Turkish fintech startup Midas, has recently secured $45 million during a series A funding round led by Canadian investment firm, Portage. Midas is renowned for their innovative online investment platform. Having currently two million retail investors based primarily in Turkey, Midas is seeking to simplify and democratize investing.
Resolution of the funding round not only involves Portage but also several prominent international investors who appreciate the potential and value of Midas. The collected funds will fulfill a significant role in helping Midas speed up the development of its platform, aiming at improving user experience and diversifying offerings.
Midas is set at the forefront of Turkey’s fintech landscape by leveraging beneficial tools such as low trading fees and an abundance of investment information, encouraging financial independence among its users. The startup offers a unique opportunity to invest in both local Turkish and American stocks, providing exposure to global financial markets.
The founder and CEO, Egem Eraslan, launched Midas around three years ago with a user-driven experience and self-built platform on a less than $500,000 budget.
Midas raises funds to expand fintech platform
Eraslan identified an opportunity to educate the masses about the capital market’s value and potential, building a user-friendly product despite significant financial constraints.
By managing their own clearing and custody, Midas differentiates itself from American counterparts like Robinhood, ensuring client security and efficient transaction processing. The recent funding allows Midas to aim for product expansion to include cryptocurrency trading, mutual funds, and savings account options. They also express interest at extending their services to the Middle Eastern and North African regions.
Backing Midas in their recent funding round were investors like International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital. Cem Sertoglu from Earlybird Digital East Fund commended Midas for its successful penetration of the domestic market in the 11th largest economy worldwide. Concurrently, Paul Desmarais III of Portage highlighted Midas’s pivotal role in transforming Turkey’s financial landscape.
