A $45 million Series A fundraising round was secured by Midas, a retail investing business situated in Istanbul, Turkey. Leading the round was Portage, with participation from Spark Capital, Earlybird Digital East Fund, Revo Capital, and International Finance Corporation.
With ambitions to increase its workforce to more than 400 people and enter growing markets, the company hopes to use the capital to launch a number of new product lines, including cryptocurrency trading, mutual funds, and a savings product.
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Midas is a fintech business that introduced retail investing to millions of individuals in Turkey, under the direction of CEO Egem Eraslan. The company provides minimal commission rates for access to US and Turkish shares through its app.
Additionally, Midas has made an investment in market education by providing free financial content. To assist investors in navigating the markets, these resources include up-to-date stock market statistics and news, comprehensive company profiles, in-depth documentaries, a daily podcast, and a weekly newsletter.
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At present, the company employs 210 individuals out of its Istanbul office; by 2022, that figure will have tripled.
Egem Erslan 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.”
About Midas
Midas is a fintech startup that brought retail investing to millions of people in Turkey. With its app, the company offers access to Turkish and US equities with low commission fees.
