Turkish investing startup Midas has announced a successful funding round, securing $45 million to bolster its expansion efforts, particularly in the realm of cryptocurrency services. Led by Portage of Canada, the Series A funding round signifies a significant milestone for Midas as it seeks to broaden its suite of financial products and penetrate new markets.

Midas’ Growth Trajectory

Launched in 2021, Midas has rapidly gained traction, boasting over two million users who utilize its mobile application to access Turkish and U.S. equities. Founder Egem Eraslan expressed pride in Midas’ role in fostering a burgeoning investing culture in Turkey, noting the platform’s contribution to democratizing access to financial markets.

Expansion Plans and Product Diversification

With the infusion of $45 million in funding, Midas aims to diversify its offerings beyond equities, including the introduction of mutual funds, interest-generating savings accounts, and crypto trading services. While specific details regarding the crypto trading feature remain undisclosed, Midas is poised to leverage its growing user base and technological infrastructure to facilitate seamless crypto transactions.

In addition to product expansion, Midas envisions geographical expansion beyond Turkey’s borders, with plans to target the MENA region within the next two-to-five years. The funding will also support Midas’ organizational growth, doubling its current headcount of 210 employees based in Istanbul.

Industry Recognition and Funding Landscape

Midas’ latest fundraising round underscores the growing prominence of Turkish fintech startups in the global investment landscape. Notably, Midas’ achievement closely follows Param, an embedded finance startup that secured $50 million in funding in 2022. With its strategic partnerships and ambitious growth trajectory, Midas is poised to further solidify its position as a leading player in the fintech space.