Midas Plans Crypto Trading Product After $45M Raise

On Monday, the retail investing startup Midas announced the completion of its multimillion-dollar funding round.

Established in 2021, Midas has consistently pursued its goal of making the retail investment market in Turkey accessible to more than two million users. This latest round of funding is described as the largest Series A funding ever received by a Turkish fintech company. The funding round is expected the company to broaden its services, extend beyond Turkish and U.S. equities, and potentially unlock new opportunities for growth and investment.

Midas’ $45 million funding round

According to an announcement released on April 22, Midas announced securing $45 million through equity financing. This capital infusion will support the expansion and launch of three innovative offerings, including services for trading cryptocurrencies, mutual funds, and savings accounts.

The firm aims to leverage the newly acquired funding to extend its reach beyond Turkey within the next 2 to 5 years, focusing on growth in “emerging market” countries within the Middle East and North Africa (MENA).

Egem Eraslan, CEO and founder of Midas stated: “This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights. Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.”

Midas has made significant investments in market education by providing accessible financial information at no cost. This encompasses up-to-the-minute stock market updates and news, thorough profiles of companies, comprehensive documentaries, a daily podcast, and a weekly newsletter to guide investors through the market. In doing this, it has become a trailblazer in offering the most extensive localized financial resources for investors in Turkey.

Midas has announced plans to utilize its recent financial injection to expand its workforce significantly. Presently, the firm boasts a 120-strong team operating out of its Istanbul headquarters, representing a threefold increase from its employee count in 2022.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.