Midas, a fintech
startup that enables tens of millions of Turks to entry investing markets, introduced
at the moment (Monday) that it has raised $45 million in a Sequence A funding spherical led
by Canada’s Portage.
The spherical
additionally noticed participation from Worldwide Finance Company, Spark Capital,
Earlybird Digital East Fund, and Revo Capital, who had beforehand invested in
the corporate’s $11 million seed spherical in 2022.
Midas Raises $45 Million
to Increase Retail Investing in Turkey and Past
Based
simply three years in the past, Midas has already amassed over 2 million customers in Turkey
by providing low-cost entry to US and Turkish equities by means of its cellular app.
The corporate has constructed its personal infrastructure for clearing, custody, and
execution, enabling it to supply a seamless person expertise in a market the place
retail investing was beforehand restricted
“We’ve
already introduced inexpensive, fast entry to US and Turkish equities to tens of millions
of individuals in Turkey,” stated Egem Eraslan, the CEO and Founding father of Midas. “This
fundraise will permit us to increase our product suite additional.”
Midas plans
to make use of the contemporary funding to increase its product suite by launching cryptocurrency buying and selling, mutual funds, and financial savings accounts. The corporate can be
eyeing enlargement past Turkey into the MENA area within the subsequent 2-5 years.
🎉 Midas’a forty five milyon dolarlık rekor yatırım!Finansal teknolojiler alanında Türkiye’nin en büyük erken aşama Seri A yatırımını almanın mutluluğunu yaşıyoruz.Bize ve gelecek planlarımıza inanan kullanıcı ve yatırımcılarımıza teşekkür ederiz.🔗 https://t.co/nXuG4rXC5R pic.twitter.com/zmMDjRAESS
— Midas (@getmidas) April 22, 2024
“Midas is main a wave of transformation inside Turkey’s monetary panorama,” Paul Desmarais III, the Co-Founding father of Portage and CEO and Chairman of Sagard, stated: “Globally, Portage invests in transformational monetary expertise, and Midas is poised to steer that initiative in a area of early adopters.”
The $45
million Sequence A is without doubt one of the largest raised by a Turkish fintech lately,
simply behind the $50 million raised by embedded finance startup Param in 2022.
It comes after Midas hit profitability final 12 months and introduced plans to double
its headcount to over 400 staff and develop its person base to five million by the
finish of 2024.
As a result of its
funding strategy and commission-free nature, Midas is usually referred to as
the “Turkish Robinhood.” Though there’s a important dimension
distinction between the 2 companies, with Robinhood’s belongings beneath administration
rising by 59% to $119 billion over the past 12 months, traders consider that Midas
has the potential to comply with within the footsteps of its older and bigger
counterpart.
This text was written by Damian Chmiel at www.financemagnates.com.
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