Turkey’s investing app Midas raises $45m to double down on crypto

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Midas, a Turkish investment start-up, has obtained $45 million in financing from Portage Ventures of Canada for introducing cryptocurrency offerings.

Midas, the popular retail investing app based in Turkey, announced in a statement that they have successfully secured $45 million in investments from various backers. This funding will be used primarily to broaden their services, with a focus on enhancing their crypto trading features. The Series A investment round was headed by Portage Ventures from Canada, and included contributions from the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital.

A few short years ago, investing was not a prominent practice in Turkey, and the market showed little growth. However, this trend is shifting, all thanks to Midas. We’ve successfully introduced millions of people in Turkey to affordable and swift access to U.S. and Turkish equities.

Midas founder Egem Eraslan

Midas, which was introduced in 2021, has already amassed over two million users. Through their mobile app, users can invest in Turkish and American stocks. Following a recent funding round, Midas intends to expand its financial offerings. Users will soon be able to add mutual funds, savings accounts with interest, and cryptocurrency trading (details about the last feature are still not clear) to their investment portfolios.

Using the funds, Midas plans to broaden its horizons and grow its business beyond Turkey’s borders within the next 2-5 years, focusing on the MENA region. This infusion of capital will support Midas’ expansion initiatives, allowing it to more than double its current workforce of 210 employees in Istanbul. According to TechCrunch, Midas’ recent fundraising round is among the largest ever for a Turkish fintech company, surpassed only by Param, which raised $50 million last year.

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2024-04-22 13:41