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Midas Raises $45M to Revolutionize Turkish Investing

Midas, a fintech startup empowering Turkish investors to trade in U.S. & Turkish equities, has secured $45M in a funding
April 21, 2024

Midas, a fintech startup enabling Turkish investors to trade in U.S. and Turkish equities, has announced a successful $45 million funding round led by Canada's Portage.

The startup, aimed at Turkey’s retail investor market, boasts over 2 million users and promises significantly lower transaction and commission fees for Turkish customers investing in U.S. or Turkish stocks. It provides financial content, real-time stock market data, news, and company profiles, aiming to educate what many consider to be an emerging market.

Egem Eraslan, CEO and founder of Midas, explained the company's success, saying, “If you came to Turkey three years ago, there were only 1.5 million investors. That’s in a country of 80 million. Capital markets’ penetration rates were very, very low. Mobile banking in Turkey is very good and widespread, but there was a lack of investment in equities products because of a lack of infrastructure.”

Midas managed to change this dynamic by building its own infrastructure, providing a user-friendly experience. Eraslan stated, “We were extremely capital-efficient. We built much of the initial infrastructure product and licensing with less than $500,000, and that allowed us to launch, get traction, raise capital and break that deadlock. We might be the only new broker in the world that launched self-clearing, self-custody and self-execution.”

While Midas shares similarities with U.S.-based Robinhood, Eraslan pointed out that the company had to take a different approach in Turkey, launching multiple products with its own self-clearing and custody, covering the entire value chain.

With the new funding, Midas plans to introduce three new products: cryptocurrency trading, mutual funds, and savings accounts. The company also aims to expand beyond Turkey, targeting countries in the MENA region. 

Other participants in the funding round include International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital. This latest round of funding comes just three years after Midas' founding and is one of the largest raised by a Turkish fintech in recent years, following closely behind embedded finance startup Param, which raised $50 million in 2022.

Midas' successful fundraising highlights the growing demand for digital investment platforms in Turkey and the company's potential to lead the transformation of the country’s financial landscape. With plans for expansion and new product offerings, Midas is poised for further growth and success in the region.

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