Midas Raises $45M Series A Funding to Expand Operations

Midas Raises $45M Series A, Highlighting Successful Funding Round. The funding was led by Canada’s Portage, a testament to the company’s potential and the confidence it inspires in reputable investors. Notable investors, including the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, also participated in this round, further validating Midas’s position in the market. This round marks a significant milestone for Midas, which had previously raised $11 million in a seed round in 2022.

Founded just three years ago, Midas has quickly gained traction in Turkey, attracting over 2 million users to its platform. Midas disrupted the traditional financial landscape by offering low-cost access to US and Turkish equities through its mobile app, providing seamless user experiences.

Egem Eraslan, CEO and Founder of Midas expressed his excitement about the funding, stating, “We have already brought affordable, quick access to US and Turkish equities to millions of people in Turkey. This fundraiser will allow us to expand our product suite further.”

Midas Raises $45M Series A Funding to Expand Operations

Midas’s vision extends beyond its current success. With the fresh capital, the company plans to diversify its product offerings, including introducing cryptocurrency trading, mutual funds, and savings accounts. This expansion not only benefits Midas but also the fintech industry as a whole, paving the way for innovative financial solutions. Additionally, the company aims to expand its geographic footprint beyond Turkey into the MENA region within the next 2-5 years, furthering its mission to democratize access to global markets.

Paul Desmarais III, Co-Founder of Portage and CEO/Chairman of Sagard, commented on the investment, saying, “Midas is leading a wave of transformation within Turkey’s financial landscape. Portage globally invests in transformational financial technology, and Midas is poised to lead that initiative in an early adopter region.

The $45 million Series A funding round not only positions Midas as one of the prominent players in the Turkish fintech ecosystem but also presents a promising opportunity for investors. Despite its smaller scale compared to global counterparts like Robinhood, which manages assets worth $119 billion, investors believe that Midas holds significant potential for growth and disruption, offering a potentially lucrative investment prospect.

Midas’s success comes amidst a flurry of funding activities in the European fintech scene. Recent highlights include digital bank Monzo raising $400 million from CapitalG and payment service provider Finom securing $50 million in a Series B funding round. Having achieved profitability last year, Midas is poised for further growth and innovation in the coming years, with ambitious plans to double its headcount and expand its user base.

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