Midas, an Istanbul, Turkey-based retail investing startup, raised $45M in Series A funding.
The round was led by Portage, with participation from International Finance Corporation, and Spark Capital, Earlybird Digital East Fund, and Revo Capital.
The company intends to use the funds to roll out a host of new product lines including crypto trading, mutual funds, and a savings product, with plans to double its headcount to 400+, and expand into emerging markets.
Led by CEO Egem Eraslan, Midas is a fintech startup that brought retail investing to millions of people in Turkey. Via its app, the company offers access to Turkish and US equities with low commission fees.
Midas has also invested in educating the market by producing financial content for free. These include real-time stock market data and news, detailed company profiles, in-depth documentaries, a daily podcast, and a weekly newsletter to help investors navigate the markets.
The company currently has a team of 210 people working from its office in Istanbul, already triple the number of employees in 2022.
Commenting on the news, 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.”
FinSMEs
22/04/2024