Midas, a trailblazing FinTech startup from Turkey, has recently completed a monumental equity funding round, raising $45m.
This significant investment marks the largest Series A funding round in the Turkish FinTech sector to date. Midas has achieved this milestone less than three years since its inception, with the round being spearheaded by Portage. The investment also saw contributions from the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, who have reaffirmed their support following an initial $11m seed round in 2022.
Founded in 2021, Midas has revolutionised the Turkish retail investment landscape by offering accessible, low-fee trading to over two million users. This innovative platform is the first in Turkey to provide seamless trading of both Turkish and US equities, significantly lowering the barriers that once restricted access to international markets, such as exorbitant transaction fees and high minimum balance requirements.
The fresh capital injection will be used to diversify Midas’s product range, which will soon include cryptocurrency trading, mutual funds, and an interest-generating savings account. These additions are expected to further democratise financial services in Turkey, making sophisticated financial tools available to the masses.
Moreover, Midas plans to use the new funds to scale its operations and expand its geographical footprint over the next two to five years, targeting other emerging markets. This expansion is aligned with Midas’s long-term strategy to transform how the Turkish population interacts with financial services, positioning the company as a key player in the regional financial ecosystem.
The commitment from its investors comes at a time when global FinTech investments have plateaued, highlighting the confidence in Midas’s customer-centric approach and its potential to disrupt the financial sector.
Midas CEO Egem Eraslan expressed his enthusiasm about the new funding: “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.”
In addition, Paul Desmarais III, Co-Founder of Portage and CEO and Chairman of Sagard, remarked on the investment: “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.”
Midas’s previous investments include an $11m seed round in 2022, which helped establish its foundational services and team, which has now grown to 210 employees from 70 in just over a year.
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