Midas, a wealthtech startup focused on making retail investing accessible to all, has successfully secured $45 million in equity funding to enhance its product range.
The Series A round was spearheaded by Toronto-based venture capital firm Portage, which had previously co-led a £25 million Series A funding round for UK-based startup Zilo earlier this year. Additional support for Midas came from Earlybird Digital East Fund, International Finance Corporation, Spark Capital, and Revo Capital, all of whom had participated in the startup’s $11 million seed round back in 2022.
With this fresh influx of capital, Midas, which achieved profitability for the first time last year, is poised to introduce three new product offerings: mutual funds, savings accounts, and crypto trading.
To facilitate the development and launch of these new products, Midas plans to further expand its workforce. The company has already tripled its headcount to 210 employees over the past two years.
Egem Eraslan, CEO and founder of Midas, emphasized that the funding will also fuel the company’s expansion beyond its current market in Turkey. Midas aims to broaden its geographic footprint and target countries in the emerging world over the next two to five years.
Founded in 2020, Midas aims to bridge the gap in the market for first-time investors in Turkey who are interested in investing in US stocks. Its stock brokerage app currently serves two million users, offering fractional investing options, free live market data, and low transaction fees for investments in US stocks.
Source: fintechfutures.com
