Türkiye’s record Series A fintech fundraise fuels 2024 prospects
The $45 million fundraise by Midas marks the biggest ever Series A round by a Turkish fintech and the second-largest earlystage investment on record that will allow the startup to expand and roll out new products
TÜRKİYE’S startup ecosystem kicked off 2024 with a record-breaking number of early-stage investment deals in the first quarter. Now, early-stage investments are spotlighting financial technology ventures, drawing the attention of foreign investors.
Midas, a fintech startup offering low commission rates for investing in American stock exchanges and Türkiye’s Borsa Istanbul, made a significant breakthrough as it raised $45 million in a Series A funding round from global investors.
It marks the biggest ever Series A fundraise by a Turkish fintech and the secondlargest early-stage investment on record that fuels prospects. Financial technology startups are poised to be the stars of 2024.
Midas has managed to become Türkiye’s most widely used stock market application which has surpassed 2.5 million users in just three years.
NEW PRODUCTS
Until now, Midas has provided users with the opportunity to invest in American stock exchanges and Borsa Istanbul with low commissions on a single platform.
With the new investment, it aims to offer its users the opportunity to invest in crypto assets and investment funds effortlessly and free of charge.
The record investment comes at a critical time in the global economy, amid discussions of recession and financial instability.
The confidence this investment instills in Midas, especially during challenging times, reverberates globally. Nasdaq, the world’s largest technology exchange, celebrated Midas on a giant screen in Times Square.
The raise was led by Portage, a prominent investor in the global financial technology sector with participation from the World Bank’s investment arm, International Finance Corporation, with 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.
‘WAVE OF TRANSFORMATION’
Paul Desmarais III, co-founder of Portage said Midas is leading “a wave of transformation within Türkiye’s financial landscape.”
“Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters. We are very pleased to participate in the development of Midas and to support this ambitious team in bringing financial inclusion and access to wealthbuilding tools to the Turkish people.”
Midas CEO Egem Eraslan said the investment once again demonstrates Midas’s commitment to being the sole mobile application for all investment needs.
“The fact that the world’s largest funds are making such a significant investment in Midas shows their confidence in us. Our goal is to offer our users the lowest commissions and the smoothest experience across all investment products,” said Eraslan.
“In the coming days, our users will be able to invest in crypto assets and TEFAS funds through Midas, alongside Turkish and American stock exchanges. With the support this investment provides us, we will accelerate the transformation in Türkiye’s investment ecosystem.”