Equities platform Midas raises $45M Series A as fintech retains its sparkle in Turkey

Midas, a Turkish fintech, raises $45M Series A for expansion and rolls out new products.

: Midas, a Turkish startup offering an equities platform, has secured $45 million in Series A funding led by Portage, aiming to expand its retail investor market in Turkey and beyond. With over 2 million users, Midas provides low-cost access to U.S. and Turkish stocks, alongside educational financial content. The funds will be used to introduce cryptocurrency trading, mutual funds, and savings accounts, with plans to expand into the MENA region.

Midas, the fintech company enabling investments in U.S. and Turkish equities, announced a successful $45 million Series A funding round, led by Canadian firm Portage, signaling strong investor confidence in the Turkish fintech scene. The company caters to Turkey's burgeoning retail investor base, offering a cost-effective platform for trading in equities with added financial informational services to educate its users, thereby addressing the traditionally low penetration rates of capital market products in the country. Midas claims a strong user base of over 2 million, a significant number considering the overall investing population and the country's adoption rate of mobile banking solutions.

According to Midas' CEO, Egem Eraslan, the company has built a robust infrastructure with minimal initial capital, enabling it to launch and expand effectively. This infrastructure includes self-clearing, custody, and execution capabilities, distinguishing Midas from other platforms like Robinhood by necessitating a comprehensive approach to service offering in the Turkish market. The comparison with Robinhood underscores Midas' user-friendly design and its pivotal role in making equity investments more accessible in Turkey.

The new funding round will support the introduction of three new product lines: cryptocurrency trading, mutual funds, and savings accounts. Moreover, Midas has ambitions to grow beyond Turkey, targeting expansion into the MENA region. This development is indicative of the broader trend of digitization in financial services, with Midas positioning itself as a key player in transforming Turkey's investment landscape and setting sights on becoming a regional leader in fintech innovation.

Midasfintech fundingTurkey equity platformSeries Afinancial technology expansion