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The $45 million funding was led by Portage and is one of the largest Series A rounds in Turkish history.
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The new capital will help Midas roll out a number of new product lines, including crypto trading, mutual funds and savings products, with plans to double its headcount to more than 400 and expand into emerging markets.
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Midas reached profitability last year and has 2 million users since its launch in 2021, as the company looks to revolutionize Turkey's investment market and expand into new markets.
ISTANBUL, Turkey–(Newsfile Corp. – April 22, 2024) – Midas, the fintech startup that brought retail investing to millions of people in Turkey, today said it has raised $45 million in equity funding. Announced. This new capital will enable Midas to expand and roll out his three new products: crypto trading, mutual funds, and savings accounts.
Personal investment startup Midas raises $45 million to roll out cryptocurrencies, mutual funds and savings account products
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This is the largest Series A funding ever raised by a Turkish fintech company and comes less than three years after Midas' launch. The funding was led by Portage with participation from International Finance Corporation, with Spark Capital, Earlybird Digital East Fund, and Revo Capital doubling their previous investment in the company's $11 million seed round in 2022.
Since its launch in 2021, Midas has opened the Turkish retail investment market to more than 2 million users. Previously, users faced onerous transaction fees and hefty minimum balance requirements of up to $25,000 in some cases to access U.S. 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. In doing so, we will be a pioneer in providing Turkey's most comprehensive localized financial content for investors.
This new funding will enable Midas to expand its services, including access to mutual funds, interest-bearing savings products, and crypto trading. Midas also plans to expand beyond Turkey and target emerging market countries in the next two to five years. 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.
The new capital will help Midas roll out a number of new product lines
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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 did not have a strong investment culture and the market was stagnant. But thanks to Midas, that's about to change.'' We are already providing affordable and fast access to millions of people in Turkey, and with this funding we will expand our portfolio of mutual funds, savings products and virtual You can further expand your currency trading with a long-term perspective. We want to broaden our horizons and expand our geographical footprint beyond Turkey and become a prominent player in the region. ”
Paul Desmarais III, Co-Founder of Portage, CEO and Chairman of Sagard. “Midas is leading a wave of change in Turkey's financial landscape. Globally, Portage is investing in innovative financial technology, and Midas is poised to lead that effort in a region of early adopters. We are very happy to join and support the development of Midas.''This ambitious team brings financial inclusion and access to wealth creation tools to the Turkish people. ”
The raise will also help Midas double its headcount. Currently, a team of 210 people works in the Istanbul office, and in 2022 the number of employees will already triple.
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 in Turkey easy for first-time investors through its fast and easy-to-use digital stock brokerage 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. Last year alone, he saved his clients $70 million in fees.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206440.
