This equity funding round aimed at facilitating the company's expansion and the launch of three new products, namely cryptocurrency trading, mutual funds, and savings accounts. According to the official press release, this fundraising marks the largest Series A investment ever secured by a Turkish fintech firm and arrives less than three years following Midas's inception.
Portage led the funding round, with contributions from the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, the latter two reaffirming their support after participating in Midas' USD 11 million seed round in 2022.
Midas focused on educating its user base through accessible financial content, including real-time market data, company profiles, documentaries, podcasts, and newsletters, thereby establishing itself as an important provider of localised financial information in Turkey.
The recent funding will facilitate Midas's expansion into mutual funds, interest-generating savings products, and cryptocurrency trading. Furthermore, Midas aims to extend its reach beyond Turkey within the next two to five years, targeting emerging markets.
In the context of a global slowdown in fintech investments, the substantial funding reflects investors' confidence in Midas's customer-centric approach and its commitment to enhancing the affordability and usability of its investment platform. Representatives from Midas expressed his enthusiasm for the Series A funding, emphasising the company's mission to redefine the Turkish populace's relationship with finance and establish itself as a leading financial institution in the region.
The investment will also support Midas's workforce expansion, with plans to double its current headcount. Company officials also reiterated Midas's long-term vision and its resilience in navigating short-term market challenges, pointing out the significance of the fundraising as an endorsement of the company's transformative mission. Founded in 2020, Midas aims to simplify investing for first-time investors in Turkey through its user-friendly digital stock brokerage app.
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