position. Freedom Finance accounted for 41% of total brokerage-sector assets, 16% of trading volume and 30% of the number of transactions on the Kazakhstan Stock Exchange, or KASE.
The Armenian business is considerably smaller, but it plays a distinct role within Freedom’s international operations: developing the local capital market while connecting its participants to financial markets abroad.
Brokerage Growth Supports a Wider International Expansion
Freedom Holding Corp.’s financial results show growth across several parts of the business. For the fiscal year ended March 31, 2026, group revenue reached $2.19 billion, compared with $2 billion a year earlier. Net income approximately doubled, rising from $76.2 million to $153.3 million, while total assets reached $13.2 billion.
The number of brokerage accounts increased from 683,000 to 858,000 during the year. More than 56% held positive cash or asset balances at the fiscal year-end. Assets continued to grow after the reporting period, reaching approximately $14 billion by June 30, 2026.
The group’s geographic footprint is also expanding. In the first quarter of its 2027 fiscal year—the three months ended June 30, 2026—Freedom Holding reported a presence in 24 countries. Brokerage remained the largest revenue contributor among the group’s main business segments, generating $282.6 million during the quarter.
Armenia’s development is therefore part of a broader international expansion. Freedom is building its presence in additional markets while retaining Kazakhstan as one of its principal business centers.
DKNews.kz previously covered Freedom Holding’s entry into Türkiye and examined how the Turkish stock market works and where Turlov’s company plans to operate.
For more on Freedom’s development from a brokerage business into an international financial group, read “Timur Turlov: A Biography of Freedom Holding Corp.’s Founder”.
