Midas raises $11m to turn stock and crypto platform into white label product
The fundraise will also drive Midas’ expansion as a provider of infrastructure to power the entire industry as its proprietary technology has proven to be quite attractive for the retail market. Midas has already partnered with one of the largest banks in Turkey.
Midas has raised $11 million in equity funding as the Turkish startup expands its retail investing platform for US and Turkish equities, prepares the launch of crypto products, and builds infrastructure to power banks and neobanks.
Founded in 2021, Midas claims to be the first retail investment app in Turkey to offer low commission trading, fractional shares and US equities.
Now, the trading platform is investing heavily in educating the market by producing easy to digest financial content for free. The company offers detailed profiles on companies, a daily podcast, and a weekly newsletter to make sense of the markets.
Fractional trading, Crypto, White Label platform
Midas has quickly grew its team to 70 people based in Instambul as the startup dealt with a large waitlist in April 2021 and has executed more than $100 million on the platform.
Egem Eraslan, CEO and founder of Midas, commented “We started Midas to change people’s relationship with money, for the better. The current environment in Turkey makes spending your money easy, but investing it, rather difficult. By building the most seamless investing experience, we are making investing effortless, as it should be.”
The funding round was led by Spark Capital and Earlybird Digital East Fund, with Nigel Morris, and Revo Capital also participating.
Midas was able to disrupt the onboarding process in Turkey by introducing “download-to-first trade in less than 10 minutes”, which passes as revolutionary taking into account the industry average of 5 days.
The Turkish jurisdiction is expected to soon move from mandatory physical KYC to video KYC soon, which will allow Midas to quickly adopt it and offer a better onboarding service for its clients.
Midas currently caters mostly to younger users, with over half of users being first time investors and under 30. 70% of the user base is under 35. “With a young and engaging user base and a superior product experience, we believe we are well positioned to build the future of investing in Turkey”.
The fundraise will also drive Midas’ expansion as a provider of infrastructure to power the entire industry as its proprietary technology has proven to be quite attractive for the retail market. Midas has already partnered with one of the largest banks in Turkey.
“We want neobanks to also utilize the Midas infrastructure to offer better investment products for their customers at the lowest costs. We believe every consumer finance company should work on growing their customer’s wealth, and Midas is here to help”.
