Kazakh billionaires are steadily entering the Turkish market, turning their investment goals into reality. While Kazakh investors acquire major Turkish assets such as e-commerce giant Hepsiburada, logistics firm Navlungo, and T-Bank, Timur Turlov—one of Kazakhstan’s wealthiest individuals with a net worth of $2.2 billion—has taken his first step into Turkey with his investment company. Turlov has established Freedom Investment Securities (Freedom Yatirim Menkul Degerler) and plans to allocate approximately 30% of his annual revenue to growth in Turkey and later the United Arab Emirates (UAE).
Last year, Kazakhstan-based Kaspi.kz made one of the most significant acquisitions in Turkey by purchasing a 65.4% stake in Hepsiburada for $1.127 billion. The company has also initiated talks with Lebanon’s Hariri family to acquire T-Bank. Additionally, another Kazakh entity, MOSTVentures, has invested in Turkish logistics firm Navlungo.
Freedom Holding’s Investment Move in Turkey Approved
Freedom Holding, owned by Timur Turlov, has successfully turned its search for investment opportunities in Turkey into reality. According to the Turkish Capital Markets Board (SPK), Turlov was granted approval to establish a new brokerage firm under the name Freedom Yatirim Menkul Degerler A.S. This marks the billionaire’s entry into Turkey’s financial market at the beginning of 2025.
Writing for Dunya newspaper, Kerim Ulker commented:
“The company is preparing to enter the Turkish market following its presence in the U.S., Ukraine, and Russia. Turlov, whose Freedom Holding is listed on the Nasdaq Stock Exchange, is making significant strides in the financial sector. This move highlights the increasing influx of Kazakh investments into Turkey. Notably, Kaspi.kz’s acquisition of Hepsiburada last October marked a major milestone, with 65.4% of the company purchased for $1.127 billion from the Dogan family.”
A Self-Made Billionaire Born During the Global Financial Crisis
Born in Russia, Timur Turlov began his career at the Moscow branch of the American investment firm World Capital Investments (WCI). In 2005, he joined Yutreyd, a subsidiary of Uniastrum Bank, handling U.S. stock market operations. After Yutreyd shut down during the 2008 global financial crisis, Turlov founded Freedom Finance to provide access to U.S. stock markets and brokerage services.
Freedom Holding: A Nasdaq Pioneer and Global Player
In 2018, Freedom Holding won the “Russia’s Financial Elite” award for being one of the fastest-growing brokerage firms. By 2022, it ranked as the eighth-largest brokerage operating on the Moscow Stock Exchange.
Turlov relocated to Kazakhstan in 2011, where he established Freedom Finance JSC. He has since expanded operations to Ukraine, Kyrgyzstan, Uzbekistan, Germany, and Cyprus. In 2019, he listed Freedom Holding on the Nasdaq Stock Exchange, making it the first Russian financial institution to be listed on Nasdaq.
$2.2 Billion Net Worth and Expansion Plans
After Russia’s invasion of Ukraine, Turlov relocated all his operations to Kazakhstan. With a net worth of $2.2 billion, he is now Kazakhstan’s seventh-richest individual and serves as the president of the Kazakhstan Chess Federation.
Freedom Holding has grown through acquisitions, including Ukranet in Ukraine, Zerich Capital Management in Russia, Bank Kassa Nova JSC (now Bank Freedom) in Kazakhstan, and Prime Executions in the U.S. Turlov plans to expand Freedom Holding into the UAE market after Turkey, allocating 20-30% of the company’s annual revenue to growth in both regions.
With offices in 14 cities across Kazakhstan, as well as Kyrgyzstan’s capital Bishkek, Freedom Holding has also secured a banking license in Tajikistan. Turlov, who has long aimed to acquire a bank in Europe, is now expected to include banking in his growth plans for Turkey.
Currently, Freedom Holding generates approximately $600 million in annual revenue and holds $5.4 billion in assets.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök