Midas, an Istanbul, Turkey-based retail investing startup, raised $45M in Sequence A funding.
The spherical was led by Portage, with participation from Worldwide Finance Company, and Spark Capital, Earlybird Digital East Fund, and Revo Capital.
The corporate intends to make use of the funds to roll out a number of latest product traces together with crypto buying and selling, mutual funds, and a financial savings product, with plans to double its headcount to 400+, and develop into rising markets.
Led by CEO Egem Eraslan, Midas is a fintech startup that introduced retail investing to hundreds of thousands of individuals in Turkey. Through its app, the corporate affords entry to Turkish and US equities with low fee charges.
Midas has additionally invested in educating the market by producing monetary content material without spending a dime. These embody real-time inventory market knowledge and information, detailed firm profiles, in-depth documentaries, a each day podcast, and a weekly publication to assist buyers navigate the markets.
The corporate at the moment has a group of 210 folks working from its workplace in Istanbul, already triple the variety of staff in 2022.
Commenting on the information, Egem Erslan mentioned: “We’re delighted to announce our Sequence A fundraise, which is the largest ever by a Turkish fintech. Only a few years in the past, Turkey didn’t have a robust investing tradition and the market was stagnant – however due to Midas, that’s altering. We have now already introduced reasonably priced, fast entry to US and Turkish equities to hundreds of thousands of individuals in Turkey. This fundraise will enable us to develop our product suite additional, with mutual funds, financial savings merchandise, and cryptocurrency buying and selling firmly in our sights. Long term, we wish to broaden our horizons and develop our geographic footprint past Turkey to change into a outstanding regional participant.”
FinSMEs
22/04/2024
