Midas raises $45 million to expand brokerage beyond Turkey

Rick Steves

Midas has raised $45 million in equity funding to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts.

The Turkey-based investing platform was launched in 2021 and has opened up the country’s retail investment market to more than two million users. The successful client onboarding was much driven by low commission fees and low minimum balance requirements to access US and Turkey stock markets.

Since then, the trading app has also invested heavily in educating the market by producing real-time stock market data and news, detailed company profiles, in-depth documentaries, a daily podcast, and a weekly newsletter to help investors navigate the markets.

Midas will launch mutual funds, savings products, and crypto

The $45 million in equity funding was the biggest ever Series A fundraising by a Turkish fintech, according to the announcement. The fundraiser was led by Portage, with participation from International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital. The company’s seed round in 2022 raised $11 million.

The new funding will allow Midas to grow its offering to include access to mutual funds, an interest-generating savings product, and cryptocurrency trading.

In the next two to five years, Midas also projects that it will expand beyond Turkey, with plans to target countries in emerging markets. The raise will also help Midas double its headcount. It currently has a team of 210 people working from its office in Istanbul, already triple the number of employees in 2022.

“We want to broaden our horizons and expand our geographic footprint”

Egem Eraslan, CEO and founder of Midas, said: “We are delighted to announce our Series A fundraise, which is the biggest ever by a Turkish fintech. 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.”

“We have a long-term view for this company, and short-term market conditions have not hindered that. The raise comes as a significant vote of confidence in our mission to transform investing in the region.”

Paul Desmarais III, Co-Founder of Portage and CEO and Chairman of Sagard, added: “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. We are very pleased to participate in the development of Midas and to support this ambitious team in bringing financial inclusion and access to wealth-building tools to the Turkish people.”

Read this next

Industry News

Citi fined £61 million after $189 billion algo order by mistake

The regulator noted that some primary controls at Citi were absent or deficient. In particular, there was no hard block that would have rejected this large erroneous basket of equities in its entirety and prevented any of it reaching the market.

blockdag

Retik Finance Uniswap Listing Shocker: Why Presale Investors Are Abandoning $RETIK for BlockDAG’s Astounding 30,000x ROI

Explore how major influencers champion BlockDAG’s 30,000X ROI, overshadowing Retik Finance’s Uniswap listing and shifting investor focus.

blockdag

Crypto Influencer ‘Crypto Jogi’ Names BlockDAG the Leading Investment for 2024, Outshining Retik Finance Exchange Listing

Explore why ‘Crypto Jogi’ has singled out BlockDAG as the investment to watch in 2024, shifting focus from Retik Finance’s upcoming exchange listings.

blockdag

Over the Moon or Lost in Space? MoonBag Presale vs. Retik Finance and Pepe Coin

Discover why MoonBag presale is the best crypto presale 2024, surpassing Pepe Coin and Retik Finance with innovative features and high returns. Don’t miss out!

Digital Assets

Uniswap challenges SEC’s planned lawsuit over decentralized exchange

Decentralized finance (DeFi) exchange Uniswap is moving to address a looming regulatory spat with the U.S. Securities and Exchange Commission (SEC).

Digital Assets

Solana trader turns $2K into $2.26 million with 1DOL bet

The Solana ecosystem has proven to be a profitable environment for both savvy traders and lucky speculators. In line with this trend, memecoin trader invested 2,275worth of Solana (SOL) to buy a stash of meme coins, which then became worth $2.26 million in just eight hours.

Executive Moves, Uncategorized

Bitget appoints Gracy Chen as CEO

“I’m extremely honored to step into the role of CEO at Bitget. Over the past six years, we’ve built a robust foundation and an incredible team. Bitget has transformed into a leading crypto platform, consistently innovating to create value for our 25 million users. I’m excited to lead our global expansion to new heights.”

Digital Assets

Seven crypto exchanges pull out of license race in Hong Kong

The number of cryptocurrency exchanges seeking operational licenses in Hong Kong is steadily decreasing as the deadline approaches. Most recently, three crypto exchanges withdrew their license applications filed with the Securities and Futures Commission of Hong Kong (SFC).

<