Turkey-based retail investing startup Midas has raised $45m in Series A funding round to expand and launch three new products, namely mutual funds, cryptocurrency trading, and savings accounts.
The equity funding round was led by fintech and financial services investment platform Portage. It also had participation from International Finance, Spark Capital, Revo Capital, and Earlybird Digital East Fund.
Portage co-founder and CEO and Sagard chairman Paul Desmarais III said: “Midas is leading a wave of transformation within Turkey’s financial landscape. Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters.”
Launched in 2021, Midas enables first-time investors in Turkey to effortlessly invest through its fast, easy-to-use digital stock brokerage app.
The fintech firm is said to offer low transaction fees for investments in US stocks, fractional investing, and free live market data.
According to Midas, it has over two million total users and the number is estimated to increase to five million by the end of this year.
Midas CEO and founder Egem Eraslan 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 US and Turkish equities to millions of people in Turkey.
“This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights. Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.”
Midas plans to expand beyond Turkey in the next two to five years, targeting countries in emerging markets.
The company’s new products and expansion plans will help it to move forward with its mission of changing Turkish people’s relationship with money.
The new capital will also enable Midas to double its headcount. Currently, the startup has a team of 210 people based at its office in Istanbul.