Midas, a Turkish fintech startup, announced a $45 million Series A fundraise, the largest ever for the Turkish fintech company.
Midas, Turkey’s retail investing app, announced in a press release that it had secured $45 million from investors to increase its products, especially in cryptocurrency trading.
Portage of Canada spearheaded the Series A fundraising round, in which International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital also participated. Egem Eraslan, the founder of Midas, said:
“Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing. We have already brought affordable, quick access to U.S. and Turkish equities to millions of people in Turkey”
With its launch in 2021, Midas is a smartphone application that provides access to Turkish and US equities and claims to have over two million users. Midas intends to expand its range of financial offerings with the funding round, including mutual funds, interest-bearing savings accounts, and cryptocurrency trading—though specifics about the latter are still unknown.
In the next two to five years, the company plans to use the funds to expand into the MENA region, a region that is located outside of Turkey. The capital infusion will also support Midas’ expansion plans, enabling it to hire twice as many people as its existing Istanbul-based workforce of 210.
According to TechCrunch, Midas appears to have raised the most money of any Turkish fintech in the last few years, trailing only Param, an integrated finance business that raised $50 million in investment in 2022.
