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The $45 million fundraise was led by Portage and is one among Turkey’s largest ever Sequence A rounds
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New capital will assist Midas roll out a number of recent product strains together with crypto buying and selling, mutual funds, and a financial savings product, with plans to double its headcount to 400+, and broaden into rising markets
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Midas hit profitability final 12 months and, with two million customers since its 2021 launch, the corporate is on target to revolutionize Turkey’s investing market, and broaden into new markets
ISTANBUL, April 22, 2024 /CNW/ — Midas, the fintech startup that introduced retail investing to tens of millions of individuals in Turkey, at present introduced that it has raised $45 million in fairness funding. The brand new capital will enable Midas to broaden and roll out three new merchandise: cryptocurrency buying and selling, mutual funds, and financial savings accounts.
It’s the greatest ever Sequence A fundraise by a Turkish fintech, and comes lower than three years after Midas was launched. The increase was led by Portage, with participation from Worldwide Finance Company, and Spark Capital, Earlybird Digital East Fund, and Revo Capital doubling down on their earlier funding within the firm’s $11 million seed spherical in 2022.
Since Midas launched in 2021, it has opened up Turkey’s retail funding market to greater than two million customers. Beforehand, customers confronted onerous transaction charges and excessive minimal steadiness necessities, typically of up to $25,000, to entry US shares. Through its app, Midas is the primary firm to supply quick, seamless entry to Turkish and US equities with low fee charges.
Midas has additionally invested closely in educating the market by producing easy-to-digest monetary content material free of charge. These embrace real-time inventory market knowledge and information, detailed firm profiles, in-depth documentaries, a day by day podcast, and a weekly e-newsletter to assist traders navigate the markets. In doing so, it pioneers Turkey’s most complete localized monetary content material choices for traders.
The brand new funding will enable Midas to develop its providing to incorporate entry to mutual funds, an interest-generating financial savings product, and cryptocurrency buying and selling. Within the subsequent two-to-five years, Midas additionally tasks that it’s going to broaden past Turkey, with plans to focus on nations in rising markets. With its new merchandise and growth plans, the corporate will now transfer ahead with its mission of fixing Turkish folks’s relationship with cash – not simply investing – and turning into a number one monetary establishment within the area.
The increase additionally comes amid a world stagnation in fintech investments within the final two years, indicating continued investor confidence in Midas’ technique of disrupting the market by prioritising the client expertise above all, and consistently enhancing the usability and low price of its funding product
Egem Eraslan, CEO and founding father of Midas, mentioned: “We are delighted to announce our Series A fundraise, which is the biggest ever by a Turkish fintech. 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 US and Turkish equities to millions of people in Turkey. This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights. Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.”
Paul Desmarais III, Co-Founding father of Portage and CEO and Chairman of Sagard. “Midas is leading a wave of transformation within Turkey’s financial landscape. Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters. We are very pleased to participate in the development of Midas and to support this ambitious team in bringing financial inclusion and access to wealth-building tools to the Turkish people.”
The increase can even assist Midas double its headcount. It at the moment has a group of 210 folks working from its workplace in Istanbul, already triple the variety of staff in 2022.
Eraslan continued: “We have a long-term view for this company, and short-term market conditions have not hindered that. The raise comes as a significant vote of confidence in our mission to transform investing in the region.”
Contact
Ben Goldsmith
ben@goldsmithcomms.com
+44(0)7788295321
About Midas
Based in 2020, Midas makes investing easy for first-time traders in Turkey through its quick, easy-to-use digital inventory brokerage app.
These components meant there was a spot out there for an app that enabled folks to simply spend money on Turkish and US shares, which Midas has crammed. Midas affords low transaction charges for investments in US shares, fractional investing, and free stay market knowledge. The Borsa Istanbul (Turkish inventory market) product affords commission-free buying and selling of Turkish shares.
So far, Midas has greater than two million complete customers, and that quantity is projected to extend to 5 million by the tip of 2024. Final 12 months alone, it saved $70m in commissions for its clients.
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