New Delhi: Midas, a wealthtech startup based in Istanbul, has successfully raised $45 million in Series A funding. This funding will help them to broaden their range of financial products. The investment round was led by big investors including Toronto’s Portage VC, along with support from Earlybird Digital East Fund, International Finance Corporation, Spark Capital, and Revo Capital.
Midas is planning to launch three new products: mutual funds, savings accounts, and crypto trading. To make it happen, they’re expanding their reach beyond Turkey to other emerging markets in the next few years.
Egem Eraslan, CEO and Founder of Midas stated that since 2020, Midas has been helping users in Turkey invest in US stocks through their app, and now they’re gearing up to offer even more options for first-time investors.
The app also offers live market data for free, options for fractional investing, and low transaction fees for investments in US stocks.
This funding marks a significant milestone for Midas, which achieved profitability last year. With the aim of democratizing retail investing, Midas plans to launch three new products: mutual funds, savings accounts, and crypto trading. The company, which has seen rapid growth, intends to use the investment to expand its workforce and extend its reach beyond Turkey into emerging markets over the next few years.
CEO and Founder Egem Eraslan expressed excitement said, “broaden our horizons and expand our geographic footprint beyond Turkey”, with the company asserting its intentions to target countries in the emerging world “in the next two to five years”.
Established in 2020, Midas addresses the needs of first-time investors in Turkey, providing a user-friendly stock brokerage app with features such as fractional investing, live market data, and low transaction fees for US stock investments. Currently serving two million users, Midas aims to make investing accessible to a broader audience while continuing to innovate in the financial technology sector.