Turkey’s investing app Midas raises $45m to double down on crypto

Turkish investing startup Midas has secured $45 million in a funding round led by Portage of Canada to launch crypto services.

Midas, Turkey’s retail investing app, has said in a press release it had raised $45 million from a group of investors to expand its offerings, particularly in crypto trading. The Series A funding round was led by Portage of Canada, with participation from International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital.

“Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing. We have already brought affordable, quick access to U.S. and Turkish equities to millions of people in Turkey.”

Midas founder Egem Eraslan

Launched in 2021, Midas claims to have attracted over two million users, offering access to Turkish and U.S. equities via a mobile application. With the funding round, Midas plans to broaden its suite of financial products to include mutual funds, interest-generating savings accounts, and crypto trading, although specific details regarding the latter remain undisclosed.

With the proceeds, the company also eyes expansion beyond Turkey’s borders in the next two-to-five years, targeting the MENA region. The injection of capital will also facilitate Midas’ expansion efforts, doubling its current headcount from 210 employees based in Istanbul. As noted by TechCrunch, Midas’ latest fundraising appears to be one of the largest by a Turkish fintech in recent years, following closely behind Param, an embedded finance startup that secured $50 million in funding in 2022.