Tech Turkish fintech Midas raises $45m for new products By Pramod Kumar April 24, 2024, 8:29 AM Midas The funding of Midas is among the 'biggest ever' Series A fund raise by a Turkish fintech Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week The funding round was led by Canada-based venture capital firm Portage, along with International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, doubling down on their previous investment in the startup’s $11 million seed round in 2022. “Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant,” said Egem Eraslan, CEO and founder of Midas. “We have already brought affordable, quick access to US and Turkish equities to millions of people in Turkey,” he said. Mubadala-backed Getir weighs asset sales Jobless rate in Turkey edges back towards 10-year low Auto industry buoyant despite Turkey’s woes Midas has opened up Turkey’s retail investment market to more than two million users. Previously, users faced high transaction fees and minimum balance requirements, rising up to $25,000, to access US stocks. The startup eased access to Turkish and US equities with low commission fees via its app. In the next two to five years, Midas plans to expand beyond Turkey and target countries in emerging markets. The company will also double its headcount from the current 210 employees working in its office in Istanbul. Midas has projected to increase the number of users to five million by the end of 2024. Last year, it saved $70 million in commissions for its customers. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later