Fintech startup Midas has raised $45 million in one of Turkey’s largest Series A rounds, led by Portage Ventures. The funding will enable Midas to expand its retail investment platform, allowing users in emerging markets to access cryptocurrency and mutual fund products. Since its launch in 2021, Midas has attracted over two million users by offering fast and low-cost access to Turkish and US equities, previously burdened by high fees and minimum balance requirements.
Midas has prioritized educating its users with free financial content, including real-time market data, news, company profiles, documentaries, podcasts, and newsletters. With the new funding, Midas plans to introduce cryptocurrency trading, mutual funds, and savings accounts, aiming to broaden its product suite and geographic footprint beyond Turkey. CEO and founder Egem Eraslan expressed the company’s commitment to changing the investing culture in Turkey and becoming a leading financial institution in the region.
Paul Desmarais III, Co-Founder of Portage Ventures, emphasized Midas’s role in transforming Turkey’s financial landscape and bringing financial inclusion and wealth-building tools to its people. Portage Ventures invests in transformative financial technology globally, recognizing Midas’s potential to lead this initiative in a region characterized by early adopters.
