- Midas has concluded the “biggest ever” Series A fundraising by a Turkish fintech.
- Portage led the funding.
- Midas will use the new capital to launch three products.
Retail investing startup Midas announced Monday the conclusion of its multimillion-dollar funding round, terming it the “biggest ever” Series A fundraising by a Turkish fintech.
Since its inception in 2021, Midas has been steadfast in its mission to open Turkey’s retail investment market to over two million users. With the latest funding infusion, the company is poised to expand its offerings beyond the Turkish and U.S. equities, potentially opening up new growth and investment opportunities.
Midas Secures $45M Funding for Expansion
According to a press release dated April 22, Midas has raised $45 million in equity funding to expand and roll out three new products offering cryptocurrency trading, mutual funds, and savings account services.
Sponsored
“With its new products and expansion plans, the company will now move forward with its mission of changing Turkish people's relationship with money – not just investing – and becoming a leading financial institution in the region.” The statement read.
With the new capital, the company is keen on spreading its wings beyond Turkey’s borders in the next two to five years, targeting expansion to “countries with emerging markets” in the Middle East and North Africa (MENA) region.
“Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.” Midas CEO and founder Egem Eraslan said. We have a long-term view for this company, and short-term market conditions have not hindered that.
Midas said it will also use the funding to double its staff. The company currently has a team of 120 employees working from its Istanbul office, already triple the headcount in 2022.
Read about Turkey’s plan for crypto regulation:
Turkey Targets Crypto Taxation and Regulation in 2024
Stay updated on OKX’s expansion to Turkey:
OKX Expands to Turkey with Official Launch of Local Exchange
