Midas, a fintech startup based in Turkey, has successfully raised $45 million in a Series A funding round led by Portage Ventures of Canada. This financial injection is aimed at expanding Midas’ services, which currently enable Turkish users to invest in both U.S. and Turkish equities. With more than 2 million users, Midas offers a compelling value proposition by charging lower transaction and commission fees, making it more accessible for Turkish customers to invest in the stock market.
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.
