Topics : New products and services, Accounting, Venture capital
- The $45 million fundraising was led by Portage and is one of the largest series fundraising rounds ever in Turkey
- This new capital will enable Midas to launch new product lines, including cryptocurrency trading, mutual funds and a savings product, and to double its workforce to more than 400 people, as well as expand into emerging markets
- Midas achieved profitability last year and, with two million users since its launch in 2021, the company is poised to revolutionize Turkey’s investment market and expand into new markets.
ISTANBUL, April 22, 2024 /PRNewswire/ —Midas, the fintech startup that brought retail investing within reach of millions of people in Turkey, today announced a $45 million fundraising round. This new capital will allow Midas to expand and launch three new products: cryptocurrency trading, mutual funds and savings accounts.
This is the largest Series A fundraising ever by a Turkish fintech, and it comes less than three years after the creation of Midas. It was led by Portage, with participation from the International Finance Corporation, and SparkCapital, EarlybirdDigital EastFund and RevoCapital doubled their previous investment in Midas’ seed funding round, which was $11 million in 2022.
Since its launch in 2021, Midas has opened the Turkish retail investment market to over two million users. Previously, users faced onerous transaction fees and high minimum balance requirements, sometimes as high as $25,000, to access U.S. stocks. Through its application, Midas is the first company to offer fast and transparent access to Turkish and American stocks with low commission fees.
Midas has also invested heavily in market development 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, a daily podcast and a weekly newsletter to help investors navigate the markets. In doing so, Midas is the originator of Turkey’s most comprehensive offering of localized financial content for investors.
The new funding will allow Midas to expand its offering to include access to mutual funds, an interest-earning savings product and cryptocurrency exchange. Over the next two to five years, Midas also plans to expand beyond Turkey, targeting emerging market countries. With its new products and expansion plans, the company will now continue its mission to change Turks’ relationship with money, not just investment, and become a leading financial institution in the world. the region.
The fundraising also comes amid a global stagnation in fintech investment over the past two years, reflecting investors’ continued confidence in Midas’ strategy to disrupt the market by prioritizing customer experience and by constantly improving the user-friendliness and low cost of its investment product.
EgemEraslan, CEO and founder of Midas, said: We are delighted to announce our SrieA fundraising, the largest ever by a Turkish fintech. Just a few years ago, Turkey did not have a strong investment culture and the market was stagnant, but thanks to Midas, the situation is changing. We have already enabled millions of people in Turkey to quickly and affordably access US and Turkish stocks. This fundraising will allow us to further expand our range of products, with mutual funds, savings products and cryptocurrency trading in our sights. In the longer term, we want to broaden our horizons and extend our geographic footprint beyond Turkey to become a leading regional player.
PaulDesmaraisIII, co-founder of Portage and CEO and president of Sagard, commented: Midas is leading a wave of transformation in the Turkish financial landscape. Globally, Portage is investing in transformational financial technology and Midas is poised to lead this initiative into an early adopter region. We are very happy to participate in the development of Midas and to help this ambitious team bring financial inclusion and access to wealth creation tools to the Turkish people.
The fundraising will also allow Midas to double its workforce. The company currently has a team of 210 people working from its office.Istanbulwhich already represents triple the number of employees in 2022.
Mr. Eraslan continued:We have a long-term vision for this company, and short-term market conditions have not stood in the way. The fundraising is a significant vote of confidence in our mission to transform investment in the region.
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About Midas
Founded in 2020, Midas makes it easy for beginner investors in Turkey to invest through its fast and easy-to-use digital stock brokerage app.
Due to these factors, there was a gap in the market for an app to easily invest in Turkish and US stocks, which Midas filled. Midas offers low transaction fees for investing in US stocks, fractional investing, and free live market data. Borsa Istanbul (Turkish Stock Market) offers the possibility of commission-free trading in Turkish stocks.
To date, Midas has more than two million users, and this number is expected to reach five million by the end of 2024. Last year alone, Midas saved its customers $70 million in commissions.
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