Midas, a fintech startup based in Turkey, has raised $45 million in a Series A funding round led by Portage Ventures of Canada. The platform allows people in Turkey to invest in both U.S. and Turkish equities, targeting the retail investor market in the country. With over 2 million users, Midas offers lower transaction and commission fees compared to traditional brokers, along with financial content, real-time market data, news, and company profiles to educate users.
According to Egem Eraslan, CEO and founder of Midas, the startup addressed the low capital markets penetration rates in Turkey by building its own infrastructure and providing a user-friendly experience. Despite limited initial investment, Midas managed to launch self-clearing, self-custody, and self-execution services, distinguishing itself in the market.
While Midas shares similarities with U.S.-based Robinhood, Eraslan highlights differences in approach, emphasizing Midas’s need to develop multiple products with self-clearing and custody due to market dynamics in Turkey.
With the new funding, Midas plans to introduce cryptocurrency trading, mutual funds, and savings accounts. Additionally, it aims to expand beyond Turkey into the MENA region. Investors in the round include International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, among others.
Cem Sertoglu, managing partner of Earlybird Digital East Fund, commended Midas for capturing the demand in the Turkish investment market and executing its strategy effectively. Paul Desmarais III, co-founder of Portage Ventures, expressed confidence in Midas’s potential to transform Turkey’s financial landscape and lead innovation in the region.
