- Midas secures $45 million in funding from Portage, Canada.
- Offers lower transaction fees for U.S. and Turkish shares.
- Plans to introduce cryptocurrency trading and mutual funds.
Turkish fintech startup Midas has just secured $45 million in funding from Portage, Canada. The platform is aimed at the Turkish retail investor market, with over two million users already.
Midas grants Turkish investors interested in having U.S. or Turkish shares to pay lower transaction fees and commissions than other intermediaries. Besides that, it offers financial content such as real-time stock market data, news, and company profiles to educate the emerging market.
Midas intends to sound the board by introducing cryptocurrency trading, mutual funds, and savings accounts. The company also dreams of expanding to some countries in the MENA region apart from Turkey.
Global players such as the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital joined the investment round. The original funding round amounted to $11 million in seed money in 2022.
A recent fundraising attempt of Midas, among other big fintech Turkish companies, totals 65M, which is not far from Param, a startup in embedded finance that raised 50M last year.
Cem Sertoglu, the acting managing partner of Earlybird Digital East Fund, one of the startup's early investors, stated;
"Midas is on the right track of timing the increasing demand in the Turkish investment market, the first native digital investment platform in Turkey.
It is already a massive success for Midas to capture the domestic market in the country, which ranks 11th by GDP in the world.
Edited by Shruti Thapa
