Midas, a pioneering investment platform based in Turkey, has successfully raised $45 million in a strategic funding round led by Canada’s Portage, signalling its intent to venture deeper into the realm of cryptocurrency services.
In an official statement, Midas revealed that the Series A funding round attracted a consortium of investors, including notable names such as the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital.
This infusion of capital marks a significant milestone for Midas as it charts a course to broaden its financial offerings, with a particular emphasis on bolstering its crypto trading capabilities.
Egem Eraslan, the visionary founder of Midas, expressed his enthusiasm for the transformative impact the platform has had on Turkey’s investment landscape.
He remarked, “Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing. We have already brought affordable, quick access to U.S. and Turkish equities to millions of people in Turkey.”
Since its inception in 2021, Midas has rapidly gained traction, attracting over two million users who leverage its mobile application to access both Turkish and U.S. equities seamlessly.
Building upon this momentum, Midas now sets its sights on diversifying its product portfolio to include mutual funds, interest-generating savings accounts, and, notably, cryptocurrency trading.
While specific details regarding the crypto trading feature are yet to be unveiled, Midas plans to leverage the newly acquired funds to spearhead its expansion efforts beyond Turkey’s borders, targeting the burgeoning markets of the Middle East and North Africa (MENA) region within the next two to five years.
Additionally, the injection of capital will facilitate Midas’ organizational growth, with plans to double its current workforce of 210 employees based in Istanbul.
The magnitude of Midas’ fundraising shows its prominence within Turkey’s fintech industry, following closely behind Param, another notable fintech startup that secured $50 million in funding back in 2022.
