The Series A funding round for Midas was led by Canadian company Portage, with participation from International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital. The founder of Midas, Egem Eraslan, stated that Turkey’s investing culture has significantly improved, and the platform has brought accessible access to U.S. and Turkish equities to millions of people in Turkey. Midas, which was launched in 2021, claims to have acquired over two million users and offers access to Turkish and U.S. equities through a mobile application.
They intend to expand their financial products to include mutual funds, interest-generating savings accounts, and crypto trading with the funding obtained. However, specific details about the crypto trading expansion have not been disclosed. Midas also has plans to broaden its operations beyond Turkey, targeting the MENA region in the next two-to-five years.
The injection of capital will also support the company’s expansion efforts, with Midas aiming to double its current headcount from 210 employees based in Istanbul.