Midas Secures $45M Series A to Expand Equities Platform in Turkey

Midas, a fintech startup in Turkey, has raised $45 million in a funding round led by Portage of Canada. The platform allows Turkish retail investors to invest in U.S. and Turkish equities with lower transaction fees and offers financial content and real-time stock market data.

The company plans to use the new funding to launch cryptocurrency trading, mutual funds, and savings accounts, as well as expand beyond Turkey to target countries in the MENA region. Midas' latest fundraise is one of the largest by a Turkish fintech in recent years.

Investors like International Finance Corporation, Spark Capital, and Earlybird Digital East Fund have also participated in the round. Midas aims to lead a wave of transformation within Turkey's financial landscape and beyond, with ambitions to become a digital-native investment platform.

In a statement, Paul Desmarais III, co-founder of Portage, said: 'Midas is leading a wave of transformation within Turkey’s financial landscape. Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters.'