Istanbul-based fintech company Midas has submitted an application to Turkey’s central bank for an electronic money institution license. The filing marks the start of its push into consumer payment services, with plans to introduce a digital wallet and prepaid card features. Founder Egem Eraslan outlined the initiative in a June 17 recap.
He explained that the new tools will let users spend funds directly from balances held in their Midas accounts, creating a more seamless connection between investing and everyday transactions.
This approach follows the example set by US investment platforms such as Robinhood, which began offering card products in 2024 to increase user engagement and keep more activity within their ecosystems.
Midas, officially known as Midas Finansal Teknolojiler A.Ş., has grown into one of Turkey’s most prominent retail investment platforms since its founding a few years ago.
It gives users straightforward access to Turkish stocks on Borsa Istanbul, U.S. equities, cryptocurrencies, mutual funds, and other assets through a single mobile app.
The platform’s low-cost model and user-friendly design have helped it attract millions of customers seeking affordable ways to participate in both local and global markets.
Recent capital raises have strengthened the company’s position.
In 2025 it completed what was described as Turkey’s largest-ever fintech funding round, bringing total investment to well over $100 million and providing resources for product expansion and infrastructure upgrades.
The payments move represents a clear step toward building a broader financial super-app.
By adding spending capabilities, Midas aims to encourage users to maintain higher balances on the platform and use it for more than just trading.
A digital wallet could support quick transfers and payments, while a prepaid card would allow direct access to account funds for purchases without routing through traditional banks.
Such integration could improve user retention in a competitive market where customers increasingly expect one app to handle multiple financial needs.
It also aligns with trends seen in other emerging markets, where investment-focused apps have successfully expanded into payments to create more comprehensive services.
Regulatory approval remains pending. Electronic money institutions in Turkey must meet strict requirements on customer fund protection, operational security, and compliance standards set by the central bank.
Securing the license would give Midas formal authority to issue e-money and offer related payment products.
Eraslan has indicated that the wallet and card features form part of a wider 2026 product roadmap that also includes advanced trading tools and expanded market access.
The combination of investing and spending functions is expected to make the platform more useful on a daily basis, helping users move money fluidly between saving, investing, and spending.
Turkey’s fintech sector continues to mature rapidly, with rising digital adoption and increasing demand for convenient, low-cost financial tools.
Midas’s application reflects this momentum and positions the company to compete with both traditional banks and other digital players offering integrated services.
If the license is granted, Midas could unlock new revenue opportunities through payment volumes while deepening relationships with its existing user base.
As first reported by Bloomberg, the development underscores the company’s ambition to evolve from a specialized investment app into a full-service financial platform serving Turkish consumers’ broader needs.
With millions of active users and international investor support, Midas appears well placed to execute on this next phase of growth. The payments expansion could prove pivotal in establishing it as a central player in the country’s digital financial services ecosystem.
