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of $45 The $1 million fundraising effort was led by Portage; Türkiye's Largest Series A round in history
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The new capital will help Midas roll out a number of new product lines, including: cryptocurrency Offering trading, mutual funds and savings products, the company plans to double its workforce to more than 400 and expand into emerging markets.
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Midas reached profitability last year, has 2 million users since its launch in 2021, and the company is on the path to revolution. Türkiye's Cultivate investment markets and expand into new markets
istanbul, April 22, 2024 /CNW/ — midasa fintech startup that brought personal investing to millions of people. turkeyIt was announced today that the $45 million In stock investment. This new capital will enable Midas to expand and roll out his three new products: cryptocurrency Trading, mutual funds, savings accounts.
This is the largest Series A funding ever raised by a Turkish fintech company and comes less than three years after Midas' launch. The financing was led by Portage, with participation from International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, doubling their previous investment in the company. $11 million The seed round will be in 2022.
Midas launched in 2021 and has been open since. Türkiye's Over 2 million users participate in the personal investment market. Previously, users faced onerous transaction fees and high minimum balance requirements that could reach maximum amounts in some cases. $25,000, access US stocks. Midas is the first company to offer quick and seamless access to Turkish and US stocks with low fees through its app.
Midas has also invested heavily in market education by producing easy-to-understand financial content for free. These include real-time stock market data and news, in-depth company profiles, in-depth documentaries, daily podcasts, and weekly newsletters to help investors navigate the markets.That's how you become a pioneer Türkiye's The most comprehensive localized financial content available for investors.
With the new funding, Midas will invest in investment trusts, interest-bearing savings products, cryptocurrency transaction. Midas expects its business to grow more than ever in the next two to five years. turkey, has plans to target emerging market countries. With new products and expansion plans, the company will advance its mission to become the region's leading financial institution, transforming not only investments but also Turkish people's relationship with money.
This increase also comes amid a global slump in fintech investment over the past two years, and we are committed to prioritizing customer experience above all else and continually improving the ease of use and low cost of our investment products. It shows continued investor confidence in Midas' strategy to disrupt the market.
Egem Eraslan, CEO and Founder of Midas, said:: “We are pleased to announce our Series A funding, the largest ever raised by a Turkish fintech company. Just a few years ago, turkey Without a strong investment culture, the market was stagnant, but thanks to Midas, things are changing. We have already provided millions of people with fast, affordable access to US and Turkish stocks. turkey. With this funding, investment trusts, savings products, cryptocurrency We are conducting transactions right in front of our eyes. In the long term, we would like to broaden our horizons and further expand our geographical footprint. turkey To become a prominent player in the region. ”
Paul Desmarais IIIco-founder, CEO and chairman of Portage sagard. “Midas is leading a wave of internal change Türkiye's finance condition. Portage invests in innovative financial technology globally, and Midas is poised to lead that effort in the early adopter region. We are excited to join Midas in its development and support this ambitious team in bringing financial inclusion and access to wealth creation tools to the Turkish people. ”
The raise will also help Midas double its headcount. We currently have a team of 210 people working in the following offices: istanbulthe number of employees will already triple in 2022.
Erasran continued.“We have a long-term vision for this company and short-term market conditions will not stand in the way of that.'' This is an important vote of confidence.”
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About Midas
Founded in 2020, Midas makes investing easy for first-time investors. turkey Via a fast and easy-to-use digital stockbroking app.
These factors meant that there was no app on the market that allowed people to easily invest in Turkish or US stocks, and Midas filled that gap. Midas offers low trading fees for investing in US stocks, fractional investing, and free live market data. The Borsa Istanbul (Turkish Stock Market) product allows commission-free trading of Turkish stocks.
To date, Midas has over 2 million total users, and that number is expected to grow to 5 million by the end of 2024. Just last year, $70 million at a fee to the customer.
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