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Fintech Midas raises $45M Series A

Fintech Midas raises $45M Series A

MidasA fintech startup based in Turkey has raised $45 million in a Series A funding round led by Canada's Portage Ventures. The platform allows people in Turkey to invest in both US and Turkish equities, targeting the retail investor market in the country. With more than 2 million users, Midas offers lower transaction and commission fees than traditional brokers, along with financial content, real-time market data, news, and company profiles to educate users.

According to Egem Eraslan, CEO and founder of Midas, the startup solved the low rate of access to capital markets in Turkey by building its own infrastructure and providing a user-friendly experience. Despite limited initial investment, Midas was able to launch self-cleaning, self-storage, and self-carrying services, making it stand out in the market.

While Midas shares similarities with US-based Robinhood, Eraslan highlights the difference in approach, emphasizing the need to develop multiple products with self-cleaning and custody due to market dynamics in Turkey. Is.

With the new funding, Midas plans to introduce cryptocurrency trading, mutual funds, and savings accounts. Additionally, it aims to expand beyond Turkey to the MENA region. Investors in the round include International Finance Corporation, Spark Capital, Early Bird Digital Asset Fund, and Revo Capital.

Earlybird Digital East Fund Managing Partner Cem Sertoglu praised Midas for capturing demand in the Turkish investment market and effectively executing its strategy. Paul Desmarais III, co-founder of Portage Ventures, expressed confidence in Midas' ability to transform Turkey's financial landscape and lead innovation in the region.

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