Empowering Turkish Investors

Midas is transforming the investment landscape in Turkey by making it simpler and more affordable for individuals to invest in equities. Egem Eraslan, CEO and founder of Midas, highlighted the growth of the investor base in Turkey: 

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.

Midas has been pivotal in changing this dynamic by developing its own infrastructure, which allowed for a robust user experience and efficient market entry.

Midas differentiates itself by providing an infrastructure that supports self-clearing, self-custody, and self-execution, setting it apart from platforms like Robinhood. This approach allows the company to control the entire value chain, from clearing to custody, making it unique in the Turkish market. 

We had to launch multiple products with our own self-clearing, custody, and with the entire value chain. If you’re Robinhood, you don’t have to do self-custody or self-clearing.

Egem Eraslan

Expansion and New Product Development

With the new funding, Midas is planning to launch three new products: cryptocurrency trading, mutual funds, and savings accounts. This expansion is not just limited to Turkey. Midas aims to reach other countries in the MENA region, broadening its impact and user base. Paul Desmarais III, co-founder of Portage, and CEO and chairman of Sagard, stated: 

Midas is leading a wave of transformation within Turkey’s financial landscape. Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters.

With Turkey’s e-commerce sales hitting $72 billion in 2023 and showcasing a staggering growth rate of 103% from the previous year, the strategic alliance between Worldline and Lidio is poised to offer a significant competitive edge in this rapidly expanding market.

Strategic Move in a Booming Market

The collaboration not only facilitates international business transactions but also demonstrates impressive payment performance improvements for the onboarded global enterprise customers. A notable Big Tech customer is currently being integrated, emphasizing the robustness and regulatory compliance of the joint solution. This partnership is particularly crucial for accepting Troy cards, a local payment method with a current volume of 19 million expected to soar.

Roman Tazetdinov, Head of Geo Expansion at Worldline Merchant Services, expressed delight at the official recognition and authorization from TCMB. The partnership aims to ensure that international digital merchants can successfully tap into the Turkish market.

Emre Güzer, Co-Founder & CEO of Lidio, highlighted Turkey’s unique position as a bridge between Asia and Europe and the partnership’s goal to participate in and facilitate the market’s growth. This endorsement from TCMB enables a seamless e-commerce proposition that promises maximum customer satisfaction

Taurus, known for its dealings with banking giants like Credit Suisse and Deutsche Bank, will now extend its expertise in digital asset storage to Misyon Bank, catering to a wide range of entities, including stock exchanges, fintech firms, and central banks.

Elevating Turkey’s Financial Landscape

Dr. Önder Halisdemir, CEO of Misyon Bank, shared his enthusiasm about the partnership, emphasizing its alignment with the vision to transform Turkey into the “Switzerland of its region.” This alliance is expected to safeguard domestic and regional assets within Turkey’s boundaries, thereby enhancing its appeal to global investors. 

The collaboration is facilitated through MisyonTech, a wholly-owned subsidiary of Misyon Bank, which, alongside contributions from Istanbul Technical University and KPMG, is set to offer innovative local custody solutions for digital assets pending the completion of a local regulatory framework.

Taurus Co-Founder Lamine Brahimi expressed excitement over partnering with Turkey’s first Neo-investment bank, looking forward to supporting Misyon Bank in launching new digital asset services. This collaboration underscores the potential for Turkey to carve out a significant position in the realms of digital asset custody and tokenization within the region.

Merging Strengths for a Digital Future

Founded in 2016, Papara has swiftly built a community of 17 million customers, underpinning its success with a user-first approach and a suite of digital banking solutions. The acquisition of T-Bank, a veteran in the banking industry since 1985, is set to blend T-Bank’s banking expertise with Papara’s dynamic and innovative digital services.

Emre Kenci, CEO of Papara, shared his vision for the merger, emphasizing the goal to enhance user experience by integrating basic banking products alongside existing insurance and investment offerings. This move is geared towards transforming Papara into a ‘Super App’ that spans all facets of finance, thereby fulfilling the evolving needs of modern consumers.

T-Bank’s General Manager, Servet Taze, echoed this sentiment, highlighting how T-Bank’s deep-rooted banking experience will be fortified by Papara’s user-centric vision. He pointed out that this synergy is expected to bring traditional banking products to a wider audience through innovative technologies and solutions.

Strategic Expansions and Technological Innovations

Papara’s strategic growth is not limited to the acquisition of T-Bank. The neobank has previously integrated Rebellion Pay (Spain) and Yuvarla (Türkiye) into its ecosystem, with rumors of acquiring Sada Pay (Pakistan) further indicating its ambitious expansion plans. Among its notable innovations is the Papara Voice Card, a solution designed to aid visually impaired customers by announcing the billing amount through voice at retail points of sale. It showcases Papara’s dedication to inclusivity and technological advancement in fintech.