Midas raises $45m to roll out crypto, mutual fund & savings account products

By Delisha Fernandes

Midas, the FinTech startup, has raised $45 million in equity funding. The new capital will allow Midas to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts.

The raise was led by Portage, with participation from International Finance Corporation, and 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.

The new funding will allow Midas to grow its offering to include access to mutual funds, an interest-generating savings product, and cryptocurrency trading. In the next two-to-five years, Midas also projects that it will expand beyond Turkey, with plans to target countries in emerging markets. With its new products and expansion plans, the company will now move forward with its mission of changing Turkish people’s relationship with money – not just investing – and becoming a leading financial institution in the region.

Egem Eraslan, CEO and founder of Midas, said, “We are delighted to announce our Series A fundraise, which is the biggest ever by a Turkish FinTech. 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 US and Turkish equities to millions of people in Turkey. This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights.”

The raise also comes amid a global stagnation in FinTech investments in the last two years, indicating continued investor confidence in Midas’ strategy of disrupting the market by prioritising the customer experience above all, and constantly improving the usability and low cost of its investment product.

Paul Desmarais III, Co-Founder of Portage and CEO and Chairman of Sagard, 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. We are very pleased to participate in the development of Midas and to support this ambitious team in bringing financial inclusion and access to wealth-building tools to the Turkish people.”