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Istanbul-based Midas, a fintech startup that has revolutionized retail investing in Turkey, announced today the successful completion of a $45 million Series A funding round. The round, which is the largest Series A ever for a Turkish fintech, was led by Portage with participation from International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital.
Since its launch in 2021, Midas has attracted over two million users by offering fast, low-cost access to Turkish and US equities, breaking down barriers like high transaction fees and minimum balance requirements that previously hindered retail investment in Turkey. The startup has also made significant investments in investor education, providing comprehensive, localised financial content for free.
The fresh capital will enable Midas to expand its product suite to include cryptocurrency trading, mutual funds, and savings accounts. The company also plans to more than double its team to over 400 employees and set its sights on expanding into other emerging markets in the next 2-5 years.
"This fundraise is a major milestone for Midas and a testament to the transformation we are driving in Turkey's financial landscape," said Egem Eraslan, CEO and founder of Midas. "We are excited to use this capital to further our mission of changing people's relationship with money and becoming a leading financial institution in the region."
Paul Desmarais III, Co-Founder of Portage and CEO and Chairman of Sagard, commented, “Midas is at the forefront of financial technology transformation in a region of early adopters. We are thrilled to support this ambitious team in their pursuit of financial inclusion and access to wealth-building tools for the Turkish people.”
