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.
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.
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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.