Midas, an Istanbul-based retail investing startup, has secured $80m in a Series B funding round, marking the largest investment to date in a Turkish FinTech.
The round was led by QED Investors, with participation from the International Finance Corporation, HSG, QuantumLight founded by Revolut’s Nik Storonsky, Spice Expeditions LP, George Rzepecki, Spark Capital, Portage Ventures, and Bek Ventures, according to Finextra.
Founded in 2020, Midas provides a digital investment platform that offers customers access to Borsa Istanbul, US stock markets, mutual funds and cryptocurrencies through a single app. The firm has grown rapidly, now serving 3.5m customers across Turkey.
The company intends to use the capital, which brings the company’s total funding raised to more than $140m, to expand its product suite for more sophisticated investors.
Having recently introduced margin investing, advanced analytics and its Midas Pro service, the firm now plans to roll out derivatives trading across both Turkish and US equities.
Alongside its expansion plans, Midas said it will also use the fresh capital to further strengthen its technology infrastructure and security standards as it builds what it calls a “comprehensive ecosystem” for retail investors.
Midas CEO Egem Eraslan said, “From day one, our mission has been to make investing accessible, affordable, and seamless for everyone. Today, millions of people manage their investments through Midas.
“With this new funding, we are building a comprehensive ecosystem that unifies all investment needs on one platform, while further strengthening our security and technology infrastructure.”
Prior to this Series B, Midas had already secured earlier funding rounds, bringing its total to more than $140m raised to date.
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