Wealthtech startup Midas, which specializes in democratizing retail investing, has secured $45 million in Series A funding to expand its financial services offerings.
The funding round was led by Toronto-based venture capital firm Portage, known for its significant investments in the Fintech sector, including a recent £25 million Series A round for UK-based startup Zilo earlier this year.
The investment round saw participation from a consortium of investors, including Earlybird Digital East Fund, International Finance Corporation, Spark Capital, and Revo Capital.
These firms are not new to Midas; they previously participated in the startup’s $11 million seed round in 2022, underscoring their continued confidence in Midas’s business model and growth potential.
The new funds will be instrumental in launching three innovative products aimed at enhancing Midas’s product portfolio: mutual funds, savings accounts, and cryptocurrency trading options.
These offerings are designed to provide Midas’s customers with a more comprehensive set of tools for managing their finances, reflecting the startup’s commitment to broadening its appeal and utility to a wider audience.
In addition to product development, the influx of capital will also support a significant expansion of Midas’s workforce. Over the past two years, the company has already tripled its employee count to 210, and plans are underway to further increase staff numbers to keep pace with its growth and expansion needs.
Egem Eraslan, CEO and founder of Midas, commented on the funding, noting that it will facilitate the company’s ambitious plans to expand beyond its current base in Turkey.
“With this new funding, we aim to broaden our horizons and expand our geographic footprint to include countries in the emerging world over the next two to five years,” Eraslan said.
Midas was established in 2020 with a mission to fill a significant gap in the Turkish market by catering to first-time investors interested in investing in US stocks.
The platform offers a user-friendly stock brokerage app that now serves two million users, providing access to fractional investing, free live market data, and low transaction fees for investments in US stocks.
These strategic moves by Midas highlight its efforts to not only capitalize on the growing demand for diverse financial services in emerging markets but also to solidify its position as a leader in the wealthtech sector.
The expansion into new product areas and regions is set to enhance the company’s ability to offer effective and inclusive financial solutions on a global scale.
