Istanbul-based retail investing startup Midas has raised $45 million to roll out crypto, mutual fund, and savings account products to its two million users.
The $45 million fundraise was led by Portage with participation from International Finance Corporation, and Spark Capital, Earlybird Digital East Fund, and Revo Capital doubling down on their previous investment in the company’s $11 million seed round in 2022..
It comes after Midas hit profitability last year amid plans to double its headcount to 400+ and grow its user bases to five million by year's end.
The new funding will allow Midas to grow its offering to include access to mutual funds, an interest-generating savings product, and cryptocurrency trading. In the next two-to-five years, Midas also projects that it will expand beyond Turkey, with plans to target countries in emerging markets.
Egem Eraslan, CEO and founder of Midas, says: "We have already brought affordable, quick access to US and Turkish equities to millions of people in Turkey. 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.”