Istanbul-based online brokerage startup Midas has announced that it has raised the largest Series A funding round ever for a Turkish fintech company, securing a $45 million investment round from a number of global investors.
With this new investment of $45 million, Midas said it is preparing to offer its users the opportunity to invest in crypto assets and venture capital in a cost-free and easy way in the very near future.
Canada-based fintech investor Portage Ventures led the round. Other new investors in Midas include IFC (the investment arm of the World Bank), Spark Capital, Earlybird Digital East Fund and Revo Capital.
Portage Ventures Founding Partner Paul Desmarais III, who led the Series A round, said:
“Midas is leading the trend of transformation in Turkey’s financial world. At Portage, we invest in innovative financial technologies on a global scale. We believe Midas is poised to lead transformation and innovation in an area open to new financial technologies. We are very happy to be part of the Midas journey and support this strong team in accessing investment tools for users in Turkey.”
Midas founder and CEO Egem Eraslan added:
“With this investment, I think we have proven once again our determination to be the one mobile app for all Midas investment needs. The fact that the world’s largest funds have invested so heavily in Midas shows the confidence they have in Midas. Our biggest goal is for our users to have the lowest fees and the smoothest experience across all investment products. In the coming days, you will be able to invest in crypto assets and TEFAS funds, as well as Turkish and US stock markets, through Midas.
“With the support provided by this investment, we will accelerate the transformation in the Turkish investment ecosystem.”