Midas, a financial technology company based in Turkey, has successfully raised $45 million in an investment round that was mostly led by Portage of Canada. The goal of the investment is to advance Midas into the bitcoin services market.
Reputed as the leading retail investing platform in Turkey, Midas released a press statement announcing the close of a $45 million fundraising round. The capital, which came from a group of investors, will be used to broaden the company’s offering of services, with a particular focus on entering the bitcoin trading market. Leading investors include the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital joined Portage of Canada in leading the Series A fundraising.
Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing. We have already brought affordable, quick access to U.S. and Turkish equities to millions of people in Turkey. Midas founder Egem Eraslan
Crypto Expansion as Midas Raises $45M
Founded in 2021, Midas has more than two million users and provides access to US and Turkish stocks via its mobile app. The goal of the cash infusion is to broaden the company’s range of financial products, which might include interest-bearing savings accounts, mutual funds, and cryptocurrency trading—the details of which are still unknown.
Midas has set its sights on regional development outside Turkey, with intentions to infiltrate the Middle East and North Africa (MENA) region within the next two to five years, in addition to expanding its array of financial products. The infusion of capital will also support the business’s operational expansion, as it plans to quadruple its 210-person Istanbul-based staff. TechCrunch notes that Midas has launched one of the most successful crowdfunding campaigns to date.
