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Turkish investing startup Midas has recently raised $45 million in a funding round led by Portage of Canada to launch crypto services.
Midas, Turkey’s retail investing app, announced that it had secured $45 million from a group of investors to expand its offerings, particularly in crypto trading. The Series A funding round was spearheaded by Portage of Canada, with participation from International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital.
“Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing. We have already brought affordable, quick access to U.S. and Turkish equities to millions of people in Turkey,” said Midas founder Egem Eraslan.
Launched in 2021, Midas claims to have attracted over two million users, providing access to Turkish and U.S. equities through a mobile application. With the recent funding, Midas intends to expand its financial product offerings to include mutual funds, interest-generating savings accounts, and crypto trading. Specific details about the crypto trading services have not been disclosed yet.
The company also plans to expand beyond Turkey’s borders in the next two-to-five years, focusing on the MENA region. The funding will also support Midas’ expansion efforts, with a plan to double its current headcount from 210 employees based in Istanbul. According to TechCrunch, Midas’ latest fundraising round is one of the largest by a Turkish fintech company in recent years, following closely behind Param, an embedded finance startup that secured $50 million in funding in 2022.
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