Midas, a pioneering FinTech startup based in Turkey, has recently concluded a significant equity funding round, raising an impressive $45 million.
This landmark investment represents the largest Series A funding round ever recorded in the Turkish FinTech sector. Midas achieved this milestone in less than three years since its establishment, with Portage leading the round. The investment also received contributions from notable entities such as the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, who have reaffirmed their support following an initial $11 million seed round in 2022.
Established in 2021, Midas has transformed the Turkish retail investment landscape by providing accessible, low-fee trading services to over two million users. This innovative platform is the first of its kind in Turkey, enabling seamless trading of both Turkish and US equities, thereby significantly reducing the barriers that once hindered access to international markets, such as high transaction fees and minimum balance requirements.
The infusion of fresh capital will be utilized to diversify Midas’s product range, which will soon include cryptocurrency trading, mutual funds, and an interest-generating savings account. These new offerings are expected to further democratize financial services in Turkey, making sophisticated financial tools accessible to the masses.
Furthermore, Midas plans to leverage the new funds to scale its operations and expand its geographical footprint over the next two to five years, with a focus on targeting other emerging markets. This expansion aligns with Midas’s long-term strategy to revolutionize 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, underscoring confidence in Midas’s customer-centric approach and its potential to disrupt the financial sector.
Expressing his enthusiasm about the new funding, Midas CEO Egem Eraslan stated, “We are delighted to announce our Series A fundraise, which is the largest ever by a Turkish FinTech. Just a few years ago, Turkey lacked a strong investing culture, and the market was stagnant – but thanks to Midas, that is changing. We have already provided millions of people in Turkey with affordable, quick access to US and Turkish equities. This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights. In the long term, we aim to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.”
Additionally, Paul Desmarais III, Co-Founder of Portage and CEO and Chairman of Sagard, commented on the investment, stating, “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 $11 million seed round in 2022, which helped establish its foundational services and team. The company has since grown to 210 employees from 70 in just over a year.
Source: fintech.global
