Freedom Holdings Seeks French Banking License Amid US Probe

Freedom Holdings has initiated a bid to enter Europe's digital banking sector by applying for a banking license in France. This strategic move represents a significant expansion into the European market for the fintech company, which is headquartered in Kazakhstan.

The application, if approved, would mark Freedom Holdings as potentially the first formerly Russian-affiliated business to establish a banking presence in the European Union since 2022. The company's leader, Timur Turlov, expressed confidence in replicating the technological success seen in Kazakhstan within the European landscape.

Freedom Holdings' ambitions in Europe are unfolding while its Nasdaq-listed parent company is undergoing examination by the US Securities and Exchange Commission (SEC). The SEC has issued a Wells Notice concerning the group's accounting practices related to internalised trades, a review that commenced in 2021.

Despite the ongoing SEC investigation, Freedom Holdings is proceeding with its European expansion, targeting up to 50 million customers within three years. The company plans to offer a range of services including retail loans, investments, and lifestyle products through its proposed digital bank in France.